Bitcoin (BTC) slipped to its lowest level in nine days on Thursday afternoon, pulling back slightly after a strong rally that began in April. Still, the cryptocurrency remains resilient, having held above the significant $100,000 threshold for 20 days in a row—a sign of sustained investor confidence, according to Joel Kruger, market strategist at LMAX Group.
The top digital asset dipped to a low of $105,750 before bouncing back above $106,000, ending the day down 1.5%. Despite this minor retreat, Bitcoin remains just 5% below its all-time highs.
The broader crypto market showed mixed performance. The CoinDesk 20 index, which excludes exchange tokens and stablecoins, dropped by 0.9%, led lower by Solana (SOL) and Avalanche (AVAX), which declined 1.8% and 2% respectively. Meanwhile, Ethereum’s ether (ETH) and XRP gained between 1% and 2%, bucking the downward trend.
Crypto-related stocks had a muted session. Coinbase (COIN) shares fell 2.7%, while MicroStrategy (MSTR) saw a modest 0.8% gain. Bitcoin miners like Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge Generation Holding (GREE) all recorded losses near 4%.
Traditional equity markets mirrored investor uncertainty as a U.S. appeals court reinstated tariffs previously blocked by a lower court, amidst ongoing legal battles and the approaching July 9 deadline for trade negotiations. This heightened uncertainty could contribute to continued market volatility, Kruger noted.
Despite the challenges, Kruger remains bullish on Bitcoin’s trajectory: “The fact that Bitcoin has consistently held above $100,000 for nearly three weeks signals robust underlying strength and sustained bullish momentum.”
Ethereum’s Technical Setup Suggests a Breakout
Ethereum is also capturing analysts’ attention. Kruger highlighted that ether may be breaking free from its long-term downtrend against Bitcoin, boosted by increasing institutional interest such as SharpLink Gaming’s recent $425 million capital raise.
Arthur Aziz, founder of B2 Ventures, shared his technical outlook, pointing out that $2,750 has acted as a key resistance level for ETH, while support is building between $2,550 and $2,450. Aziz noted that ETH is forming a bullish ascending triangle pattern, which historically precedes significant upward moves.
“The stage is being set for a potential breakout above $3,000,” Aziz said, while cautioning that excessive use of leverage in futures markets could provoke a sharp sell-off below critical support levels.
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