According to CryptoSlate’s data, Bitcoin fell more than 3% over the past 24 hours, slipping from above $118,000 to around $115,303 at the time of writing.
Ethereum followed suit, dropping roughly 4% to $4,270 to end its recent streak of substantial gains.
According to the firm, this sudden pullback could cause Bitcoin prices to test the $112,000 level ahead of the US Federal Reserve’s September rate decision.
They added:
“Technically, Bitcoin sits in no-man’s land between $112,000 and $117,292-leaving traders with two clear strategies: buy strength on a breakout higher, or wait to accumulate closer to $112,000, whichever comes first.”
Meanwhile, Matrixport emphasized that this year’s Jackson Hole Economic Symposium is unlikely to provide substantial market-moving signals, describing it as more of a discussion forum than a catalyst.
As a result, the market would look toward the Sept. 17 FOMC meeting for clearer guidance.
The sudden decline triggered a wave of liquidations across crypto markets that caught many traders unaware.
Long positions suffered the most, accounting for $447 million in losses, while short positions contributed around $86 million.
Ethereum traders experienced the sharpest blow, with liquidations totaling $212 million, almost double the $111 million lost by Bitcoin traders. Traders of Solana, XRP, and Dogecoin also faced significant losses, amounting to $31 million, $18 million, and $17 million, respectively.
