Hopes for a rapid recovery from the weekend’s cryptocurrency slump faded on Monday, as Bitcoin dipped below $110,000, hovering just above its pre-inauguration high of $109,400 reached before United States President Trump’s January 20 swearing-in.

The largest cryptocurrency’s rebound attempt was quickly capped at $113,000 during the U.S. session, pushing it down to a seven-week low, CoinDesk data shows.

Bitcoin was last trading at $109,700, down 2.7 per cent over the past 24 hours and roughly 7 per cent lower since surging past $117,000 following Fed Chair Jay Powell’s dovish comments at Friday’s Jackson Hole speech.

The sharp price swings have had a significant impact on leveraged trading, with nearly $700 million in crypto positions liquidated across all derivatives on Monday, surpassing losses from Sunday, according to CoinGlass.

Long positions betting on higher prices accounted for around $627 million of the liquidations.

Market sentiment may be further pressured by seasonal trends.

Historically, September has been one of the weakest months for cryptocurrencies, with Bitcoin and Ethereum averaging losses of 3.77% and 6.42%, respectively, according to CoinGlass.

This combination of volatility and seasonal weakness may keep traders cautious as the market heads into the final days of August.