After the FOMC meeting on July 31, Bitcoin dipped below $65k after attempting to surpass the all-time high just two days before on Monday, July 29.
The selling pressure experienced by Bitcoin led to a 3% decline and a total coin liquidation of $316 million after the FOMC meeting.
While Bitcoin had a higher percentage of liquidation, Ethereum had $78 million of its positions liquidated, which resulted in Bitcoin and Ethereum contributing to over 50% of the total liquidations.
The market experienced a sell-the-news event after Fed Chair Jerome Powell kept the rates unchanged at 5.25-5.5% and hinted at a rate cut in September.
Not only was Bitcoin affected by the news, but other altcoins as well reacted to the news as Solana price is down 6% and currently trading below $165, and so is the XRP price, which has declined after rallying more than 30% in July as the result of the increase in odds of the Ripple SEC lawsuit settlement.
Apart from altcoins, almost every other digital coin and token has dropped in price as well, with meme coins hit the hardest.
Generally, it is considered that August is one of the two worst months for BTC, as data has shown over the past 13 years. Bitcoin has ended only five times and down eight times.
While Bitcoin and the general crypto market have been down in the past few days, crypto analysts such as Rekt Capital believe that a break could occur in September, not August, for Bitcoin.
Another popular crypto analyst named Jelle also believes that the BTC price could reach $100k in the coming months based on the technical model he examined.
While all these are happening, Bitcoin and Ethereum ETF are experiencing the first joint positive inflow since Ether ETF launch.
