Jakarta, Pintu News – The crypto market entered the last week of August with continued turmoil, driving a downward trend in Bitcoin (BTC) prices. The token, which had created a new record high of $124.4k earlier in the month, is now struggling at its lowest point of the month, raising concerns among investors.

Despite gaining bullish momentum from Jerome Powell’s Jackson Hole speech, Bitcoin (BTC) prices plummeted by the end of the week. With a 2.5% drop in 24 hours, BTC is now trading at $111.8k with a market capitalization of $2.22T.
Major crypto markets also followed this correction, losing almost 2% of their total market capitalization. Ethereum (ETH), Solana (SOL), and other altcoins experienced similar downward trends, indicating a cautious approach from investors.
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One of the main factors fueling today’s Bitcoin (BTC) price drop is Powell’s speech theory, which adds to the market decline after the Jackson Hole event based on historical data. However, massive selling by crypto whales, especially from the Satoshi era, is what actually fueled this downward trend.
A major whale sold 24,000 BTC worth over $2.7B a few hours ago, causing the price of Bitcoin (BTC) to drop $4k in a matter of minutes. As a result, $45B of market capitalization was lost in a short period of time.

Willy Woo, a crypto analyst, notes that these long-holders are the main cause of the price drop as they bought Bitcoin (BTC) at $10 or even lower. Nowadays, one would need $110k or more to absorb the sales they made, thus making upward price movement more difficult.
Although the impact was already devastating, experts are concerned that similar actions might happen again in the future. Interestingly, Bitcoin (BTC) still has the biggest dominance in the crypto space, and experts such as Michael Saylor predict a 30% YoY surge, but capital rotation is still ongoing at the moment.
Despite facing severe challenges, Bitcoin (BTC) is still showing a certain resilience in the market. With predictions of yearly increases and strong dominance, the future of Bitcoin (BTC) is still promising despite having to overcome some serious obstacles. Investors and market watchers should stay alert to the market dynamics that could change at any time.
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