Why Is Crypto Down Today? – June 6, 2025

The crypto market cap slipped again today, down 4.1% to $3.33 trillion, while daily trading volume reached $142.2 billion. The market remains volatile, though some major coins are showing signs of resilience.

Crypto Winners & Losers

At the time of writing, Bitcoin (BTC) is changing hands at $103,188, largely unchanged on the day. Ethereum (ETH), however, fell another 5.8% to $2,455.79.

XRP is stable at $2.13, up a slight 0.1% in the past hour. Tether (USDT) and USD Coin (USDC) remain anchored at $1.

Meanwhile, Solana (SOL) declined 3.5% to $147.26, continuing its recent downtrend. Dogecoin (DOGE) took a heavier hit, down 7.2% to $0.175.

On the flip side, small-cap coin KILL BIG BEAUTIFUL surged 168.5%, followed by VICE up 35%, and GIZA up 17.7%, reflecting growing speculative activity in smaller tokens.

While top assets remain range-bound, on-chain metrics suggest that the market may be gearing up for a new move. BTC’s resilience above the $100K level remains key for broader sentiment.

Macro factors such as ongoing U.S. debt concerns and global liquidity trends could shape the next leg of the cycle. For now, crypto investors are watching closely for confirmation of a breakout.

Bitcoin’s Rally Faces a Test as Long-Term Holders Lead Profit-Taking

Bitcoin recently surged to a new all-time high of $111.8k before retreating to $103.2k, as long-term holders began realizing profits, according to a report by Glassnode.

The latest rally was largely spot-driven, with key accumulation zones now serving as support between $81k and $104k. However, older cohorts are now offloading, posing resistance to further upside.

On-chain data shows that many previous accumulation zones have flipped into distribution zones, particularly those formed between $25k–31k and $60k–73k. These seasoned holders are shaping the current market structure, applying selling pressure that could cap Bitcoin’s short-term gains.

Cost basis models highlight immediate support near $103.7k and $95.6k, with resistance sitting at $114.8k. The average entry price for short-term holders is now around $97.1k, with wider bands defining the market’s current sentiment range. A break of these levels could signal whether momentum is fading or reigniting.

Profit realization has intensified, with daily profits spiking to $1.47B, marking the fifth such event this cycle. Importantly, this selling is being led by long-term holders—those holding for over a year—indicating mature capital rotation rather than speculative churn.

In short, Bitcoin’s latest surge has entered a critical phase. Elevated profit-taking by veteran investors, coupled with cooling momentum, suggests that the market may be transitioning into a consolidation or top-formation phase. Whether support zones hold in the coming weeks will determine if the rally resumes or deeper corrections unfold.

Levels & Events to Watch Next

BTC is currently trading at $103,450. It briefly touched an intraday high of $103,467 but could not break higher. From its recent all-time high of $111,814, the coin is now down approximately 7.5%. Over the past week, BTC has declined by around 3%, while still posting a monthly gain of roughly 8%.

Bitcoin could climb to $115,000 or higher by early July, driven by institutional demand, ETF inflows, and broader macro catalysts, according to Bitfinex analysts.

In their latest market outlook, they highlighted that Friday’s U.S. jobs report could further influence expectations for Federal Reserve rate cuts, which would benefit risk assets like BTC.

While the labor data alone won’t dictate Bitcoin’s next move, weaker-than-expected figures could reinforce disinflation trends and support a dovish Fed stance. In this scenario, BTC could test the $120K–$125K range in June. On the downside, the $95K–$97K zone is seen as key for accumulation.

Currently trading near $105,000, Bitcoin faces short-term risks if the jobs report surprises to the upside, which could push BTC back toward $102K or lower.

However, Bitfinex analysts emphasize that Bitcoin’s trajectory remains shaped by a complex mix of institutional flows, macro factors, and evolving market sentiment.

The post Why Is Crypto Down Today? – June 6, 2025 appeared first on Cryptonews.