Bitcoin lost ground below $105,000 on Friday before a modest recovery to $105,795, still down 1.9% so far today, and nearly 3.8% down from the recent record high.
Bitcoin’s market value fell by 1.92% to $2.1 trillion, while trading volumes surged 16.28% to $58.84 billion, reflecting intensive selling pressures.
Winners and Losers
Ethereum is down 3.94% so far today to $2621, but remains above the $2600 psychological barrier, with the market value down 3.9% to $316 billion.
The biggest crypto winners today include DeXe, which surged 14%, followed by SPX6900, which rose 3%.
The biggest losers include:
Uniswap with a 14% plunge
Optimism which fell 13.3%
Both Pudgy Penguins and Arbitrum fell 13%
Pepe and Pyth Network both lost over 11%
Analysts note that the crypto market continues to suffer as bulls remain in a negative state, and many of them are liquidating their positions.
Macro Pressures from US-China trade, inflation concerns
The crypto market is hurt by cloudiness on US-China trade negotiations and the legal dispute around US tariffs in recent days.
Bitcoin hit a nine-day low at $104,725 and below the 50 and 200-day SMA, indicating mounting short-term pressures.
Other pressures include higher than expected US unemployment claims data and a 0.2% US GDP contraction in the first quarter, raising concerns and caution.
Strong Institutional Demand
Despite the ongoing losses, analysts point to the persistent strength of institutional demand, with an influx of $6.22 billion into bitcoin ETFs in the US during May.
However, it’s quite possible that bitcoin will continue to collect profits and solidify its position, sending the price towards the crucial barrier of $100,000.
Technical Indicators Point to Weak Momentum
The RSI index reading came at 54 and is heading towards the 50 neutral barrier, showing the disappearance of positive momentum.
The MACD index also showed repeated negative signals, reinforcing the outlook of a negative correction in the short term.
