Key facts
- Bitcoin closed May at $73,560, down 3.40% for the month.
- Total crypto liquidations exceeded $500 million in 24 hours.
- Over $135 million in liquidations occurred within a single hour.
- Leveraged long positions accounted for the majority of losses.
- Analyst PlanB suggests a greater than 50% probability of Bitcoin falling below $61,000 or $53,000.
The cryptocurrency market is experiencing renewed volatility, with Bitcoin falling below key support levels. This price action has led to significant liquidations, particularly impacting leveraged long positions. The market's sensitivity to rapid price swings is once again highlighted, prompting a search for more stable investment strategies. Analyst PlanB suggests that the market has not yet reached a true bottom, citing the proportion of holders still in profit as an indicator of potential further downside.