Cryptocurrencies

The price of Bitcoin (BTC) fell more than $2,000 within an hour on May 10, as a wave…

The price of Bitcoin (BTC) fell more than $2,000 within an hour on May 10, as a sudden wave of volatility disrupted an otherwise quiet market.

Data from Cointelegraph Markets Pro and TradingView showed that long leveraged traders were caught in a stealth mode as the price of BTC suddenly fell from a high of $63,494 on May 10 to an intraday low of $60,308.

BTC/USD one-hour chart. source: TradingView

At the time of writing, losses are still mounting, with the main cryptocurrency losing more than 2.5% of its value in the past 24 hours.

“The ultimate accumulation is happening now,” said Michael van de Poppe, founder of MN Capital. reaction To what has become a common occurrence in the short time frames of Bitcoin since the halving.

Van de Poppe explained that this includes the “low volatility” and choppy price action that Bitcoin has shown since February 29 and that the recent collapse saw Bitcoin fall “to an important support area.”

“Don’t you get pregnant? “Then we are looking at a level between $52 and $55,000, which will be the final stage of the correction.”

The Price Of Bitcoin (Btc) Fell More Than $2,000 Within An Hour On May 10, As A Wave...
BTC/USD daily chart. source: Michael van de Poppe

Meanwhile, popular trader Daan Crypto Trades said that BTC’s sudden collapse to $60,000 on May 9 was a quick move to “punish long trades that exceeded $63,000.”

The Price Of Bitcoin (Btc) Fell More Than $2,000 Within An Hour On May 10, As A Wave...
source: Dan crypto trades

However, those betting on Bitcoin’s continued recovery above $64,000 lost big on May 10, as the downturn led to $127 million in long positions being liquidated worth $175.17 million over 24 hours, according to data from Coinglass.

The Price Of Bitcoin (Btc) Fell More Than $2,000 Within An Hour On May 10, As A Wave...
Total crypto filters. Source: Coinglas

With the latest withdrawal, $9 million in leveraged BTC positions were liquidated in the last hour alone, of which $6.36 million was in long positions.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.

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