Since the start of the weekend, the flagship cryptocurrency has fallen more than 8% to $58,061 — its lowest price in nearly three weeks.

Bitcoin (BTC) has fallen below a key support level as markets continue to bleed over the weekend amid fears of a looming global recession and escalating tensions in the Middle East.

Since the start of the weekend, the flagship cryptocurrency has fallen more than 8% to $57,040 — its lowest price in nearly three weeks.

At press time, BTC is trading at $57,718, down more than 4% over the past 24 hours.

Altcoins lost gains

Ethereum (ETH) fell to its lowest price level since April, losing more than 6% in the past 24 hours to $2,613 before attempting a recovery.

At press time, the second-largest cryptocurrency by market cap is trading at $2,745, having reversed all of its gains from July’s rally to $3,400 following the launch of a spot ETH exchange-traded fund.

Solana (SOL) was one of the biggest losers in the top 10, falling more than 9% to a low of $131 on August 4 before attempting a recovery.

SOL is trading at $133.6, remaining unchanged despite Bitcoin’s continued slide. BNB, Dogecoin (DOGE), and Avalanche (AVAX) are seeing similar declines of between 6% and 7%, while Cardano (ADA) is down around 3%.
Meanwhile, Toncoin (TON) has avoided the market crash and is trading at $5.86 at press time, down just 0.03% over the past 24 hours. However, TON is down around 10% over the past week.

Although the bulls have attempted to rebound from key support levels, they have not been able to stop the bleeding so far and the market continues to come under heavy selling pressure due to macroeconomic and geopolitical concerns.

Long rect

The sharp drop in the cryptocurrency market has led to a large number of liquidations of long positions, and bullish futures bets are facing severe losses. Data shows that a total of $282.83 million was liquidated in the past 24 hours, affecting 104,193 traders.

Of these liquidations, long positions accounted for $248.57 million, with Ethereum and Bitcoin longs suffering the most at $89.77 million and $72.26 million, respectively. Solana saw $17.52 million in liquidations.

Binance was the hardest hit exchange, with a total liquidation of $84.42 million, mostly from long positions. The largest single liquidation order occurred on Eurotrans, involving a BTC-USDT swap worth $8.81 million. #BTC走勢分析 #美国7月非农就业增长放缓