Key Insights:
- Today’s Bitcoin price sell-off was triggered by uncertainty over new U.S. tariffs affecting 60+ countries, leading to $759 million in crypto liquidations.
- The trader known as “Aguila” was nearly fully liquidated on HyperLiquid, losing $39.8 million after a 40x BTC long position.
- A reputed crypto analyst noted BTC is retesting a breakout from an inverse head-and-shoulders pattern.
With the beginning of August, Bitcoin is under strong selling pressure, losing crucial support at $115,000 as Trump tariffs kick in. A mysterious whale under the name Aguila has lost a staggering $40 million in massive liquidation on its leverage trades.
The 24-hour BTC liquidations have crossed $177 million, with $172 million in long liquidations.
Bitcoin Price Crash Fills CME Gap At $114K Support
In the last 24 hours, the Bitcoin price has crashed by a massive 3.5%, slipping under $114,500. As a result, BTC lost all of its weekly gains following a rejection of $120,000. Today’s BTC price drop comes with daily trading volume surging 10% to $80 billion, hinting at clear bearish divergence.
BTC bulls have found it tough to breach past $120K, and have seen multiple rejections over the past month. Crypto analyst, BitBull, dismissed concerns of bearish sentiment on BTC, pointing to a textbook breakout from an inverse head-and-shoulders pattern.
According to the analyst, BTC is currently retesting the breakout level. This aligns with standard technical behavior before a continued move higher. BitBull also highlighted a CME gap near the $114.2K mark, noting that such gaps are typically filled in short order.
Once this occurs, the analyst expects Bitcoin price to reverse from the bottom and embark on an upside journey.
Furthermore, market analyst BitBull noted that the BTC cycle top hasn’t yet occurred.
Another crypto analyst, Cas Abbe, predicted that Bitcoin will likely reach its cycle peak in November or December 2025. Talking about a potential BTC “supercycle,” Abbe noted that similar claims were made during the previous cycle but couldn’t materialize.
“So far, there haven’t been major signs indicating that this cycle will extend significantly,” he stated. Abbe emphasized that a phase of market euphoria typically precedes a cycle top. Thus, he cautioned investors against panic selling.
Trump Tariffs Hit Market, Pushing Bitcoin Price Down
With the August 1 deadline kicking in, Trump tariffs have finally hit the market, despite some uncertainty surrounding them. The Trump administration has announced tariffs on more than 60 countries, with rates ranging from 10% to 50%.
According to the government, countries with which the U.S. maintains a trade surplus will be subject to a standard 10% “universal” tariff. On the other hand, nations running a trade deficit with the U.S. will face a minimum tariff rate of 15%.
Trade negotiations with China and Mexico remain ongoing, with no final agreements reached as of yet.
In the past 24 hours, 185,525 traders were liquidated, and the total liquidations come in at $759.21 million. The largest single liquidation order happened on Binance, valued $13.79 million,” reported CoinGlass.
These developments have led to a massive $760 million in liquidations across the crypto market. Of these $700 million have been in long liquidations.
Bitcoin Whale Loses $40 Million in Liquidations
After crypto trader James Wynn lost $100 million in BTC liquidations back in June, another trader dubbed “Mysterious Whale”, operating under the handle @AguilaTrades, has suffered near-total liquidation following the Bitcoin price dip below the $115,000 mark.
On-chain data shows that Aguila has lost all funds deposited to Hyperliquid DEX, with just $86,000 now left in the wallet.
Aguila faced another partial liquidation on a 40x leveraged long position in Bitcoin, losing $2.78 million in the latest trade. Cumulatively, he is now down $39.8 million, having deposited a total of $40.05 million USDC into HyperLiquid. Only $200,000 of that capital remains.
Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draws his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fiction novels and sometimes explores his culinary skills.
