In a whirlwind 24 hours, XRP has seen a notable 4% decline, making it the biggest loser among major cryptocurrencies. This drop comes as the broader market grapples with a pause following last week’s sharp upswing. Meanwhile, Bitcoin remains tantalizingly close to the $105,000 mark, a level that’s proving to be a tough nut to crack for traders.
Market Stagnation and Resistance
As of today, Bitcoin hovers around $104,000—a figure that has traders on edge. This price point acts as both a psychological barrier and a technical resistance. According to CoinGecko, the total market capitalization has slipped by 2% to settle at $3.3 trillion. Ethereum and Solana are also feeling the heat, lingering near their 200-day moving averages. This could indicate either a brief consolidation or the onset of a short-term pullback.
Alex Kuptsikevich, chief market analyst at FxPro, observed, “Bitcoin has been smoothly forming a top for the past seven days. This kind of setup typically signals a correction is due, especially when paired with slippage in equities and profit-taking in gold.” His analysis underscores a growing sense of caution in the market, with the Crypto Fear & Greed Index dipping slightly from 73 to 70, still in “greed” territory.
Expert Opinions and Market Dynamics
Augustine Fan from SignalPlus suggests that while markets may continue to edge higher, Bitcoin is likely to face hurdles at that $105,000 level. “Ethereum may benefit more in the near term as part of a broader crypto uptrend, especially with improving inflows and relative strength in altcoins,” Fan noted. He also pointed out a macro shift in capital allocation favoring crypto, as investors seek to hedge against geopolitical and currency risks. This follows a pattern of institutional adoption, which we detailed in our analysis of corporate treasury investments.
K33 Research contributes a layer of intrigue to the narrative, highlighting that Bitcoin’s recent rally is driven more by spot market demand than by excessive leverage. This buying trend, especially from retail and Asia-based wealth managers, could sustain bullish sentiment despite current pricing stagnation. As explored in our recent coverage of Bitcoin’s mining difficulty adjustments, such demand dynamics are crucial in understanding the market’s resilience.
Broader Implications and Skepticism
Nick Ruck from LVRG Research brings another dimension to the unfolding drama. He attributes the current market lull to caution ahead of macroeconomic data releases and concerns about the longer-term impacts of recent U.S. trade deals. “The lull in activity may stem from anticipated volatility ahead of future macroeconomic and policy reports,” Ruck explained, adding that traders are cautiously bullish as U.S. trade deals push prices higher, but uncertainties about tariffs loom large.
As the markets hold their breath just below key breakout levels, it seems the next decisive move will set the tone for what’s to come. Investors are watching closely, with one eye on the charts and another on the geopolitical landscape, waiting for the next shoe to drop.
So, what’s next? As the crypto world stands at this crossroads, only time will tell whether these resistance levels will give way, paving the path for new heights—or if the market will take a breather, recalibrating before its next big leap.
Source
This article is based on: XRP Slides 4% as Bitcoin Traders Cautious of $105K Price Resistance
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
