Crypto Prices Today: Bitcoin drops below $105,000 amid market consolidation; Altcoins decline up to 6%
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The cryptocurrency market witnessed a broad-based decline on Wednesday, with Bitcoin falling below the $105,000 mark amid cautious sentiment driven by macroeconomic factors and profit booking in altcoins.At 2:22 pm IST, Bitcoin was down 0.8% at $104,696, while Ethereum declined 1.3% to $2,607, according to CoinMarketCap. The global cryptocurrency market cap also dipped 1.19% to $3.29 trillion.Bitcoin's market dominance fell to 63.3%, reflecting the broader weakness across major digital assets.Key altcoins posted sharper losses. XRP fell 2.4%, Solana declined 3%, Dogecoin dropped 3.5%, and Cardano and Sui were each down 3%. Hyperliquid lost 4%, Chainlink dropped 4.2%, and Avalanche was the biggest loser with a 5.7% fall.'Bitcoin is consolidating near $105,000 even as risk-on markets remain cautious with new U.S. tariffs on steel and aluminium in effect,' said Vikram Subburaj, CEO at Giottus. 'BTC needs to reclaim $106,000 to retain its bullish momentum.'He added that structural metrics remain strong, with spot BTC's trading share on Binance rising from 26% to 35% over the past week. Additionally, over 20,000 BTC have been moved from exchanges like Kraken and Bitfinex to private wallets, signalling supply tightening and long-term holding behaviour.Riya Sehgal, Research Analyst at Delta Exchange, noted that Bitcoin's 4-hour chart shows a consolidation phase between the 100-period SMA at $107,000 and the 200-period SMA at $104,000. 'This range suggests indecision, and unless BTC breaks out of it, the short-term trend remains sideways,' she said.She added that Ethereum was showing a mild bullish bias, with price action consolidating between $2,592 and $2,668. 'A potential golden crossover of the 20- and 50-period SMAs could boost momentum if confirmed. A breakout above $2,668 may trigger a rally toward $2,720.'Despite recent losses, U.S. spot Bitcoin ETFs recorded net inflows of $465 million over the past two days, after losing over $1 billion in the previous three sessions. Ethereum ETFs, meanwhile, marked a record 12-day inflow streak, supported by regulatory clarity around ETH staking, which the SEC has clarified is not classified as a securities activity.Ryan Lee, Chief Analyst at Bitget Research, said the correction in altcoins such as Dogecoin and Cardano is part of a broader profit-taking trend. 'After a period of strong gains, investors are locking in profits, leading to short-term pullbacks. This is common in bull cycles where sharp rallies are followed by corrections,' he explained.He also pointed to renewed U.S. tariff tensions as contributing to global market uncertainty. 'Investors are adopting a more selective and conservative approach, focusing on assets with stronger fundamentals,' Lee added.Edul Patel, Co-founder and CEO of Mudrex, said Bitcoin is holding near the $105,000 level as the market awaits a fresh catalyst. 'Institutional flows remain strong, with over $375 million entering Bitcoin ETFs, and large holders moving over 20,000 BTC to private wallets—signs of long-term conviction.'However, he cautioned that BTC needs to hold above $106,800 to maintain bullish momentum. 'A failure to stay above this level could lead to a short-term drop toward $103,200 before fresh buying resumes,' he said.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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an hour ago
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Gold selloff on jobs euphoria is misguided? Peter Schiff says rebound coming
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