The global crypto market printed red indexes over the past 24 hours as Bitcoin (BTC) tumbled below the $104,000 mark. The BTC slide triggered a massive $687 million in trader liquidations, the biggest wipeout seen since February. The cumulative crypto market cap dropped by over 2% to stand at $3.24 trillion.
The sell-off got triggered by US President Donald Trump’s reignition of trade war fears by doubling tariffs on Chinese steel and aluminum to 50%. He accused Beijing of breaking a key May agreement.
Trump’s aggressive stance sent shockwaves through global markets, raising concerns over economic fallout.
Bitcoin bears eye $102K next
Data shows that Bitcoin is stuck below $104K after facing rejection from $106K due to increased selling pressure. It will be crucial to see if bulls can defend this level.
Bitcoin futures saw over $153 million being liquidated. 93% of these liquidated positions ($137 million) turned out to be long bets set in BTC price action. It was followed by Ethereum (ETH) at $122 million, Solana (SOL) at $33 million, XRP at $30 million, and Dogecoin at over $22 million.
As per IT tech, a cryptoquant analyst, the Bitcoin price trend of printing lower highs and lower lows confirms bearish momentum. The “sell” signal got confirmed at $106k, which shifted down the trend and is still expanding downward.
Bitcoin is still stuck below $104K after rejection from $106K
Price just wicked into $103K territory with visible pressure from sellers. Can bulls defend this level again or is $102K next on the radar?
Full liquidation and trend breakdown below 👇
📊 Bitcoin (BTC/USDT)… pic.twitter.com/zDaLTBjRfo
— IT Tech (@IT_Tech_PL) May 31, 2025
It added that bears are maintaining control below $104K, while no recent buy signals are emerging as bulls lack strength.
Volume profile depicts that there is a heavy interest around $103K, and the breakdown below this level will signal a deeper move towards the $102K zone. Bears are pressing the market lower, and the $103K zone remains a critical short-term support. However, if BTC surges past $104.8K would be the first sign for bulls to regain momentum.
Big whales flip to selling mode
Bitcoin price dropped by more than 5% over the past 7 days. BTC is trading at an average price of $103,528 as of press time. Its 24-hour trading volume dipped by 20% to stand at $50.73 billion. On-chain data reveals that while open interest in Bitcoin futures has surged 51% since April and options have skyrocketed 126%.
Big players like whales holding over 10,000 BTC have quietly flipped from accumulation to net selling. This has pushed coins back onto exchanges in a classic profit-taking scenario.
Bitcoin-linked ETFs depict the position. May 30 saw a total net outflow of $616 million from US BTC ETFs, with none of the twelve ETFs recording a net inflow. On the other hand, Ethereum ETFs posted a net inflow of over $70 million, hitting 10 consecutive days of inflows.
The Fear and Greed index has turned back to the “Neutral” zone after flashing greed for a couple of weeks. With Ether and XRP down by nearly 4%, and Solana off by 6%, traders are now watching for a potential reversal or bracing for more turbulence.
