Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price fell over $2,000 in an hour on May 10 as a sudden wave of volatility disrupted an otherwise quiet market.
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">TradingView</a> showed that leveraged long traders were caught offside as BTC price suddenly dropped from a high of $63,494 on May 10 to an intra-day low of $60,308.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/b5ef1ed3-7b5e-4c53-ad90-9fd51f1beae1.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
At the time of writing, the losses were still mounting, with the flagship cryptocurrency having lost more than 2.5% of its value over the last 24 hours.
“The final accumulation is happening,” <a href="https://x.com/CryptoMichNL/status/1788955544042045563" target="_blank" rel="noopener nofollow">said</a> MN Capital founder Michaël van de Poppe, <a href="https://twitter.com/CryptoMichNL/status/1377171034684542980" target="_blank" rel="noopener nofollow">reacting</a> to what has become a familiar event in short time frames for Bitcoin since the halving.
Van de Poppe explained that this includes the “low volatility” and choppy price action BTC has displayed since Feb. 29 and that the latest crash saw <a href="https://cointelegraph.com/learn/what-is-bitcoin-a-beginners-guide-to-the-worlds-first-cryptocurrency#:~:text=Bitcoin%20definition%3A%20A%20number%20guessing%20game&amp;text=According%20to%20the%20algorithms%2C%20new,solve%20pre%2Dspecified%20mathematical%20challenges.">Bitcoin</a> drop “back to the important area of support.”
<blockquote data-ct-non-breakable="true">
 “Not holding? Then we’re looking at $52-55K, which would be the final stage of the correction.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/c5d0f68a-33c0-47d2-8dfc-2e4799c348bc.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD daily chart. Source: Michaël van de Poppe
 </figcaption>
</figure>
Meanwhile, popular trader Daan Crypto Trades said that BTC’s flash crash to $60,000 on May 9 was a quick move to “punish those longs that aped in above $63K.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/2d753589-0e34-4764-bac4-e438a950efc5.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Daan Crypto Trades
 </figcaption>
</figure>
However, those betting on a continuation of BTC’s recovery above $64,000 lost big on May 10, as the downturn liquidated $127 million in long positions worth amid a 24-hour total wipeout of $175.17 million, according to data from Coinglass.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/e05d4167-3907-40dc-97d2-dc93c37217e6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Total crypto liquidations. Source: Coinglass
 </figcaption>
</figure>
With the latest drawdown, $9 million in BTC leveraged positions have been liquidated over the last hour alone, with $6.36 million of these being longs.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price flash crash raises chance of BTC dip to $54K

Cointelegraph

Other articles published on May 10, 2024

Dogecoin (DOGE) Closing In On A "Golden Cross", Is History Repeating Itself?

Analyst Predicts Bullish Surge for JasmyCoin Amid Strong Market Indicators

Binance Futures Ends Certain Coin-Margined Futures Contracts

Akash Network (AKT) And The Graph (GRT) Surge As AI Tokens Rebound! What’s Next?

Cardano Network Transaction Volume Exceeds 90 Million!

SHIB Burns Skyrocket 5,803% with 26.4 Million Shiba Inu Ablaze

Join our free newsletter for daily crypto updates!