Bitcoin price today: Token slips below $105k before slight recovery, experts say bulls passive amid wider uncertainty
Bitcoin price today: The world's largest cryptocurrency, Bitcoin's price, slipped below the psychological $1,05,000 level today on May 30, before recovering slightly, data on CoinMarketCap showed.
At time of writing, the token was at $105,795.12, down 1.90 per cent compared to the previous day, and below the recent all-time highs of $1,10,000 seen last week. Further, market capitalisation of Bitcoin is also down 1.92 per cent to $2.1 trillion, while trade volume have increased 16.28 per cent in sell-off to $58.84 billion worth, according to data on CoinMarketCap.
At $2,621.35, down 3.94 per cent from the previous day, Ethereum shed 3.90 per cent market cap to $316.46 billion. It has however remained above the $2,600 psychological level.
CoinDCX Reserach noted that the top gainers include DeXe with over a 14 per cent rise, followed by SPX6900 with over a 3 per cent increase. And top losers are Uniswap, which plunged 14 per cent; Optimism, by 13.33 per cent; Arbitrum & Pudgy Penguins, by 13 per cent each; and Pepe & Pyth Network, by over 11 per cent each.
According to the CoinDCX research team, crypto markets continue to plunge as bulls remain passive. The crypto market drag has also negatively impacted other tokens such as XRP, Solana, Cardano, and Shiba Inu, etc. 'With the latest price plunge, more than $345 million has been liquidated from the markets in the past few hours,' it observed.
Further, Riya Sehgal, Research Analyst at Delta Exchange noted, 'the crypto market is experiencing increased volatility, with a 2.43 per cent drop in market cap to $3.35 trillion and a rise in 24-hour volume to $184.7 billion amid $725 million in liquidations.'
'Macroeconomic uncertainty persists, driven by stalled US-China trade talks and a US court blocking tariffs. Bitcoin recently hit a 9-day low near $104,725, trading below its 50 and 200 SMAs, signaling short-term bearish pressure unless it breaks above key resistance levels. Ethereum and altcoins like Cardano and Dogecoin also saw declines,' she added.
Edul Patel, co-founder and CEO of Mudrex feels that Bitcoin 'is consolidating amid geopolitical uncertainty, as stalled US–China trade talks bring back trade war concerns'.
'… macroeconomic pressures such as higher-than-expected US jobless claims and a 0.2 percent GDP contraction in Q1 2025 have added to short-term market caution,' he added.
Sehgal however noted that strong institutional demand persists, highlighted by a record $6.22 billion inflow into the iShares Bitcoin Trust ETF in May.
And Patel concurred, 'Institutional confidence remains strong, with $432 million flowing into spot Bitcoin ETFs, helping in price recovery. Currently, BTC need to reclaim the $108,000 levels for sustained momentum. On the flipside, if we do not get follow-through buying, Bitcoin could test the $103,700 levels.'
Key Takeaways Bitcoin's recent dip highlights the ongoing volatility in the cryptocurrency market.
Institutional investments are continuing to flow into Bitcoin, indicating underlying confidence despite short-term price declines.
Macroeconomic factors are significantly impacting crypto prices, with geopolitical tensions and economic indicators contributing to market uncertainty.
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