Thursday, June 5, 2025
HomeCryptoBitcoin dips below $93,000 amid rising liquidations and profit-taking

Bitcoin dips below $93,000 amid rising liquidations and profit-taking

-

[ad_1]

Bitcoin faced selling pressure, dipping to an intraday low of $92,600 before recovering to $94,600 on Tuesday. Its market dominance dropped to 57.38% as long-position liquidations exacerbated the downward trend.

As of 12:19 p.m., Bitcoin traded 3.5% lower at $94,785, while Ethereum, the second-largest cryptocurrency, rose 1.5% to $3,431.

“The asset dipped to $92,600 intraday before rebounding as spot ETFs saw $500 million in outflows yesterday signaling potential profit-taking. Bitcoin may experience volatility in the short term as $9.4 billion worth of options expire this Friday,” said Vikram Subburaj, CEO of Giottus.

Crypto Tracker

Last week, Bitcoin reached a record high of $99,830, driven by speculation about a friendlier regulatory landscape under Trump.Meanwhile, other major cryptocurrencies also saw declines, including Solana (-5.6%), BNB (-2.7%), XRP (-2.3%), Dogecoin (-5%), Cardano (-6.5%), Tron (-4%), and Shiba Inu(-2.5%). Among the top crypto tokens, XRP surged the most, jumping 24% in the last 24 hours.

The broader cryptocurrency market declined as the dollar index rose 0.18% to 107, supported by US President-elect Donald Trump’s tariff announcements on imports from Canada, Mexico, and China. A stronger dollar typically dampens Bitcoin demand by tightening global liquidity and increasing costs for international buyers.Trump confirmed his plans to impose a 25% tariff on Canadian and Mexican goods and an additional 10% on Chinese imports via a Truth Social post.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Bitcoin fell from $99,500 to $94,427 despite a 60.55% increase in trading volume. The decline is seen as a potential correction ahead of the next rally.

Key levels to watch include resistance at $95,750 with a potential climb to $96,000 or $98,880 and support at $93,000, $92,500 or $90,000.

The Fear & Greed index fell to 79, cooling market sentiment, while the RSI at 41.70 suggests a respite from recent highs. Upcoming $9.4 billion worth of Bitcoin options expire and US election adds to the uncertainty. Bitcoin’s next move could set the stage for significant volatility.

(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)

[ad_2]

Source link

LATEST POSTS

WitchSpin Casino: Daily ₱777 Bonus Explained

Online casinos attract players by offering exciting games and generous bonuses. One of the most popular features of WitchSpin Casino is its daily ₱777 bonus....

Gaming and Adventure Combined: The Ultimate Guide for Norwegian Tourists

For many Norwegian tourists, traveling is all about exploring new places, immersing themselves in different cultures, and seeking unforgettable adventures. But what if your journey...

Non-Disclosure Agreement for Customer Privacy Protection

In today's digital age, privacy concerns are more significant than ever, especially when it comes to safeguarding the personal and sensitive information of customers. Businesses...

How to Analyze Odds for a Spot Bet

The adrenaline rush of Spot Bet—placing wagers while the action unfolds—attracts countless sports enthusiasts seeking to capitalize on their real-time insights. Yet beneath this thrilling...

Most Popular

spot_img