Bitcoin (BTC) is currently trading at $105,466.23, maintaining its position above $105,000 after a recent market sell-off that caused nearly $1 billion in liquidations, leaving traders on edge. Ether (ETH) has emerged as a market leader with a 4.5% increase, partly due to a restructuring at its Foundation aimed at enhancing protocol developments in an increasingly competitive environment. Dogecoin (DOGE) also saw a 3% rise, with other cryptocurrencies like Solana (SOL) and Cardano (ADA) adding gains of up to 2.5%.The CoinDesk 20, an index tracking the largest cryptocurrencies by market capitalization, rose by 2%. Despite recent gains, some traders are expressing caution, noting potential signs that Bitcoin's rally may be slowing. Ryan Lee, Chief Analyst at Bitget Research, remarked that the current trading pattern suggests a natural cooling period, with Bitcoin likely to consolidate in a range between $103,000 and $108,000. Potential downside targets, should $100,000 not hold, are estimated to be between $93,000 and $97,000. On-chain data indicates ongoing accumulation by large holders, which might suggest that any corrections could provide a buying opportunity. Lee also commented on Ether's market behavior, implying that while overall strength remains, it needs to break decisively above $2,810 for momentum to shift. Geopolitical factors are intensifying trader concerns, with tariffs and trade tensions between the U.S. and China contributing to market volatility. Analysts from QCP Capital highlighted upcoming policy deadlines that could further influence market movement. Bitcoin's current resilience underscores its commanding presence in the crypto market, showcasing both strength and underlying caution among traders.
Bitcoin Holds Steady Above $105,000 as Altcoins Gain Traction After Market Correction
Bitcoin stabilizes above $105K following a market sell-off, while Ether and Dogecoin lead the recovery with notable gains.
Jamie Bennett
Crypto Analyst
5 min read
7,771
Analysis
Market Sentiment
Bearish
Neutral
Bullish
News Impact
8/10
Credibility: 9/10
Trading Recommendation
BTC
BTC
BUY
Entry Price
$105466.23
Confidence
80%
Stop Loss
$103000
Take Profit
$108000 - $110000
Given the bullish sentiment and bounce from support levels, opening a buy position on BTC aligns with market strength signals.
