Bitcoin (BTC) eased to its weakest price in nine days on Thursday as the crypto market took a breather following a sustained rally from April’s lows. Despite the retreat, LMAX Group strategist Joel Kruger highlighted that Bitcoin’s steadfast hold above the key $100,000 threshold for 20 consecutive days remains a strong bullish indicator.
The leading cryptocurrency dipped to a session low near $105,750 before bouncing back slightly above $106,000, registering a 1.5% drop over the past 24 hours. Despite this, Bitcoin remains just 5% shy of its all-time highs.
The broader crypto landscape reflected mixed movements. The CoinDesk 20 index, excluding exchange tokens, memecoins, and stablecoins, slipped 0.9%, with Solana (SOL) and Avalanche (AVAX) posting sharper declines of 1.8% and 2% respectively. Conversely, Ethereum’s ether (ETH) and XRP saw gains in the 1-2% range, defying the overall downtrend.
Crypto-related stocks showed muted activity. Coinbase (COIN) shares fell 2.7%, while MicroStrategy (MSTR) inched up 0.8%. Bitcoin miners including Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge Generation Holding (GREE) all dropped around 4%.
Traditional markets were unsettled as a U.S. appeals court reinstated tariffs that were earlier blocked, adding layers of uncertainty with the July 9 trade deadline looming. This backdrop, Kruger noted, suggests volatile trading ahead but leaves room for upside in digital assets.
“Bitcoin’s resilience over the past three weeks, holding firm above $100,000, underscores a persistent bullish undercurrent,” Kruger said.
Ether Eyes Breakout Opportunity
Ether is showing technical strength as well. Kruger observed signs of ETH reversing its long-term downtrend against Bitcoin, bolstered by institutional moves like SharpLink Gaming’s $425 million capital raise.
Arthur Aziz, founder of B2 Ventures, highlighted that ether is shaping a bullish ascending triangle pattern. The $2,750 level has capped recent gains, while support zones between $2,550 and $2,450 hold firm. Such formations often precede upward price moves.
Aziz cautioned that while a breakout above $3,000 appears likely, over-leveraged futures positions could spark a sharp drop below support levels, triggering cascading sell-offs.
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