Bitcoin, Ethereum, Dogecoin Slide Even As Q2 Turns Profitable For Crypto: Analyst Warns About Decline In BTC If The Apex Coin Doesn't Close Above This Level

Leading cryptocurrencies fell on Monday amid speculation that the Trump administration may have a “shadow Fed" before the term of Federal Reserve Chair Jerome Powell ends.

What Happened: Bitcoin tumbled to $106,759.65 in the early trading hours before settling to around $107,000 for the rest of the day. Trading volume spiked 13.33%, suggesting that sell pressure was high. Ethereum oscillated in the $2,400 range, with the occasional jump to $2,520.

Overall, the two blue-chip currencies delivered handsome returns during the second quarter. While Bitcoin jumped by 29.74%, Ethereum gained 36.78%, reversing its first-quarter downsides.

Moreover, Bitcoin's dominance rose from 61.3% to 64.5% during the quarter, while that of Ethereum increased from 8.2% to 9.1%.

Meanwhile, more than $185 million was liquidated from the cryptocurrency market in the last 24 hours, the majority of it being bullish long positions.

Bitcoin’s open interest fell 3.18% in the last 24 hours, although it surged nearly 30% during the second quarter.

Top Gainers (24 Hours)

The global cryptocurrency market capitalization stood at $3.31 trillion, following a modest drop of 0.71% in the last 24 hours.

Stocks ended the first half of 2025 on a high. The Dow Jones Industrial Average rose 275.50 points, or 0.63%, to end at 44,094.77. The S&P 500 added 0.52% to post another record close at 6,204.95. The tech-heavy Nasdaq Composite gained 0.47% to notch a new record high at 20,369.73.

Get Started

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Get Started

Disclosure: 82% of retail CFD accounts lose money

The U.S. equity market made a strong comeback in the second quarter, with the S&P 500 and the Dow notching surges of 10.5% and 4.9%, respectively.

Treasury Secretary Scott Bessent said that the administration could nominate a replacement for Jerome Powell as early as October, raising the prospect of a "shadow Fed," amid President Donald Trump's ongoing conflict with the incumbent Federal Reserve Chair over interest rates.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez alerted bullish traders about Bitcoin's potential rejection, supported by a Stochastic RSI “death cross."

"A move back to $100,000 is possible unless we get a sustained close above $109,000," Martinez stated.

A death cross is a bearish chart pattern that occurs when a security’s short-term moving average drops below its longer-term moving average.

Widely followed cryptocurrency analyst Ali Martinez flagged $2,200 as the "most critical support" for Ethereum, failing to hold which could trigger a drop to $1,160.

Photo: Antonio Gravante On Shutterstock.com

Read Next:    

• Ethereum Traders Target $4,000 In Summer: What’s Fueling The Optimism?