Bitcoin’s price drop led to resistance at break-even levels for short-term holders.
Surge in Open Interest and spot inflows added strain, causing high liquidations.
Both BTC and ETH show potential for a bullish reversal despite recent declines.
Bitcoin and Ethereum saw significant price drops over the past two days. Bitcoin fell 10.8% from $65,062 to $58,053, while Ethereum experienced a steeper 14.5% decline, moving from $2,792 to $2,384, according to CryptoQuant data. These movements highlight the volatile nature of the cryptocurrency market and shed light on key factors behind the recent downturn.
5 Key Charts on the Recent Price Drop
Bitcoin dropped from $65,062 to $58,053 (10.8%) over the last two days, while Ethereum saw a down move from $2,792 to $2,384 (14.5%).
These are the most important charts on what happened. 
pic.twitter.com/9mEoQ3CFsN
— CryptoQuant.com (@cryptoquant_com) August 28, 2024
Short-term holders played a role in creating a resistance level at their break-even price. As Bitcoin’s price dropped earlier this month, these investors faced an average 17% loss. When the price returned to their average cost basis, many sold at break-even, …
The post Bitcoin and Ethereum Price Plunge: Key Metrics Behind the 10.8% and 14.5% Drops appeared first on Coin Edition.
