Bitcoin, Ethereum, Dogecoin Stage Strong Rebound As Trump Pauses Canada, Mexico Tariffs: Analyst Flags Significance Of $101,000 For BTC

Leading cryptocurrencies rebounded Monday as President Donald Trump's brief tariff reprieve fueled positive sentiment in risk-on markets.

Cryptocurrency	Gains +/-	Price (Recorded at 7:45 p.m. ET)
Bitcoin BTC/USD	+5.14%	$101,349.10
Ethereum ETH/USD	+1.46%	$2,860.84
Dogecoin DOGE/USD	+15.87%	$0.2866

What Happened: Bitcoin surged past $100,000, a day after plunging below $92,000. The leading cryptocurrency hit an intraday high of $102,500 before paring gains overnight.

Ethereum chalked out modest gains, but the second-largest cryptocurrency was yet to reclaim the pre-slump levels. Dogecoin rallied 15%, erasing significant losses from the Sunday decline.

Cryptocurrency liquidations hit $1.56 billion over the last 24 hours, with longs accounting for over $1 billion.

If Bitcoin retraces to $95,000 again, over $1 billion in upside bets will be wiped out.

More than 55% of Bitcoin futures traders were short Bitcoin, according to the Long/Short Ratio, signaling a potential drop.

Meanwhile, Bitcoin's Open Interest rose 2.36% in the last 24 hours, suggesting a surge in speculative trading.

Market sentiment flipped from "Fear" to "Greed", according to the Crypto Fear & Greed Index.

Top Gainers (24-Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 7:45 p.m. ET)
MANTRA (OM)	+25.38%	$6.20
Ethena (ENA)	+20.65%	$0.6834
Onyxcoin (XCN)	+19.10%	$1.04

The global cryptocurrency market capitalization stood at $3.35 trillion, rising 4.38% in the last 24 hours.

Stock futures climbed Monday night after Trump paused planned tariffs against Canada and Mexico. The Dow Jones Industrial Average Futures rose 151 points, or 0.34%, as of 7:48 p.m. EDT.

Earlier in the day, major averages closed in the red. The Dow Jones Industrial Average lost 122.75 points, or 0.28%, to close at 44,421.91. The S&P 500 slid 0.76%, ending at 5,994.57, while the tech-heavy Nasdaq Composite dipped 1.20% to close at 19,391.96.

See More: Best Cryptocurrency Scanners

Analyst Notes: Popular cryptocurrency analyst and trader Rekt Capital noted Bitcoin's recovery to the $101,000 level.

"Now BTC needs to daily close above it and retest it successfully to reclaim it into support," the analyst remarked. "Until then – $101,000 needs to prove it is not a new resistance."

#BTC

Bitcoin has successfully revisited the $101k level (black)

Now BTC needs to Daily Close above it and retest it successfully to reclaim it into support

A successful reclaim and BTC could continue to the blue diagonal above

Until then – $101k needs to prove it is not a… https://t.co/gHHQGCypXL pic.twitter.com/KloKLgqs9f
— Rekt Capital (@rektcapital) February 3, 2025

Another well-known analyst, Ali Martinez, spotted a potential head-and-shoulders pattern for Ethereum.

"ETH must hold above $2,700 to keep the bullish structure intact and have a chance of reaching $7,000," Martinez projected.

The inverse head and shoulders pattern is a bullish reversal pattern, indicating exhaustion of a prolonged downturn.

If this is a head-and-shoulders pattern, #Ethereum $ETH must hold above $2,700 to keep the bullish structure intact and have a chance of reaching $7,000! pic.twitter.com/nR6TDg2jA4
— Ali (@ali_charts) February 3, 2025

Photo by SvetlanaParnikova on Shutterstock

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