The price of Bitcoin has once again surpassed $58,000, showing growth of about 3% in the last 4 hours alone.
How CryptoPotato As reported earlier today, the total market cap of the market has been reduced by approximately $100 billion as the price of BTC fell to a monthly low below $56,000.
Most altcoins followed suit, trading deep in the red. ETH dropped to $2,400, while BNB bears managed to push the price to $510.
Luckily, the bulls have woken up and are now erasing most of the gains. At the time of writing, BTC is trading at $58,400, and most of the losses from the earlier decline have disappeared.
Coinglass data shows that this volatility has resulted in liquidations of nearly $200 million over the past 24 hours.
Some analysts say the earlier decline may have been a trap for sellers looking to profit further from the downturn.
Bitcoin has once again exceeded the 58 thousand mark.
Today’s drop could be a bear trap. pic.twitter.com/MxdfOofC6E
— Duo Nine ⚡ YCC (@DU09BTC) September 4, 2024
Meanwhile, IntoTheBlock data shows that a significant number of buyers made purchases in the $61,700 to $70,500 range but are now losing money.
According to the analysts at this company, whenever a large number of traders are losing money, regardless of the range, BTC will face constant selling pressure as the price approaches these levels.
