Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Fawpac2 on May 19, 2021, 08:40:16 PM
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Bitcoin tumbled for a fifth-straight day, extending the largest cryptocurrency’s losses so far in May to 34%, the most for a single month since November 2018.
The full-blown retreat shook out bullish leverage from the cryptocurrency derivatives market, leading to more than $3 billion in position liquidations due to margin calls.
At press time, the bitcoin price was changing hands around $38,710, the lowest since Feb. 7 – just before tweets by Tesla CEO Elon Musk sent the cryptocurrency’s price skyrocketing. Prices hit a record high near $65,000 in April, and recent tweets by Musk that he had concerns over the environmental impact of bitcoin mining appear to have contributed to this month’s sell-off.
The top cryptocurrency slipped early Monday below its 200-day simple moving price average (SMA) around $39,825, seen as a key level of support. The average has come into play for the first time since April 29, 2020. Back then, the long-term technical line was located around $7,977. Source (https://cryptonews.net/670866/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)