Bitcoin’s Sharp Rejection at $113.5K Sparks $330M Wipeout

Bitcoin’s gradual price recovery that took the asset to a weekly peak earlier today came to a screeching end as the asset was violently rejected at that line.

The altcoins followed suit, which has wrecked overleveraged traders, with more than 80,000 such market participants getting liquidated over the past day.

The primary cryptocurrency had a tough week, in which its price tumbled toward $107,000 on several occasions, but the bulls ultimately managed to defend that crucial support. Moreover, they reversed BTC’s trajectory in the past few days, which culminated earlier today with a price pump to a weekly high of $113,500.

This impressive increase came after the latest US jobs report, which showed that the US economy might be in a more dire condition than many believed.

This was regarded as a bullish development for riskier assets like BTC, as it hinted that the US Federal Reserve could be pressured to lower the interest rates even more in the upcoming FOMC meeting in September.

However, that’s where bitcoin’s ascent came to a halt as the asset was rejected there and pushed south by over three grand in less than an hour. Many altcoins mimicked BTC’s nosedive and dropped from their respective daily highs, including ETH, which slumped from well over $4,400 toward $4,200.

Data from CoinGlass shows that this volatility has harmed over 83,000 overleveraged traders, who have been wrecked in the past 24 hours. The single-largest wiped-out position took place on OKX and was worth over $15 million.

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The total value of liquidations has risen to $330 million on a daily scale – $119 million in longs for BTC, followed by $116 million for ETH.