Key facts
- Bitcoin closed May at $73,560, down 3.40% for the month.
- Total crypto liquidations exceeded $500 million in 24 hours.
Bitcoin price falls, analyst sees higher odds of drop below $61K
IN SHORT
Bitcoin's price has fallen, with one analyst suggesting a greater than 50% probability of a drop below $61,000. This view is based on the proportion of Bitcoin holders still in profit, which is higher than in past bear market bottoms, indicating a lack of widespread panic or capitulation.
Key Numbers
$73,560Bitcoin closing price May
3.40%Bitcoin monthly decline in May
$500 millionTotal crypto liquidations in 24 hours
$135 millionCrypto liquidations in one hour
$61,000Potential Bitcoin price target (200-week moving average)
$53,000Potential Bitcoin price target (realized price)
71,000 BTCBitcoin wiped from open interest in October
$11 billionValue wiped from Bitcoin open interest in October
24,000 BTCGap in Bitcoin open interest recovery
Who's Involved
PlanB
On-chain analyst suggesting potential Bitcoin downside
CoinGlass
Data provider for crypto liquidations
