Bitcoin dropped to $114,955 on August 18, marking a 7% slide over four days. The fall came after US inflation data showed a 3.3% rise in producer prices, cooling hopes for Fed rate cuts and triggering risk-off moves across markets.
The sharp dip led to $534M in crypto liquidations, with $447M in long positions wiped out—$100M of that in just one hour. Ethereum traders took the biggest hit, losing $212M, nearly double Bitcoin’s $111M losses.
Matrixport analysts say Bitcoin is now stuck between $112K and $117K, warning it could test the lower end before the Fed’s September 17 meeting. Meanwhile, Ether short positions on CME hit a record 18,438 contracts, raising the chance of a short squeeze if prices bounce.
At 09:16 UTC, Bitcoin was trading near $115,300 with a $2.3T market cap. The total crypto market stood at $3.89T, with Bitcoin holding 59% dominance.
