Bitcoin drops 3% in 24 hours, breaks $110,000 mark

(Dan Tri) - A "whale" dumped 2.6 billion USD, nearly 1 billion USD worth of buy orders were wiped out. Bitcoin plummeted, and in the midst of the panic, the psychological buoy was unexpectedly just... a piece of paper.

Long slide below important psychological mark

As of the morning of August 26, the price of bitcoin has officially fallen below the $110,000 threshold, trading around $109,500, down nearly 3% in the past 24 hours. This is the lowest price since July 9.

According to BTC Markets analyst Rachael Lucas, the market has been hit by a “perfect storm.” Earlier on Friday, Fed Chairman Jerome Powell’s speech at Jackson Hole sparked hopes of a rate cut, sending bitcoin prices to $117,000. However, the optimism quickly faded as the market realized that the macro picture remains too uncertain.

The decisive blow came from a "whale" (an investor holding a large amount of coins) when this person suddenly sold off 24,000 BTC, worth about 2.6 billion USD. This action triggered a domino effect, leading to a series of liquidation orders in the derivatives market. D

Data from CoinGlass shows that the total value of liquidated orders in the past 24 hours has exceeded $940 million, the majority of which are long orders - people betting on prices to rise.

Bitcoin’s failure to hold the $110,800 mark is a worrying sign. “This is the average price at which investors have purchased bitcoin over the past three months,” warned on-chain analytics firm Glassnode. “History shows that failure to hold above this level often leads to months of market weakness and even deeper corrections.”

Bitcoin price dropped below $110,000/BTC, combined with a $2.6 billion sell-off from a mysterious "whale", causing investors to hold their breath and watch the market (Photo: Decrypt).

Psychological Warfare: "Buy When Feared" Is Easier Said Than Done

The sudden market decline has left investors in a quandary. Many had vowed to “buy the bottom” if bitcoin fell to an attractive price. But when that “dream” number appeared, most hesitated.

Matt Hougan, CEO of Bitwise Capital, explains it well: “It never feels good to buy after a decline.” When the market is hot, FOMO (fear of missing out) dominates. When the market is down, fear takes over, making even the most daring plans falter.

To combat this psychological swing, Hougan suggests a surprisingly simple method: a sticky note.

“Determine in advance what price you really want to buy,” he advised in a post on X. “Write that number down on a sticky note and stick it right on your monitor. When the market shakes your confidence, your decision is already there. Writing it down can be a form of discipline.”

The idea was immediately echoed by Tom Lee, a prominent Fundstrat analyst. “100% agree,” Lee commented. “Discipline, not emotion, is what creates winners, not panic sellers.”

Price Levels to Watch and the Uncertain Future

So what are the numbers that professional traders are sticking on their “post-it notes”?

Rick Maeda, analyst at Presto Research, points out important support zones.

$105,000: This is the price range that bitcoin broke out at in June.

$100,000: A psychologically important level and a focus of many options contracts. If this level is broken, the market could see a stronger wave of selling and liquidation.

On the other hand, the recovery momentum will face strong resistance in the $118,000-120,000 zone, as long as the macro picture does not show signs of improving.

All eyes are now on Thursday when the US releases two crucial economic data points: revised GDP figures for the second quarter and the core PCE inflation index (the Fed's preferred inflation gauge).

Economists expect growth to edge up slightly, but inflation could accelerate. If growth unexpectedly slows and inflation rises more than expected, the Fed’s plan to cut interest rates in September could be derailed, which would be bad news for risk assets like bitcoin.

In the short term, the bitcoin market will continue to be driven by political uncertainty and macroeconomic data. However, despite a nearly 3% drop in price in 24 hours, bitcoin is still up more than 70% from a year ago. For investors, this is a time when discipline, a clear strategy, and perhaps a simple sticky note, are more valuable than ever.

Source: https://dantri.com.vn/kinh-doanh/bitcoin-giam-3-trong-24-gio-thung-moc-110000-usd-20250826140439354.htm