TLDR

Table of Contents

Bitcoin price fell to $102,941, dropping below the key $103K level after briefly reaching $107,114
Ethereum dropped 5.08% to $2,359.88, making it one of the biggest losers among top cryptocurrencies
The overall crypto market dipped 0.82% to $3.25 trillion with most top tokens in the red except Dogecoin
$651 million worth of crypto positions were liquidated in a 24-hour period amid market volatility
Despite short-term bearish movement, Bitcoin’s technical indicators suggest potential for a “golden cross” pattern

The cryptocurrency market experienced a downturn on May 19, 2025, with Bitcoin retreating below the $103,000 mark and Ethereum dropping over 5%. The total crypto market capitalization fell by 0.82% to $3.25 trillion as most major cryptocurrencies faced selling pressure.

Bitcoin is currently trading at $102,941.73, down 0.47% over the past 24 hours. This drop pushed the world’s largest cryptocurrency below the psychological $103,000 threshold. Despite the dip, Bitcoin maintains a massive market capitalization of over $2.04 trillion with daily trading volumes exceeding $58 billion.

The decline comes after Bitcoin briefly touched $107,114 on Sunday before facing heavy resistance. This volatile price action triggered a wave of liquidations across the market, with data from CoinGlass showing $651 million worth of positions liquidated in just 24 hours.

In the past 24 hours – 156,287 traders were liquidated for a total of $670 million 👀$BTC $ETH $SOL pic.twitter.com/sw5ftaRAbL
— Trader Edge (@Pro_Trader_Edge) May 19, 2025

Technical Indicators and Support Levels

Market analysts point to $101,500 as the next critical support level for Bitcoin, with resistance remaining at $105,000. Despite the short-term bearish price action, technical indicators present a potentially bullish signal.

Bitcoin is on track to confirm a ‘golden cross’ in the coming days. This pattern occurs when the 50-day simple moving average crosses above the 200-day simple moving average, often interpreted as a bullish signal. The last time this pattern appeared in 2024, Bitcoin’s price surged from $70,000 to $100,000.

For those watching support levels, the $100,000 to $99,000 range represents a critical zone that could determine the next major price move. Some analysts maintain bullish long-term targets of $118,000 and $135,000 despite the current pullback.

Ethereum has taken a harder hit than Bitcoin, dropping 5.08% to $2,359.88. This makes it one of the worst performers among the top ten cryptocurrencies today. Its market capitalization has fallen to $284.9 billion, with daily trading volumes of over $28.1 billion.

Altcoin Performance

Most altcoins followed Ethereum’s downward path with various degrees of losses. XRP declined by 1.44% to $2.33, while Cardano (ADA) lost 3.21%, trading at $0.7218. TRON (TRX) saw a steeper 4.01% fall to $0.2609.

Binance Coin (BNB) is down 1.20% to $636.03, with its market capitalization at $89.6 billion. In contrast, Dogecoin (DOGE) emerged as the only gainer among the top ten cryptocurrencies, up 0.28% to $0.2174, showing mild resilience amid the broader market decline.

Stablecoins remained largely unaffected by the market turbulence. Tether (USDT) held its peg at $1.00 with a trading volume of $96.49 billion. Similarly, USD Coin (USDC) maintained stability at $0.9999, with a circulating supply of 60.68 billion USDC.

The correlation between Bitcoin and altcoins remains high, which explains why drops in Bitcoin typically affect the broader market. Ethereum price dropped 8.76% in just 13 hours, while XRP shed 5.31% and DOGE fell 9.11% during the same period.

The current market sentiment reflects growing caution among crypto investors. The volatility index for Bitcoin has dropped to a 10-month low, suggesting a period of uncertainty following the recent price swings.

Several external factors may be contributing to market anxiety. On May 13, the attempted kidnapping of Paymium CEO Pierre Noizat’s family members sent shockwaves through the crypto community. The incident raised security concerns among crypto executives and may have impacted investor confidence.

Another factor stirring debate was former President Trump’s announcement of a dinner with the top 220 buyers of $TRUMP token. The event has raised questions about the intersection of politics and cryptocurrency investments, potentially affecting market sentiment.

For traders and investors, the current market conditions suggest a cautious approach. While Bitcoin’s potential golden cross formation provides a bullish technical signal, the immediate price action indicates continued pressure in the short term.

Market participants are advised to monitor key support levels, particularly the $101,500 mark for Bitcoin and $2,300 for Ethereum. A breakdown below these thresholds could trigger further selling, while successful defense could set the stage for a recovery.

The next few days will be crucial in determining whether the current pullback represents a temporary correction or the start of a deeper market decline. With Bitcoin’s historical volatility, traders are reminded to manage risk carefully during this period of market uncertainty.

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