Bitcoin Plunges: Unlock the Secrets Behind Today’s Crypto Freefall!

Crypto Market Takes a Dive as Liquidations Surge and Inflation Persists

The crypto market experienced another drop on August 29, driven by heightened liquidations and persistent inflation.

Bitcoin’s price slid beneath the significant support level of $110,000,while the total crypto market cap reached $3.78 trillion. The slide was fueled by a 102% surge in liquidations to $529 million in the past day. Open interest stayed above $200 billion.

• BTC suffered $40 million in liquidations.
• Ethereum saw bullish liquidations spike to $190 million.

Liquidations occur when exchanges like Binance and OKX automatically close trades that lose money to safeguard their funds. This frequently enough leads to increased selling pressure and lower prices.

The ongoing crash aligns with US inflation data revealing a sticky rise.the core personal consumption expenditure data climbed 0.3% in July, while the headline figure inched up 0.2%. Year-over-year increases stood at 2.9% and 2.6%, exceeding the Fed’s 2.0% target.

analysts forecast he-US inflation https://crypto.news/lerianm. With high labor market focus, the Fed is expected to maintain hawkish interest rates in September.

Bitcoin’s price chart signals potential bearish trends with a falling wedge pattern. Converging trendlines suggest a possible price break lower. Additionally,technical indicators like the MACD and Relative Strength Index show a downward trend despite recent rallies.

liquidations, inflation pressures, and chart patterns paint a grim picture for Bitcoin and altcoins. The market appears to teeter on the edge of a prolonged downturn.