Bitcoin fell 1.91% over the past 24 hours to $77,656.37. Following the Jackson Hole symposium remarks, market expectations for prolonged high U.S. interest rates have intensified, putting pressure on risk assets and weakening sentiment in the crypto market.
Liquidation amplifies the decline
This pullback was accompanied by significant derivatives liquidations. Data shows that the total liquidation amount related to Bitcoin reached $141.57 million, with approximately $120.07 million in long positions liquidated. The concentrated unwinding of long positions further amplified the short-term decline.
After leveraged positions are rapidly liquidated, market volatility typically rises significantly. Liquidation data also shows that short-term positions within the current price range remain vulnerable.
Watch 75,000 to 76,000 USD
Based on the current trend, the $75,000 to $76,000 range is the key support area for Bitcoin. If the price holds within this zone, the market may enter a consolidation phase.
If it breaks below $75,000, further downside potential may open up, with price potentially testing the $70,000 level. The short-term direction remains closely tied to changes in macroeconomic expectations.
The market awaits the U.S. PCE data.
Next, investors will focus on the U.S. PCE inflation data. This data will influence market expectations regarding the Fed’s future policy and could serve as a key catalyst for the next phase of Bitcoin’s price volatility.