Bitcoin (BTC) fell more than 6% on August 27, hitting a low of $58,034 before recovering slightly.
The bulk of the losses came in less than an hour after Bitcoin lost key support at $61,000 and continued to slide until finding a new floor.
As of writing, the leading cryptocurrency is still down 6% over the past 24 hours and is trading at $59,500 as buyers attempt a recovery.
There appears to be no particular reason for the rapid change, as US stock markets closed Tuesday's trading session nearly flat.
Some analysts have suggested that Bitcoin’s recent price state has reached “equilibrium,” with a recent report from crypto analytics platform Coinglass noting that this could signal a period of “high volatility.”
Meanwhile, in its latest report, Fairlead Strategies warned of a “seasonally weak period in September.” The firm uses technical analysis for its forecasts and believes “there will be two more months of price correction.”
Major altcoins plunge
Ethereum (ETH) was hit the hardest during this period, falling nearly 10% on the day to a low of $2,388 before bulls regained control. Meanwhile, Solana (SOL) dropped to a low of $145 before recovering.
As of press time, ETH and SOL are trading at $2,454 and $146, respectively – down 8.6% and 6.5% over the past 24 hours. BNB is performing slightly better, down 3.6% and trading at $530.
The rest of the top 10 are down between 5% and 7%, except for TRON, which is down just 2% at press time.
Meanwhile, Toncoin (TON) has been trading in the opposite direction of the market, up 4.8% over the past 24 hours. However, the coin has fallen 20% over the past week following the arrest of Telegram founder and CEO Pavel Durov in France.
Liquidation
Over the past 24 hours, the market has seen more than $300 million in liquidations, with the majority occurring in the past four hours, according to data from Coinglass.
The majority of liquidations were long positions, with about $193.16 million “rekt” in the past four hours. Meanwhile, short position liquidations were just $12.03 million over the same period.
Bitcoin long liquidations accounted for $73.35 million of the total, while Ethereum long liquidations reached $59.99 million. Solana long liquidations reached $8.9 million, completing the top three.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
