Bitcoin BTC experienced a slight dip in price, reaching its lowest level in nine days on Thursday as the overall crypto market cooled off following a recent rally from April lows. The cryptocurrency dropped to $105,750 before bouncing back to just above $106,000, marking a 1.5% decrease over the last 24 hours. Despite this decrease, Bitcoin is still just 5% away from its all-time high.
The CoinDesk 20, which tracks the top 20 cryptocurrencies by market capitalization excluding exchange coins, memecoins, and stablecoins, saw a 0.9% decline in the last 24 hours. Solana (SOL) and Avalanche (AVAX) were among the worst performers, with losses of 1.8% and 2%, respectively. In contrast, Ethereum’s ether (ETH) and XRP (XRP) showed gains of 1%-2% despite the overall downward trend.
Crypto stocks had a relatively quiet session, with Coinbase (COIN) dropping 2.7% while MicroStrategy (MSTR) rose by 0.8%. Bitcoin mining companies Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge Generation Holding (GREE) all experienced losses of around 4%.
In traditional markets, U.S. equities retraced most of the gains made following a court ruling that blocked the Trump administration’s global tariffs. However, a U.S. appeals court reinstated the tariffs today while the government appealed the earlier ruling, adding to investor uncertainty.
Joel Kruger, market strategist at LMAX Group, anticipates a volatile period with tariffs back in focus due to the ongoing appeal and the upcoming July 9 deadline for trade deals. Despite this, he remains optimistic about digital assets, noting that Bitcoin has been holding strong above $100,000 for 20 consecutive days, indicating continued bullish momentum.
Kruger also highlighted Ethereum’s potential for a breakout, citing the corporate crypto treasury trend and SharpLink Gaming’s (SBET) $425 million fundraising plan. Arthur Aziz, founder of B2 Ventures, echoed this sentiment, suggesting that ETH is on the verge of a breakout but warned of potential downside risks.
Aziz’s technical analysis pointed to the $2,750 level acting as a significant barrier to gains, with the $2,550-2,450 range serving as a crucial support level. He noted that Ethereum is forming a bullish ascending triangle pattern, typically signaling a rally to higher prices.
“The stage is being set for a breakout above the $3,000 level,” Aziz stated, cautioning against excessive leverage in futures markets that could trigger a sharp breakdown below the support zone. Overall, the crypto market continues to show resilience and potential for growth in the coming days.
