Crypto Price Today: Bitcoin slips below $98,000; Altcoins trade mixed

Bitcoin (BTC) and major crypto tokens traded mixed on Wednesday, February 5. BTC, XRP, Solana, BNB, Cardano, Chainlink, Stellar, and Hedera witnessed slight declines of up to 2%, while Ethereum, Dogecoin, Tron, Sui, Avalanche, and Shiba Inu saw gains, climbing as much as 6%.

As of 12:10 pm IST, Bitcoin had slipped 1.5% to $97,808, while Ethereum surged 1.3% to $2,747. Meanwhile, The global cryptocurrency market cap fell by 0.44% to approximately $3.22 trillion in the past 24 hours.

"Bitcoin has faced renewed selling pressure, dropping below $100,000 amid escalating trade tensions between the U.S. and China. This drop comes in response to renewed selling pressure following China's retaliatory tariffs against the United States," said Shivam Thakral, CEO of BuyUcoin.


"Despite this volatility, Bitcoin dominance has surged to its highest level in four years, indicating strong investor interest in the cryptocurrency as a hedge against inflation and economic uncertainty. Investors are optimistic that while immediate volatility is likely due to tariff concerns, February historically presents a favorable month for Bitcoin," Thakral said.

Avinash Shekhar, Co-Founder & CEO of Pi42, noted that Bitcoin is exhibiting a bearish trend due to ongoing trade disputes and regulatory concerns. "Traders should proceed cautiously, as global market conditions remain highly unpredictable," he said.

Also Read: Gold, silver, Bitcoin may crash as Trump tariffs loom, warns Rich Dad, Poor Dad author Robert Kiyosaki

In the last 24 hours, Bitcoin’s market cap dropped to $1.938 trillion. Bitcoin’s dominance now stands at 60.32%. BTC volume in the same period fell 18.2% to $68.55 billion. Meanwhile, stablecoins accounted for $165.03 billion of this volume, or 93.21%, according to CoinMarketCap.

Also Read: Budget 2025: No relief for crypto investors, new compliance requirement introduced

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

While BTC has tried to hold the crucial support range around $99K, bearish sentiment lingers, and fractals remain negative. Despite some strength, low spot volume and reduced volatility signal caution.

The recent CME gap closure at $100K hints at a potential big move ahead. However, the MACD and Bull Market Support Band suggest a bearish crossover could push BTC to $86K. A bullish continuation is possible if BTC holds the $96,475–$99,360 range and breaks the $102K supply wall.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)