Bitcoin crashes over 6% to $58k before attempting recovery

Bitcoin (BTC) fell over 6% on Aug. 27 to a low of $57,880 before marking a slight recovery.

The majority of the losses were recorded in less than an hour after Bitcoin lost the key $61,000 support level and continued sliding until finding a new floor.

As of press time, the flagship crypto was still down 6% over the past 24 hours and trading at $59,300 as bulls attempt a recovery, based on CryptoSlate data.

The wider market echoed the bleeding, with large caps down significantly from the highs reached over the past weekend.

Large caps bleed

Ethereum (ETH) was hit the hardest during the period, falling almost 10% on the day to a low of $2,388 before bulls regained control. Meanwhile, Solana (SOL) fell to a low of $145 before notching a recovery.

As of press time, ETH and SOL were trading at $2,454 and $147 — down 8.6% and 6.5%, respectively, over the past 24 hours. BNB fared slightly better and was down 3.6% as of press time and trading at $529.

The rest of the top 10 were all down between 5% and 7%, with the exception of TRON, which was down 2% as of press time.

Meanwhile, Toncoin (TON) was trading against the market and up 4.8% over the last 24 hours. However, the coin is down 20% over the past week following the arrest of Telegram founder and CEO Pavel Durov in France.

Liquidations

Over the past 24 hours, the market experienced over $300 million in liquidations, with the majority taking place within the past four hours, based on Coinglass data.

Most of the liquidations were long positions, with roughly $193.16 million rekt over the last four hours. Meanwhile, short liquidations stood at $12.03 million over the same period.

Bitcoin long liquidations accounted for $73.35 million of the amount, while Ethereum long liquidations amounted to $59.99 million. Solana’s long liquidations stood at $8.9 million, rounding out the top three.

Source