Bitcoin (BTC) dropped over 6% on August 27, hitting a low of $57,880 before beginning a modest recovery.
Most of the losses occurred within an hour after Bitcoin fell below the crucial $61,000 support level, continuing its decline until it established a new floor.
As of press time, Bitcoin remained down 6% over the past 24 hours, trading at $59,300, with bulls trying to regain momentum, according to CryptoSlate data.
The broader market mirrored Bitcoin’s downturn, with large-cap cryptocurrencies significantly retreating from their highs over the weekend.
Large Caps Experience Losses
Ethereum (ETH) was the hardest hit during this period, plunging nearly 10% to a low of $2,388 before bulls regained some control. Similarly, Solana (SOL) dropped to a low of $145 before staging a recovery.
As of press time, ETH and SOL were trading at $2,454 and $147, respectively—down 8.6% and 6.5% over the last 24 hours. Binance Coin (BNB) fared slightly better, down 3.6% and trading at $529.
Other top 10 cryptocurrencies were down between 5% and 7%, except for TRON, which was down 2% as of press time.
Meanwhile, Toncoin (TON) moved against the market trend, rising 4.8% over the last 24 hours. However, TON is still down 20% over the past week following the arrest of Telegram founder and CEO Pavel Durov in France.
Liquidations
In the past 24 hours, the market saw over $300 million in liquidations, with the bulk occurring in the last four hours, according to Coinglass data.
Most of these were long positions, with approximately $193.16 million liquidated in the past four hours. Short liquidations during this period totaled $12.03 million.
Bitcoin long liquidations accounted for $73.35 million, while Ethereum long liquidations amounted to $59.99 million. Solana’s long liquidations were $8.9 million, rounding out the top three.
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