Bitcoin (BTC) held above the key $100,000 mark for a 20th consecutive day, a bullish indicator despite a slight pullback, according to LMAX Group market strategist Joel Kruger.
On Thursday afternoon, Bitcoin eased to its lowest price in nine days, retreating amid a cooldown in crypto markets following a sustained rally since April. The top cryptocurrency dipped to a session low of $105,750 before recovering to just over $106,000, marking a 1.5% decline in the past 24 hours. Despite this, BTC remains only about 5% shy of its all-time highs.
The broader crypto market showed mixed performance. The CoinDesk 20 index—which tracks the top 20 cryptocurrencies excluding exchange tokens, memecoins, and stablecoins—slipped 0.9% over the day. Solana (SOL) and Avalanche (AVAX) lagged behind Bitcoin with losses of 1.8% and 2%, respectively. Meanwhile, Ethereum’s ether (ETH) and XRP bucked the downward trend, posting gains between 1% and 2%.
Crypto-related stocks saw subdued trading. Coinbase (COIN) shares fell 2.7%, while MicroStrategy (MSTR) inched up 0.8%. Bitcoin mining companies Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge Generation Holding (GREE) each suffered losses near 4%.
Traditional markets reflected uncertainty as U.S. equities surrendered much of the gains made following yesterday’s court ruling that had blocked the Trump administration’s global tariffs. However, a U.S. appeals court reinstated the tariffs today while the government appeals the earlier decision, adding to market jitters.
Kruger anticipates ongoing volatility amid the tariff dispute and the approaching July 9 deadline for trade negotiations but remains optimistic about crypto’s upside potential.
“Bitcoin has shown resilience in the latter half of the week, consolidating just below recent highs while consistently holding above $100,000 for 20 straight days, highlighting sustained bullish momentum,” he said.
Ether Shows Signs of Strength
Kruger also pointed out that Ethereum’s ether may be breaking out of its long-term downtrend against Bitcoin. This renewed strength coincides with growing corporate crypto treasury activity, including SharpLink Gaming’s (SBET) recent $425 million fundraising effort.
Arthur Aziz, founder and investor at B2 Ventures, echoed this optimism but cautioned about potential downside risks. In a technical analysis note, Aziz highlighted resistance at $2,750, which has capped recent gains, while the $2,550 to $2,450 range serves as critical support.
He described ether’s price action as forming a bullish ascending triangle—a pattern historically signaling upcoming rallies—and suggested that the stage is being set for a breakout above the $3,000 level.
However, Aziz warned that excessive leverage in futures markets could trigger sharp declines, potentially driving prices below the key $2,550 to $2,450 support zone and causing cascading sell-offs.
