- Bitcoin fell to an intraday low of $76,930.82, down ~5.3% from its recent $81,000+ peak
- $200,000,000 in long positions liquidated across the crypto market in just 60 minutes
- Chart shows a bearish waterfall pattern with sequential support breaks at $79,000, $78,500, and $77,000
- BTC trading at $77,602 at time of writing, down 2.84% over 24 hours
- Critical support zone: $76,000–$77,000 — failure could target $74,000–$75,000
Bitcoin slipped beneath $77,000 on August 29, 2026, triggering a cascade of forced liquidations that erased $200,000,000 in long positions across the crypto market within just 60 minutes, according to data flagged by @WatcherGuru.
What Happened
The move was swift and severe. According to the chart shared by @WatcherGuru, Bitcoin’s 15-minute price action shows a textbook bearish waterfall — a gradual descending structure that accelerated into a near-vertical sell-off, with the asset touching an intraday low of approximately $76,930.82. The total decline from the recent peak near $81,000–$81,250 amounts to roughly $4,300+, or approximately 5.3% from the top.
At the time of writing, Bitcoin has partially recovered and is trading at $77,602, down 2.84% over the past 24 hours, with a 24-hour trading volume of approximately $31.56 billion and a market cap of $1.56 trillion.
Chart Breakdown
The chart analysis reveals that key support levels at $79,000, $78,500, and $77,000 were all broken in sequence during the selloff. The final candle of the sequence was notably elongated — a sign of sharp momentum selling rather than an orderly decline. According to the chart, the $200 million in long liquidations appears to have created a cascade effect, where forced closures fed further downside pressure in a self-reinforcing spiral.
For bulls, the extreme wick on the drop could indicate oversold conditions in the near term, but the chart suggests the trend remains broken unless Bitcoin can reclaim $79,000 and hold it. Bears retain short-term momentum. The critical zone to watch is $76,000–$77,000 — a failure to hold that band could open the door toward $74,000–$75,000.
Macro Context
The sell-off appears connected to a broader risk-off shift in markets. Web research indicates that hawkish remarks from Fed Chair Kevin Warsh at Jackson Hole — stressing that inflation remains not yet sustainably contained — renewed tighter policy expectations and weighed on risk assets including crypto. Ethereum also declined approximately 3% during the same session, underscoring the market-wide nature of the move rather than a Bitcoin-specific event.
Binance-linked commentary framed the $76,000–$77,000 zone as a technical retracement after BTC’s recent push above $81,000, while other analysts described the drop as a combination of profit-taking and forced leveraged liquidations. The broader leveraged positioning in the market made the drawdown more acute — the $200 million figure in the past hour alone suggests significantly elevated open interest had been built up during the preceding rally. This kind of leverage washout is consistent with broader derivatives stress seen recently, as Hyperliquid’s HIP-3 open interest also plunged over $1B to its lowest since July 27, signaling a wider deleveraging event across crypto derivatives markets.
Key Levels to Watch
- Resistance: $79,000 (must reclaim for bulls to regain control), $81,000–$81,250 (prior peak)
- Support: $76,000–$77,000 (current critical zone)
- Downside target if support fails: $74,000–$75,000
Source: @WatcherGuru on X, timestamp August 29, 2026 04:24 UTC.
Frequently Asked Questions
Why did Bitcoin fall below $77,000?
The drop appears linked to hawkish remarks from Fed Chair Kevin Warsh at Jackson Hole, which shifted market sentiment risk-off. This was compounded by $200 million in forced long liquidations within 60 minutes, accelerating the sell-off through a cascade effect.
How much was liquidated in the Bitcoin crash?
According to @WatcherGuru, $200,000,000 in long positions were liquidated across the crypto market in the 60 minutes surrounding Bitcoin’s drop below $77,000.
What price levels should Bitcoin hold to avoid further downside?
Chart analysis indicates $76,000–$77,000 is the critical support zone. A failure to hold that range could expose Bitcoin to a further decline toward $74,000–$75,000. Bulls would need a reclaim of $79,000 to signal trend recovery.
Source: Twitter Watcherguru · Published by CoinsProbe Markets Desk
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