- Bitcoin (BTC) declined from $65,300 to $60,317 in the past day.
- Bitcoin’s sudden price drop led to a rush of liquidations, totaling around $132.58 million in long positions.
Bitcoin’s ride continues as the cryptocurrency market experiences sharp turbulence. After soaring to almost $63,500 on May 10th, Bitcoin suddenly nosedived by over $2,000 within some hours. This rapid and unexpected drop has rattled investors, raising concerns and leading to the liquidation of approximately $132.58 million worth of long positions.
The unexpected nature of this downturn has raised concerns about the continuation of Bitcoin’s correction, especially after its struggle to maintain its upward momentum since reaching highs in March 2023. Currently, BTC finds support around the $60,600 mark. At the time of writing, Bitcoin traded at $60,685 with a daily trading volume of $24 billion.
However, if Bitcoin manages to recover and break above $62,000, there’s optimism for a rally, with potential targets including $68,000 and even $72,000. If it fails to recover above $62,000, it would lead to further decline, posing support at $58,200, which will trigger more losses to $56,500. Yet, the recent turbulence serves as a stark reminder of the inherent volatility in the crypto market.
