The cryptocurrency market is experiencing a mixed performance as Bitcoin and Ethereum show signs of recovery, while major altcoins like XRP and Dogecoin continue to face downward pressure. Despite a recent surge driven by growing institutional adoption, the broader market has pulled back slightly due to ongoing profit-taking. At the center of attention: Bitcoin’s struggle to break past the critical $105,000 resistance level—a threshold that could determine the next major price movement.
Market Snapshot: Winners and Strugglers
As of the latest data, Bitcoin (BTC) is trading at $104,862.49**, up **0.3%**, showing resilience near its all-time highs. Ethereum (ETH) outperforms with a **1% gain**, currently priced at **$2,490.73, reflecting strong network activity and anticipation around upcoming protocol upgrades.
However, not all cryptocurrencies are riding the wave. Solana (SOL) dipped 3.2% to $164.71, while XRP and Dogecoin saw losses of 1.3% and 2.3% respectively. Shiba Inu (SHIB) also declined by 1.3%, indicating reduced momentum in meme and payment-focused tokens.
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Key Market Metrics: On-Chain and Exchange Trends
On-chain data reveals nuanced shifts in investor behavior:
- Large transaction volume increased by 8.6%, suggesting whales remain active.
- Daily active addresses dropped by 20.2%, hinting at reduced retail engagement.
- Transactions exceeding $100,000 fell from 8,146 to 7,945 in just 24 hours.
- Exchange netflows plummeted by 349%, indicating strong accumulation—investors are moving coins off exchanges, often a bullish signal.
These figures suggest a maturing market where large players are accumulating while retail participation cools slightly during consolidation.
Liquidations and Miner Activity Signal Caution
In the past 24 hours, 136,041 traders were liquidated, resulting in $560.76 million in total losses—primarily in leveraged long positions. This spike in liquidations highlights elevated volatility and over-leveraging near key resistance zones.
Adding to the pressure, miners sold over 2,400 BTC ($252 million) in the last day, according to analyst Ali Martinez. Such sell-offs are common post-halving as mining margins tighten, forcing operators to offload reserves to cover operational costs.
Martinez also noted a dramatic decline in Bitcoin ETF weekly inflows, dropping from $2.72 billion in late April** to just **$277 million—a sign that institutional appetite may be cooling temporarily after the initial post-halving frenzy.
Institutional Developments Shape Market Sentiment
Despite short-term corrections, institutional interest remains strong:
- JPMorgan, under CEO Jamie Dimon, is now offering Bitcoin access to clients—marking a significant shift despite his past criticisms.
- VanEck launched the NODE ETF, targeting next-generation blockchain infrastructure.
- A major investment strategy firm added $765 million in Bitcoin, though it now faces a lawsuit over its BTC holdings.
- El Salvador’s national Bitcoin reserves have generated an unrealized profit of $357 million as prices hit new highs.
These developments reinforce long-term confidence in Bitcoin as both a store of value and strategic asset.
Why $105,000 Is the Make-or-Break Level for Bitcoin
Technical analysts are closely watching the $105,000 mark. Cold Blooded Shiller emphasized that this level has repeatedly acted as strong resistance. A breakout above it could open the path to new all-time highs in the short term. Conversely, failure to sustain above this zone may trigger further downside correction.
Stoic observed a recurring pattern: every time Bitcoin approaches $105,000, a 2.5% depth spot ask wall appears—an indication of large sell orders clustering at this psychological level. These "order book walls" often precede rapid price rejections or volatility spikes.
Michael van de Poppe described the recent price action as a classic weekend liquidity sweep—a move where price briefly spikes to flush out weak hands before reversing. With the pullback now stabilizing near $104,800–$105,000, he forecasts a potential retest of the all-time high within 1–2 weeks.
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Altcoin Outlook: Consolidation Before the Next Surge?
While Bitcoin dominates headlines, Ethereum’s relative strength suggests altcoins may be preparing for a comeback. Ted Pillows argues that Bitcoin dominance is undergoing a “dead-cat bounce”—a short-lived rally expected to peak around 64.5% before resuming its longer-term downtrend.
Historically, such patterns precede periods of altcoin outperformance. If BTC stalls at $105K, capital could rotate into undervalued ecosystems like DeFi, AI-blockchain integrations, and Layer 2 solutions.
Stockmoney Lizards highlighted key technical levels to monitor:
- Weekly open
- Monthly open
These levels often serve as dynamic support or resistance during consolidation phases.
FAQ: Understanding Current Market Dynamics
Q: Why is $105,000 such a critical price for Bitcoin?
A: It’s a psychological and technical resistance level where large sell orders cluster. Breaking it could trigger algorithmic buying and FOMO-driven momentum.
Q: Are recent liquidations a sign of market weakness?
A: Not necessarily. High liquidations often occur near tops but can also precede sharp reversals if sentiment shifts quickly.
Q: What does low exchange netflow mean for prices?
A: Coins leaving exchanges suggest accumulation rather than selling intent—typically bullish for long-term price stability.
Q: Is the drop in ETF inflows concerning?
A: Short-term dips are normal after initial surges. The overall trend remains positive as more institutions adopt spot Bitcoin ETFs.
Q: Can altcoins rally while Bitcoin consolidates?
A: Yes. Historical cycles show altseasons often begin after Bitcoin stabilizes post-halving and post-ATH.
Q: How reliable are on-chain metrics like active addresses?
A: They provide valuable context but should be combined with price action and volume analysis for better accuracy.
Final Thoughts: Patience Amid Volatility
The current phase reflects typical behavior following a major rally—profit-taking, consolidation, and repositioning. While XRP and Dogecoin lag, Ethereum’s strength and on-chain accumulation point to underlying health in the ecosystem.
Bitcoin’s ability to surpass $105,000 will likely define the next leg of this bull run. Until then, traders should focus on risk management, watch key on-chain signals, and prepare for potential altcoin rotation.
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