May Market Sell-off Analysis: Bull Market or Bear Market Next?

On May 19, 2021, the Bitcoin market experienced one of the most significant liquidation events and price drops since Black Thursday in March 2020. This market capitulation event occurred after Bitcoin had been consolidating above $50,000 for months and failed to reach new all-time highs following the highly anticipated Coinbase direct listing. During the most severe sell-off on May 19, Bitcoin experienced its largest daily candle in history, with an intraday price range reaching $11,506.