Bitcoin is extending its weekend losses ahead of key macroeconomic events this week that could influence the U.S. Federal Reserve’s September rate cut decision.

Bitcoin slid 2.8% to $109,882 on Monday with liquidations, primarily longs, over the past 24 hours, topping $940 million, according to CoinGlass data, News.Az reports, citing foreign media.

“Capital is rotating out of risk, with thin weekend liquidity amplifying swings,” Rachael Lucas, a crypto analyst at BTC Markets, told Decrypt.

The recent drop has pushed Bitcoin below $110,800, or the average cost basis of investors who purchased the top crypto in the past three months.

“Historically, failure to hold above this level has often…