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Bitcoin (BTC) and the rest of the cryptocurrency market underwent an extremely volatile session over the past 24 hours. The benchmark cryptocurrency slumped to its lowest level since January at $30k and rebounded by about $10k over the hours.
Bitcoin suffered terribly following negative announcements from Tesla and China. The recent slump is said to be one of the worst declines in the history of cryptocurrency. At press time, BTC trades at $39,950, 38.5% away from its $65k all-time high.
Reports show that total market liquidation ran up to $8 billion over the past 24 hours. Furthermore, some reports argue that over-leveraged positions are to blame for this drop.
Despite the sharp recovery, CryptoQuant CEO Ki-Young Ju asserts that more declines are yet to come in the short term. The chief noted that the “whale dumping indicator hit a year-high since the March great sell-off last year,” as large addresses made significant deposits on exchanges.
On a brighter note, Bitcoin recovered some grounds in terms of market dominance, which has jumped back to 43%. Earlier this week, this metric dropped to 38%, a three-year low.
Meanwhile, other cryptocurrencies suffered a similar fate with Bitcoin yesterday, with Ethereum and Binance Coin reaching multi-week lows at $1,850 and $230, respectively.
Key Bitcoin Levels to Watch — May 20
Following yesterday’s erratic session, BTC appears to have regained some stability and a bullish undertone. The primary cryptocurrency is trading along a descending channel, highlighting the overt bearish trend.
That said, the cryptocurrency is facing a critical hurdle at the $41k level, as a confluence of indicators (comprising the 50 SMA, channel top, and resistance line) stands at that level. A break above this level could negate the current bear run and as bullish activities would increase.
However, failure to clear this level could send the primary cryptocurrency to the $37,500 support over the coming hours.
Meanwhile, our resistance levels are at $46,000, $46,500, and $47,000, and our key support levels are at $45,000, $44,000, and $43,000.
Total Market Capitalization: $1.73 trillion
Bitcoin Market Capitalization: $739 billion
Bitcoin Dominance: 43%
Market Rank: #1
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