Bitcoin’s Wild Ride: Dives to $105K Before Bouncing Back as Altcoins Go Berserk

Crypto markets just gave traders whiplash—again. Bitcoin sliced through $105K like a hot knife through butter before staging a V-shaped recovery. Meanwhile, altcoins are swinging like a drunk trapeze artist.

Volatility is back on the menu

No surprises here—when BTC sneezes, the whole crypto market catches pneumonia. Today's price action proves institutional 'hedging strategies' are just fancy terms for educated gambling.

The takeaway? Buckle up. When Bitcoin moves, it drags the entire circus with it—including those 'stable' coins that aren't.

Bitcoin Price Plunges to $105K but Recovers

Starting with Bitcoin, the past 24 hours saw it tumble toward a local daily low at around $105,145, but as you can see on the chart below, the cryptocurrency managed to pull off a V-shaped recover.

As a result, it is currently trading at $107,720 and is up by almost 1% on the day.

This comes amid important economic developments in the US where Donald Trump’s “big beautiful bill” passed Senate and moves on to the next step of the approval process. If accepted, many speculate that it could have a positive effect on the cryptocurrency markets because it WOULD alleviate tax pressure on retail investors, potentially freeing up capital for riskier investments.

Altcoins Feel te Pressure

While BTC managed to pull ahead following the increase in market volatility, the same is not true for many altcoins. The situation is mixed, but many altcoins dropped by more than 3% during the day, which is indicative of the current dynamices where Bitcoin is clearly dominant.

The best performer for today is PENGU – the native cryptocurrency of the Pudgy Penguins ecosystem, up by 6.3%. On the other side of the coin, we have Algorand’s ALGO, which is down 6.5%.

Coinglass also shows a 30% increase in liquidated positions across the derivatives markets, currently totaling around $260 million.