Bitcoin (BTC) softened to its lowest level in over a week on Thursday, pausing after an impressive rally from April’s lows. Despite the dip, the cryptocurrency’s ability to stay above the psychologically important $100,000 mark for 20 straight days points to strong market fundamentals, said Joel Kruger, market strategist at LMAX Group.
The flagship cryptocurrency slid to a session low near $105,750 before recovering above $106,000, marking a 1.5% decline in the last 24 hours. Even with the pullback, BTC remains within 5% of its all-time high.
The broader crypto market showed mixed signals, with the CoinDesk 20 index—excluding exchange tokens and stablecoins—down 0.9%. Solana (SOL) and Avalanche (AVAX) posted steeper declines of 1.8% and 2%, respectively, while Ethereum’s ether (ETH) and XRP bucked the trend, gaining between 1% and 2%.
Crypto equities also saw modest moves: Coinbase (COIN) slipped 2.7%, MicroStrategy (MSTR) edged up 0.8%, and Bitcoin mining companies like Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge Generation Holding (GREE) fell roughly 4%.
In traditional markets, U.S. equities retraced gains following a legal battle over tariffs. A federal appeals court reinstated tariffs initially blocked by a lower court, intensifying uncertainty ahead of the July 9 trade deadline, which may fuel further volatility, according to Kruger.
Still, Kruger remains optimistic: “Bitcoin’s consistent hold above $100,000 for nearly three weeks highlights ongoing bullish momentum and resilience.”
Ethereum Shows Potential for Breakout
Ethereum’s ether is also gaining analyst attention. Kruger noted signs of ether breaking its multi-year downtrend versus Bitcoin, aided by increased institutional interest like SharpLink Gaming’s $425 million fundraising effort.
Arthur Aziz, founder of B2 Ventures, said that ether is forming a bullish ascending triangle, with $2,750 as a resistance ceiling and $2,550 to $2,450 serving as key support levels. Historically, this pattern signals a potential rally.
Aziz added, “The setup points to a possible breakout above $3,000, but excessive leverage in futures markets could trigger a sharp drop below support levels.”
