Bitcoin’s price is back above K, registering an increase of around 3% in the past 4 hours alone. As CryptoPotato reported earlier today, the market had shed some 0 billion off its total market capitalization as the BTC price dropped to a monthly low of under ,000. Most of the altcoins followed suit, trading deep into red territory. ETH plunged to ,400, while BNB bears were able to push the price toward 0. Fortunately, the bulls woke up and are now erasing much of the gains. At the time of this writing, BTC trades at ,400 and most of the losses from the drop earlier are gone. Source: TradingViewData from Coinglass reveals that this volatility has resulted in almost 0 million worth of liquidations in the past 24 hours. Some analysts have noted that the
Topics:
George Georgiev considers the following as important: AA News, Bitcoin (BTC) Price, BTCEUR, BTCGBP, btcusd, btcusdt
This could be interesting, too:
Mandy Williams writes These Are the Latest Trends in the Crypto Staking Landscape
W. E. Messamore writes Goldman Economist Eyes 0.25 Fed Cut: Will Bitcoin Catch The Wave?
W. E. Messamore writes SEC Leaves Ether Off Securities Column In eToro Case
CryptoVizArt writes Is BTC Heading Toward K After Surging 10% Weekly? (Bitcoin Price Analysis)
Bitcoin’s price is back above $58K, registering an increase of around 3% in the past 4 hours alone.
As CryptoPotato reported earlier today, the market had shed some $100 billion off its total market capitalization as the BTC price dropped to a monthly low of under $56,000.
Most of the altcoins followed suit, trading deep into red territory. ETH plunged to $2,400, while BNB bears were able to push the price toward $510.
Fortunately, the bulls woke up and are now erasing much of the gains. At the time of this writing, BTC trades at $58,400 and most of the losses from the drop earlier are gone.
Data from Coinglass reveals that this volatility has resulted in almost $200 million worth of liquidations in the past 24 hours.
Some analysts have noted that the drop from earlier may have been a trap for sellers looking to further capitalize on the decline.
Bitcoin is back above 58k.
Today’s drop may have been a bear trap. pic.twitter.com/MxdfOofC6E
— Duo Nine ⚡ YCC (@DU09BTC) September 4, 2024
Meanwhile, data from IntoTheBlock reveals that there has been a substantial number of buyers at the range between $61,700 and $70,500, who are currently sitting at a loss.
According to analysts from the data firm, whenever a large number of traders are at a loss, regardless of the range, BTC will be facing consistent selling pressure as the price approaches these levels.