As crypto prices crash, Bitcoin whales feast

According to Cointelegraph Markets and TradingView data, Bitcoin lost its support of $ 43,000 on May 18 and dropped to $ 30,000 as its $ 110 billion trading volume further increased the selling pressure.

4-hour chart of the BTC / USDT pair. Source: TradingView

The volatility in the market has also led to service disruptions in the crypto money markets. Alongside Bitcoin, Ether (ETH) fell to $ 1,900 and Dogecoin (DOGE) to $ 0.236.

Over-indebted investors cleared

As with all major declines in the crypto market, derivatives investors have been hit hardest. BTC’s sudden drop of $ 8,000 resulted in the liquidation of the 10,525 BTC contract at one point in the market jam.

Long Bitcoin positions liquidations. Source: CryptoQuant

After the over-indebted investors were cleared from the market, some other investors and larger entities used it as a buying opportunity. This is evident from the withdrawal of 16,895 BTC in just 10 minutes on May 19.

The total volume of Bitcoin withdrawn from exchanges. Source: Glassnode

The Whalemap team announced that the new major support level is $ 33k, and if the price bounces, the biggest resistance level will be $ 46k, the previous support level.

The team announced support at $ 37,400 and $ 34,200. If the price drops further, it needs to hold on to the $29,000 support, otherwise it is possible for BTC to decline to $19,000.

The opinions and views expressed here are those of the author alone and do not necessarily reflect those of Cointelegraph. Every investment involves risk. Do your own research before making a decision.

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