Bitcoin Price Flash Crash Raises Chance of BTC Plunge to $54K
On May 10, the price of Bitcoin (BTC) fell more than $2,000 in an hour as a sudden wave of exchanges disrupted an otherwise quiet market.
According to data from Cointelegraph Markets Pro and TradingView, long traders were held out as the price of BTC suddenly dropped from $63,494 on May 10 to $60,308 intraday.
At the time of writing, the losses were still piling up, with the major cryptocurrency losing more than 2.5% in value over the past 24 hours.
Michael van de Pop, founder of MN Capital, said in response to the halving of Bitcoin's short-term trend that “the last stock is forming.”
Van de Pop said that this adds to the “low volatility” and price action that BTC has seen since February 29, and that the recent crash has dropped Bitcoin “to an important support area.”
“Won't it hold? Then we're looking at $52-55k, which will be the last stage of a correction.”
Meanwhile, prominent trader Daan CryptoTrades said the May 9 BTC flash crash to $60,000 was a quick move to “punish long-term investors above $63K.”
However, those who are betting on BTC's recovery above $64,000 in
At the last drop, $9 million of BTC used positions were released in the last hour alone, of which $6.36 million was long-term.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
