Bitcoin Hits $108K as $540M Liquidations Mount

4 hours ago

Newsroom

What triggered the sharp drop in Bitcoin's price below $108K?

How did $530M in liquidations impact the cryptocurrency market?

Are there any signs of recovery after Bitcoin's steep fall?

Bitcoin Hits $108K as $540M Liquidations Mount — Image source: Unblock Media

Bitcoin dropped nearly 4%, hitting its lowest price since July 8.
Whale-driven selling and macroeconomic uncertainty fueled the sharp decline.

On August 29, 2025 (UTC), Cointelegraph reported that Bitcoin had fallen significantly, marking its steepest price drop in weeks. The cryptocurrency declined by nearly 4%, driven by heavy selling pressure from large holders, or "whales." One notable transaction involved the sale of 24,000 BTC, valued at around $2.7 billion, which triggered a wave of liquidations across the market.

These forced liquidations totaled approximately $900 million, with much of the impact stemming from leveraged positions. On-chain data showed that the 7-day mean inflow of Bitcoin to Binance rose to 13.5 BTC per transaction, signaling intensified activity among major market participants.

The selloff reverberated through the broader cryptocurrency market, leading to $540 million in liquidations within a 24-hour period. Bitcoin is now hovering near a critical support level, and analysts warn that a breach could prompt further declines. If the support fails, prices could dip to $108,000 or even $100,000.

Macroeconomic uncertainty has further compounded Bitcoin’s struggles. Attention is focused on the U.S. Personal Consumption Expenditures (PCE) Index, the Federal Reserve’s primary inflation gauge. While markets have been anticipating a rate cut in September, stronger-than-expected payroll data has cast doubt on this scenario, adding pressure to high-risk assets like Bitcoin.

Amid the bearish mood, some analysts noted a potential bullish divergence in Bitcoin’s Relative Strength Index (RSI) on the four-hour chart. This suggests the possibility of a short-term rebound, with Bitcoin potentially climbing back to $123,000. Despite this, the overall trend remains bearish, as the asset continues to grapple with key technical support levels.

As of August 29, 2025, 16:09 UTC, Bitcoin (BTC) is trading at $108,299.76, down 3.97% over the past 24 hours, according to market data. Trading volume has increased by 16.6% during this period, pointing to heightened market activity amidst ongoing price volatility.