Leading Cryptocurrencies Rebounded Monday as President Donald Trump's Brief Tariff Reprieve Fueled Positive Sentiment in Risk-on Markets

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.

Bitcoin Surges Past $100K, Top Crypto Gainers, Losers: A Deep Dive Into Monday's Crypto Market Movements

Bitcoin and other leading cryptocurrencies rebounded Monday evening, as President Donald Trump's brief tariff reprieve helped fuel positive sentiment in risk-on markets.

Bitcoin Surged Past $100K; Top Crypto Gainers, Losers

Bitcoin soared past the $100,000 mark Monday evening, a day after plunging below $92,000. After hitting an intraday high of $102,500, the leading cryptocurrency pared some gains overnight.

Bitcoin began rallying last week after Elon Musk announced Tesla Inc (NASDAQ:TSLA) will start accepting the cryptocurrency for vehicle purchases. However, the cryptocurrency faced selling pressure over the weekend.

After hitting a record high of $124,000 in March, Bitcoin crashed to a low of $91,600 on Sunday. The cryptocurrency is now attempting to regain the lost ground.

Bitcoin's smaller rival, Dogecoin, erased significant losses from the Sunday decline. The meme cryptocurrency rallied by 15% over the last 24 hours.

Among the top gainers in the last 24 hours were Bitcoin Cash, Litecoin and Near Protocol, which surged 8.2%, 7.1% and 6.4%, respectively.

On the other hand, Filecoin, Aave and Chainlink slid 2.3%, 1.9% and 1.3%, respectively, to emerge as the top losers.

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.

Bitcoin's Fear and Greed Index Flips To 'Greed'

Market sentiment flipped from "Fear" to "Greed," according to the Crypto Fear & Greed Index, which suggests that traders are optimistic about the near-term direction of the cryptocurrency market.

The index, which analyzes several metrics including price volatility, market momentum and social media sentiment, is designed to help gauge whether traders are being greedy when markets rise sharply or panicking when they decline rapidly.

Both extremes tend to precede market reversals, according to the index's creator.

After sliding 1.20% on Monday, the tech-heavy Nasdaq Composite futures were indicating a gain of 25 points before the opening bell Tuesday.

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

Earlier In The Day: Major Averages Closed In The Red

The major averages closed in the red on Monday as investors reacted to weak factory orders data and ahead of earnings from several Dow components later this week.

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.

Investors also digested a batch of economic data on Monday, including factory orders, which fell 0.7% in April, missing economists' expectations.

Pending home sales also declined 4.4% in May, worse than the anticipated drop of 1.0%.

Later this week, several Dow components, including Goldman Sachs Group Inc (NYSE:GS), Morgan Stanley (NYSE:MS) and Visa Inc (NYSE:V), are expected to report their quarterly results.

Analyst Notes On Bitcoin, Ethereum

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."

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,