Bitcoin’s value plummets as it heads towards $54,000 amid crypto market turbulence
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Bitcoin, the renowned cryptocurrency, is currently experiencing severe turbulence. After having reached nearly $63,500 on May 10th, BTC suddenly plummeted by over $2,000 in barely an hour. A sharp downward movement in the crypto market that raises concerns about an extension of the bitcoin correction.
The Thunderous Fall of BTC
A lightning drop in bitcoin, as spectacular as it was unexpected. In just 60 minutes, the crypto queen went from a price nearing $63,500 to a low of $60,308. That’s a staggering drop of over $2,000 in BTC during the trading session! As a result, the liquidation of positions on bitcoin has been occurring at a frenetic pace, forcing numerous investors to capitulate in the crypto markets.
While this spike in volatility in the bitcoin market was foreseeable at some point, its suddenness caught many by surprise. In the space of just one hour, bitcoin managed to trap the most optimistic crypto investors. Those who had bet on the continuation of BTC’s upward momentum beyond $64,000 paid a heavy price. No less than $127 million of long positions on the cryptocurrency were liquidated!
The $54,000 Trough in Bitcoin’s Crosshairs?
Some experts believe that this sharp re-test of a downward bitcoin movement was necessary, even inevitable in the crypto market. Like Michaël van de Poppe, a renowned crypto analyst, who speaks of “the last phase of accumulation” with exacerbated volatility for BTC. For this expert, the “flash crash” of bitcoin is merely bringing the crypto back to a crucial support zone. But if it doesn’t hold, Michaël van de Poppe is already quite pessimistic, estimating that “the BTC correction could then take us to $52-55,000.”
Temporary crisis of confidence or a warning before the storm? The sudden plunge of bitcoin, occurring in a general climate of risk aversion, is fueling questions in the crypto market. While some experts see it as a simple and healthy re-test, others fear a sustained challenge to the BTC’s bullish trend.
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Le monde évolue et l’adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m’intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l’optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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