Bitcoin Falls Below $103,000 Amid Profit-Taking Actions
- Bitcoin’s price decrease linked to profit-taking and resistance.
- Arizona vetoes key crypto bills, adding pressure.
- $700 million in positions liquidated amid correction.
Bitcoin dropped below $103,000 on May 13, 2025, following a brief rise above $105,000 due to a U.S.-China tariff truce. Experts attribute the dip to multiple market factors.
Bitcoin’s recent drop below $103,000 is attributed to profit-taking by traders and technical resistance. This follows a surge above $105,000 linked to a recent U.S.-China tariff agreement.
Key factors influencing the decrease include trader actions and technical resistance at the $105,000 level. Governor Katie Hobbs’s veto of crypto bills in Arizona also added pressure.
Market responses include significant liquidations, with $700 million in crypto liquidated during the decline. This includes over $200 million from Bitcoin futures alone.
The political landscape in Arizona, impacted by gubernatorial decisions, influences crypto investment and regulation strategies. This reflects broader market sentiments.
Amid Bitcoin’s price shifts, traditional stock markets showcased contrasting resilience with marginal gains, signaling possible market decoupling.
Long-term prospects remain positive, though economic indicators and regulatory developments will influence. Analysts maintain projections of $150,000-$180,000 for Bitcoin, assuming stable market conditions.
Traders are actively locking in profits ahead of the upcoming U.S. Consumer Price Index (CPI) release scheduled for May 14, 2025. – Analyst at Santiment
