Bitcoin dropped below $109,000, erasing gains made after Jackson Hole.
Over 200,000 traders were liquidated, with losses exceeding $900 million.
Ethereum showed relative strength, but most altcoins suffered double-digit losses.
September remains a historically bearish month for crypto.
Bitcoin price prediction remains uncertain, with bearish and bullish narratives clashing.
The price of Bitcoin (BTC) briefly dropped below $109,000 on Coinbase, its lowest level since July 9th, according to data from TradingView.
BTC/USD Daily Chart
Source: TradingView
The rapid fall triggered a massive wave of liquidations, primarily targeting long positions. Rachael Lucas, crypto analyst at BTC Markets, said:
“Selling pressure intensified as a large holder offloaded 24,000 BTC, triggering a wave of liquidations.”
Bitcoin’s recent slide represents a 12% correction from its August 14th all-time high of over $124,000.
Since Powell’s Jackson Hole speech last Friday, BTC has lost over 7%, undermining bullish sentiment that had built in anticipation of monetary easing.
Bobby Ong, co-founder of CoinGecko, said:
“We have to go through the tough liquidation days so that we can go up.”
Longtime Bitcoin critic and gold advocate Peter Schiff weighed in, forecasting a potential drop to $75,000, adding:
“Sell now and buy back lower.”
While Schiff’s bearish stance is unsurprising, it echoes the growing concern among analysts that Bitcoin may not have bottomed yet.
Rachael Lucas pointed to weekend illiquidity and capital rotation away from risk assets as contributing factors in the sharp market swing:
“Capital is rotating out of risk, with thin weekend liquidity amplifying swings. Ethereum remains a focus for institutions, but the market is now weighing whether this is a pause in the uptrend or the start of a deeper pullback.”
According to data from CoinGlass, approximately 200,000 traders were liquidated, with total losses surpassing $900 million in a single day.
Source: CoinGlass
Historically, September has been a bearish month for crypto, even in bull market years. Notable pullbacks occurred during September in both 2017 and 2021, further fueling bearish sentiment.
Despite the market downturn, Ethereum (ETH) managed to hold firmer ground than Bitcoin. ETH briefly dipped to $4,340, still above last week’s low, suggesting resilience.
Several leading altcoins suffered more severe losses:
Solana (SOL) fell to $188.05
Dogecoin (DOGE) dropped to $0.2101
Cardano (ADA) declined to $0.8394
Chainlink (LINK) fell to $23.17
Sui (SUI) dropped to $3.41
Overall, the total crypto market cap plummeted below $4 trillion, wiping out all of last week’s gains. Nearly $200 billion has exited the crypto markets, reducing the total valuation to $3.84 trillion.
With volatility surging and bearish momentum in full swing, creating a reliable Bitcoin price prediction has become a hot topic. Analysts remain divided on whether this marks a temporary correction or the beginning of a more prolonged downturn.
Bitcoin fell below $109,000 due to a combination of large-scale liquidations, weekend illiquidity, and broader market sell-offs following Powell’s Jackson Hole speech.
Over $900 million in crypto positions were liquidated in the past 24 hours, primarily from long positions on Bitcoin and Ethereum.
Yes, Ethereum has shown relative strength, maintaining levels above last week’s lows, while Bitcoin has dropped to a seven-week low.
Analysts are split. While some believe Bitcoin could rebound after this correction, others like Peter Schiff suggest it could fall further—potentially toward the $75,000 mark.
Subscribe to stay informed and receive latest updates on the latest happenings in the crypto world!
Content Strategist
Subscribe to stay informed and receive latest updates on the latest happenings in the crypto world!
Skip to content
