Bitcoin (BTC) slid to its lowest level in over a week on Thursday, testing the resilience of the market after weeks of strong gains from April’s lows. Despite this dip, the cryptocurrency maintained a crucial psychological support level, holding above $100,000 for the 20th day straight—a sign that market sentiment remains fundamentally positive, said Joel Kruger, market strategist at LMAX Group.

BTC’s price fell to a session low of $105,750 before recovering to hover just above $106,000, marking a 1.5% decline over the last 24 hours. Although slightly lower, Bitcoin still trades within 5% of its all-time high.

The broader crypto market experienced a modest downturn, with the CoinDesk 20 index, which tracks the top 20 cryptocurrencies excluding exchange tokens and stablecoins, dropping 0.9%. Solana (SOL) and Avalanche (AVAX) lagged behind BTC, falling by 1.8% and 2%, respectively. On the upside, Ethereum’s ether (ETH) and XRP managed to post gains of 1-2%, bucking the overall trend.

Crypto stocks showed mixed performance, with Coinbase (COIN) sliding 2.7%, while MicroStrategy (MSTR) inched higher by 0.8%. Bitcoin mining companies such as Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge Generation Holding (GREE) saw declines around 4%.

Traditional equities reflected increased uncertainty after a U.S. court reinstated tariffs that had been temporarily blocked, as the government continues to appeal the initial ruling. This ongoing tariff dispute, alongside the looming July 9 trade deadline, may fuel market volatility, Kruger noted.

Despite the turbulence, Kruger remains optimistic about Bitcoin’s outlook: “Bitcoin’s ability to hold steady above $100,000 for 20 consecutive days amid market fluctuations highlights enduring bullish momentum.”

Ethereum Poised for Breakout

Attention is also turning to Ethereum, where Kruger observed signs of a potential breakout. Ether appears to be reversing a multi-year downtrend against Bitcoin, supported by significant corporate interest such as SharpLink Gaming’s $425 million capital raise.

Arthur Aziz, founder of B2 Ventures, shared a technical perspective, indicating that ETH faces resistance near $2,750 but has found solid support in the $2,550–$2,450 range. Aziz pointed out that ether is forming an ascending triangle—a bullish chart pattern that often precedes strong price rallies.

He suggested that a breakout towards $3,000 is possible but warned investors to be cautious: “Excessive leverage in futures markets could lead to a sharp downturn below the $2,550–$2,450 support zone, potentially triggering a cascade of selling.”