Bitcoin Dips Under $106K; Analyst Eyes Potential Ether Rally - Cryptured.com

Bitcoin (BTC) fell to its lowest level in nine days on Thursday afternoon, as cryptocurrency markets cooled after a multi-week rebound from April lows.

The leading cryptocurrency fell to an overnight low of $105,750 while recovering to slightly over $106,000. It fell 1.5% in the last 24 hours but is still only 5% off its record high.

The CoinDesk 20—a gauge of the top 20 cryptocurrencies by market value that excludes exchange coins, memecoins, and stablecoins — has fallen 0.9% in the past 24 hours, with Solana (SOL) and Avalanche (AVAX) exceeding BTC by 1.8% and 2%, respectively. At that point, Ethereum’s ether (ETH) and XRP outperformed the downturn, rising 1% to 2%.

Cryptostocks have had a rather quiet session. Coinbase (COIN) is down 2.7%, while Strategy (MSTR) is up 0.8%. Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge Generation Holding (GREE) all reported losses of around 4%.

A look at traditional markets revealed that U.S. equities had given up the majority of their gains following yesterday’s court decision that halted the administration of Donald Trump’s global taxes.

However, a United States appeals court reinstated the tariffs today, while the government challenged the previous verdict, which could contribute to investor anxiety.

LMAX Group trade strategist Joel Kruger anticipates a bumpy ride, with tariffs back in focus due to their continued challenge and the self-imposed July 9 timeframe for trade talks approaching, but he still sees further potential for digital assets.

Bitcoin has remained strong in the second portion of the week, stabilizing slightly below its recent top but remaining above $100,000 for 20 straight days, indicating ongoing positive momentum, he said.

Kruger also stated that Ethereum’s ether appears to be breaking its multi-year decline versus BTC, as the enterprise crypto bank bonanza has eclipsed the second-largest electronic asset with SharpLink Gaming’s (SBET) $425 million financing plan.

Arthur Aziz, president and investor at B2 Ventures, believes that ETH is poised for a breakout but warns of potential downside risks.

In a note, he stated that the $2,750 level has been a substantial barrier to rises in the past few weeks, while the $2,550-2,450 range has emerged as a critical support level. He observed that ETH is creating a bullish climbing triangle, which has traditionally preceded price increases.

“The ground for the eventual $3,000 level outburst can be set right now,” added the analyst. However, “abusing” leverage in futures markets might result in an “acute collapse” below the $2,550-2,450 resistance zone, causing cascade selling.