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CoinDesk 2025-06-03 06:12:54

Bitcoin Strength Wows Traders After Market Tumble; ETH, DOGE Lead Majors Gains

Bitcoin Strength Wows Traders After Market Tumble; ETH, DOGE Lead Majors Gains

Bitcoin BTC hovered above $105,000 on Tuesday, marking a steady climb after a sell-off over the weekend and Monday resulted in nearly $1 billion in liquidations, rattling traders. Ether ETH led gains among majors at 4.5%, coming as the blockchain’s Foundation restructured staffing to focus on protocol developments in a competitive and crowded network landscape — bumping bullish sentiment for the world’s second-largest token. Dogecoin DOGE followed with a 3% rise, with Solana’s SOL SOL, Cardano’s ADA ADA, XRP XRP, and BNB Chain’s BNB BNB adding as much as 2.5%. The broad-based CoinDesk 20 (CD20), a liquid index tracking the largest tokens by market cap, rose 2%. After weeks of gains, bitcoin’s latest price action has traders closely watching for signs of a potential cooling-off period. Caution is emerging among some as technical signals hint that the rally may be losing momentum. “Bitcoin hovering around the $105,000 range is circumstantial natural cooling after a strong rally, with elevated trading volumes followed by sustained interest, now hints at fatigue,” said Ryan Lee, Chief Analyst at Bitget Research, said in a Tuesday update shared with CoinDesk. “BTC could consolidate between $103,000 and $108,000, with $100,000 acting as psychological support. If that level fails, downside targets near $97,000–$93,000 may be tested,” Lee said. Lee added that on-chain data shows continued whale accumulation, typically a bullish sign that any correction could offer an entry point. For ETH, Lee noted that repeated rejections and long upper wicks around the $2,800 level indicate hesitation. “Overall strength remains intact, but momentum is capped unless ETH decisively breaks above $2,810,” he said. The bigger picture for BTC remains solid on a macro basis. “On a YTD basis, BTC remains a strong outperformer on a macro basis and vs equity, though there are short-term signs that we might be up for more challenging times ahead, with OGs and natives continuing to be better sellers and profit takers against mainstream buying,” said Augustine Fan, Head of Insights at SignalPlus, told CoinDesk in a Tuesday message. Geopolitical risks continue to weigh on sentiment. Fresh tariff headlines and a tense trade backdrop between the U.S. and China have traders bracing for more volatility, with key policy deadlines in early July on the radar, Singapore-based QCP Capital said in a market broadcast late Monday. For now, bitcoin is proving its mettle and holding on to the “top of the pecking order,” the firm ended.

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