Bitcoin (BTC) faced a tumultuous ride on May 10, experiencing a sudden wave of volatility that sent shockwaves through an otherwise serene market. Within the span of an hour, the price of BTC plummeted over $2,000, catching leveraged long traders off guard and exacerbating losses.
Data from Cointelegraph Markets Pro and TradingView revealed that BTC price swiftly descended from a peak of $63,494 to an intra-day low of $60,308, leaving traders reeling from the abrupt downturn.
As of the latest update, the losses continue to mount, with the flagship cryptocurrency shedding more than 2.5% of its value within the past 24 hours.
Commenting on the market turbulence, Michaël van de Poppe, founder of MN Capital, noted, “The final accumulation is happening.” He pointed out the recurring pattern of low volatility and choppy price movements in BTC since February 29, attributing the latest crash to a reversion “back to the important area of support.”
Van de Poppe warned of a further correction, suggesting that failure to hold current levels could lead to a dip to the $52,000-$55,000 range, marking the culmination of the correction phase.
In a similar vein, prominent trader Daan Crypto Trades characterized BTC’s flash crash to $60,000 on May 9 as a swift move to “punish those longs that aped in above $63K.” The subsequent downturn on May 10 inflicted heavy losses on traders anticipating a resurgence above $64,000, resulting in the liquidation of $127 million in long positions within 24 hours, according to data from Coinglass.
The recent drawdown has seen $9 million in BTC leveraged positions liquidated in the past hour alone, with long positions accounting for $6.36 million of the total wipeout.
