Bitcoin traders who anticipated further bullish trends based on last week’s dovish comments from the US Federal Reserve were liquidated earlier today.
The total crypto market cap dropped by around 7 percent in the past 24 hours, led by Bitcoin (BTC) and Ethereum (ETH), to hover about $2.16 trillion on Wednesday, August 28, during the mid-European session. The flagship coin had dropped over 6 percent in the past 24 hours to trade at about $58,820 at the time of this writing.
Ethereum led the altcoin industry in a bearish outlook, after sliding nearly 9 percent in the past 24 hours to trade at about $2,450 on Wednesday.
As a result, more than $323 million was liquidated from the crypto-leveraged market, with about $288 million involving long traders.
Historical Data Signals to Potential Bearish September for Bitcoin Price
More than 115 days since the fourth Bitcoin halving and the crypto bull market is yet to experience the parabolic phase. After registering a choppy market in the past five months, Bitcoin price is expected to continue in the same trend in September.
Furthermore, historical data analysis shows that Bitcoin price has largely performed poorly in the past 10 September, with only three bullish instances.
