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.
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.
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 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.
#Bitcoin supports, where are they + some analysis
1) In terms of TA, 33k looks like a support. A very similar set up can be observed at 46k which is shown below.
Previous support at 46 should also be resistance if we bounce from 33. pic.twitter.com/hdk2EHD9Me
— whalemap (@whale_map) May 19, 2021
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.
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