Bitcoin prices have crashed again with a huge four-thousand-dollar dump from just over $62,000 to bottom out at $58,000 during late trading on Tuesday, Aug. 27.
According to Coinglass, 87,920 traders have been wrecked, with the total liquidations coming in at $320 million over the past 24 hours.
BTC has since recovered marginally to trade at $59,600 at the time of writing, but crypto markets are deep in the red again as the asset fell back to support last hit on Aug. 19.
Total #crypto market cap is down 7% to $2.17T today, as #Bitcoin fell below the $60K level pic.twitter.com/AHifMHOvA0
— CoinGecko (@coingecko) August 28, 2024
Months of More Chopsolidation?
ITC Crypto founder Benjamin Cowen observed that BTC has had another rejection of its bull market support band.
“If it follows the last cycle, the earliest this trend could durably change is *after* rate cuts,” he added.
In a blog post on Aug. 27, on-chain analyst James Check compared the current market structure to that from
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