Bitcoin price today: Token slips below $105k before slight recovery, experts say bulls passive amid wider uncertainty

Bitcoin price today: The world's largest cryptocurrency, Bitcoin, briefly declined below the psychological $1,05,000 level today, May 30, before recovering, data on CoinMarketCap showed.

At the time of writing, Bitcoin's price was at $105,795.12, down 1.90 per cent compared to the previous day and 3.8 per cent from the recent all-time high of $1,10,000. 

Further, Bitcoin's market capitalisation declined by 1.92 per cent to $2.1 trillion, while trade volume increased by 16.28 per cent in the sell-off to $58.84 billion, according to data on CoinMarketCap.

Crypto markets update: Top gainers and losers

At $2,621.35, down 3.94 per cent from the previous day, Ethereum still remained above the $2,600 psychological level. Its market cap fell by 3.9 per cent to $316.46 billion.

CoinDCX Research noted that the top gainers include DeXe with over a 14 per cent rise, followed by SPX6900 with over a 3 per cent increase. And top losers are Uniswap, which plunged 14 per cent; Optimism, 13.33 per cent; Arbitrum & Pudgy Penguins, 13 per cent each; and Pepe & Pyth Network, over 11 per cent each.

Experts say bulls are passive amid wider markets uncertainty

According to the CoinDCX research team, crypto markets continue to plunge as bulls remain passive. “With the latest price plunge, more than $345 million has been liquidated from the markets in the past few hours,” it observed.

Further, Riya Sehgal, Research Analyst at Delta Exchange, noted that the crypto market is experiencing increased volatility, with a 2.43 per cent drop in market cap to $3.35 trillion and a rise in 24-hour volume to $184.7 billion amid $725 million in liquidations.

“Macroeconomic uncertainty persists, driven by stalled US-China trade talks and a US court blocking tariffs. Bitcoin recently hit a 9-day low near $104,725, trading below its 50 and 200 SMAs, signalling short-term bearish pressure unless it breaks above key resistance levels. Ethereum and altcoins like Cardano and Dogecoin also saw declines,” she added.

Edul Patel, co-founder and CEO of Mudrex, feels that Bitcoin “is consolidating amid geopolitical uncertainty, as stalled US–China trade talks bring back trade war concerns”.

“… macroeconomic pressures such as higher-than-expected US jobless claims and a 0.2 per cent GDP contraction in Q1 2025 have added to short-term market caution,” he added.

Sehgal, however, noted that strong institutional demand persists, highlighted by a record $6.22 billion inflow into the iShares Bitcoin Trust ETF in May.

Patel concurred, saying, “Institutional confidence remains strong, with $432 million flowing into spot Bitcoin ETFs, helping in price recovery. Currently, BTC need to reclaim the $108,000 levels for sustained momentum. On the flipside, if we do not get follow-through buying, Bitcoin could test the $103,700 levels.”