Bitcoin crashes over 6% to $58,000 before attempting to recover

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

The majority of the losses came in less than an hour after Bitcoin lost the key $61,000 support level and continued to decline until finding a new low.

At press time, the flagship crypto was still down 6% over the past 24 hours and trading at $59,300 as bulls attempted to rally, based on CryptoSlate dates.

The broader market echoed this hemorrhage, with large caps down significantly from their peaks reached last weekend.

Big caps bleed

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

At 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% at 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% at the time of publication.

Meanwhile, Toncoin (TON) is trading relative to the market and is up 4.8% in the last 24 hours. However, the coin has dropped 20% in the last week following the judgment of Telegram founder and CEO Pavel Durov in France.

Liquidations

Over the past 24 hours, the market has seen over $300 million in liquidations, with the majority occurring in the past four hours, according to data from Coinglass.

Most of the liquidations were long positions, with about $193.16 million spread over the past four hours. Meanwhile, short-term liquidations totaled $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 long liquidations amounted to $8.9 million, rounding out the top three.

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