Bitcoin (BTC) plunged nearly 8% in late May, crashing from a high of $112,000 to $103,527, erasing $1701 billion in market value. This crash also wiped out $1.81 billion positions for BTC. As June begins, should investors buy the dip or expect BTC to extend its crash? Why Bitcoin Crashed: 3 Key Reasons The start of May saw Bitcoin price soar 18.70% and set an all-time high at $112,000 on US-based crypto exchange Coinbase on May 22. This impressive uptrend faced exhaustion over the next ten days, resulting in an 8% correction. According to data from Velo, nearly $2 billion in BTC positions faced liquidation. Let’s examine three key reasons why Bitcoin experienced a crash. Technical Exhaustion As noted in the previous CoinGape article, the bearish monthly and weekly divergence, as well as the swing failure pattern, are key drivers of the ongoing Bitcoin crash. Moreover, a similar combination of… Read More at Coingape.com
The post Bitcoin (BTC) Price Crashes 8% to $103K: What’s Next for June? appeared first on CoinGape.