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Bitcoin’s brief rebound didn’t last. Late on Monday, August 25, the largest cryptocurrency fell back through $110,000, erasing most of its post-weekend gains and dragging the broader market lower. Ether underperformed, tumbling about 8% toward the mid-$4,000s as most major tokens revisited—or undercut—their lows from Sunday’s turbulence.
The latest leg down followed a volatile weekend marked by a “flash crash” that flushed out leveraged longs. By Monday morning, analysts were tallying more than half a billion dollars in long liquidations tied to the move, a reset that briefly helped prices stabilize before sellers regained control later in the U.S. session.
Macro tailwinds weren’t enough to change the tape. Even after Fed Chair Jerome Powell’s Jackson Hole remarks boosted hopes for a September rate cut, bitcoin printed a lower high and momentum indicators rolled over—classic signs of a market failing to rally on ostensibly good news.
CoinDesk’s Asia briefing flagged other pressure points: net outflows from crypto ETFs, evidence of market “fragility,” and slumping transaction fees that have trimmed a secondary revenue stream for miners—adding another layer of stress just as September’s historically weak seasonality approaches.
With traders recalibrating, technicians are watching a handful of levels. Investopedia highlights roughly $107,000 as near-term support and the psychologically important $100,000 area—close to the 200-day moving average—as a deeper line in the sand. On the upside, failed rallies near $117,000 and resistance around $123,000 loom overhead.
For now, the path of least resistance remains choppy: if ETF flows and risk appetite improve, a squeeze can develop quickly. If not, the weekend’s shakeout may give way to a period of range-bound consolidation and rotation within the majors—an outcome some market observers already see taking shape.
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