Major cryptocurrency prices are facing significant declines on Monday, May 30, with Bitcoin tumbling below the $105,000 level and Ethereum also suffering substantial losses. Analysts are attributing this coordinated market selloff to stalled US-China trade talks and broader risk-off sentiment.

The total cryptocurrency market capitalization has now decreased by 2.6% to $3.34 trillion, marking one of the most significant single-day declines in recent weeks.

As of 08:38 AM ET (12:38 PM CET), Bitcoin price is down 2.46% in the past 24 hours to $104,060.721. The world’s largest cryptocurrency is testing key support levels as it broke through multiple technical indicators.

Bitcoin price dropped by 0.8% in the past hour to trade at $103,900. The cryptocurrency is currently facing strong resistance around the $106,000 level, with the next critical support zone positioned at $105,000.

On the other hand, if Bitcoin manages to break through the $106,000 resistance, it could open the door for a rally toward the $110,000 level, where sellers might emerge again.

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.

No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.

In fact, we’ve gone a small way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.

One could now argue that the pizza was a good deal in the long run as the value of 10,000 Bitcoins at today’s prices is roughly $1 billion.

Despite the impressive gains in recent months, Bitcoin price has faced a setback as selling pressure mounts. Over $211 million in long Bitcoin positions were liquidated during this selloff.

The Fear and Greed Index has also dropped from 65 to 61, shifting from extreme greed to more neutral sentiment among traders.

On the other hand, Ethereum price has fallen even more severely, declining 3.41% to trade at $2,553.101.

The second-largest cryptocurrency is facing rejection at major resistance levels, with technical indicators suggesting potential further downside in the near term.

Ethereum price hit an intraday high of $2,750 earlier today before succumbing to selling pressure that pushed it down to current levels.

The cryptocurrency is now testing support at the 50-day exponential moving average, which could provide a buffer against further declines.

However, if Ethereum fails to hold current support levels around $2,550, the next major support zone lies at $2,400.

Some analysts are still optimistic about Ethereum's prospects, with price targets of $3,000 still viable if market conditions improve.

At the same time, XRP price has dropped 4.67% to $2.16 as the cryptocurrency faces multiple challenges.

Despite positive news regarding VivoPower's $121 million XRP treasury reserve and Webus International's plans for a $300 million XRP strategic reserve, the token couldn't escape the broader market selloff.

The decline from $2.305 to $2.163 occurred during high-volume trading, with midnight volume surging to 174.7 million units—nearly quadruple the average 24-hour trading volume.

If XRP fails to maintain support at $2.31, it could face an additional 16% decline toward $1.96.

On the other hand, if buyers manage to push XRP price above the $2.50 level, it could open the door for a rally toward $2.81, setting the stage for the next critical resistance zone.

In other cryptocurrency news, Dogecoin price has suffered the most severe losses, plummeting 9.89% to trade at $0.19761.

The popular meme cryptocurrency saw its most significant decline among major assets, falling from $0.226 to $0.202 during a midnight crash that caught many traders off guard.

The dramatic selloff occurred with exceptional trading volume of 1.18 billion DOGE, highlighting the intensity of selling pressure.

Technical analysis suggests that Dogecoin is currently testing multiple support levels, with key resistance established at $0.217.

Some analysts believe that Dogecoin is forming a double-bottom pattern, which could signal a reversal if the