Bitcoin’s price dropped sharply to $59,000 on the morning of August 28th, marking a more than 6% decline in the last 24 hours. The decline caused over $300 million in long positions to be liquidated within 24 hours.
The price drop caused Bitcoin to lose its critical support level at $61,000, leading to a cautious market sentiment with the potential for further declines. As Bitcoin’s price fell, major altcoins also followed suit.
Altcoin Prices Drop in Tandem
Ethereum saw a nearly 10% drop, hitting a low of $2,388 before slightly recovering to $2,454. Solana, which has been a standout performer in recent months, saw its price drop to $145 before a slight rebound to $147, marking a 6.5% decline. Binance Coin (BNB) experienced a smaller drop of 3.6%, trading at $529.
Some analysts have pointed to the current Bitcoin price movement as reaching a “balance,” with the latest report from crypto analytics platform CoinGlass noting that this could precede a period of “increased volatility.”
In its latest report, Fairlead Strategies warned of a “seasonally weak period in September,” using technical analysis to forecast a potential two-month price correction.
Before this decline, Bitcoin had seen a solid rise above $63,000 on Friday, following remarks from US Federal Reserve Chairman Jerome Powell, hinting at an interest rate cut next month.
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