The cryptocurrency market cooled off today after weeks of strong momentum, with Bitcoin retreating from its recent high near $108,800 to touch its lowest level in nine days. Despite the short-term correction, analysts remain optimistic about the broader bullish structure, especially as Bitcoin has held above the critical $100,000 mark for 20 consecutive days. Meanwhile, Ethereum is showing signs of technical strength, with growing speculation it could soon challenge the $3,000 resistance zone.
Market Pullback Amid Broader Volatility
According to CoinGecko data, Bitcoin dipped as low as $105,319 today and was trading around $106,024 at the time of writing—a 1.9% decline over the past 24 hours. This pullback represents a 5.2% retreat from its all-time high of $111,814.
The broader digital asset market also felt the pressure. Ethereum dropped 4.8%, slipping below the $2,600 level. Ripple’s XRP fell 3.8% to $2.20, while Solana (SOL) declined 5% to $164.65. Other major altcoins like Dogecoin (DOGE) and Cardano (ADA) saw steeper losses of 7.3% and 6%, respectively.
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This correction comes amid renewed uncertainty in traditional financial markets. U.S. equities rallied yesterday after a trade court blocked former President Trump’s proposed tariffs, but sentiment reversed today when a federal appeals court allowed the tariff plan to proceed during the review process. As the July 9 deadline for trade negotiations approaches, markets are bracing for increased volatility—potentially benefiting crypto as a hedge against macroeconomic uncertainty.
Bitcoin Holds Key Support: Bullish Structure Intact
Joel Kruger, Market Strategist at LMAX Group, emphasized that despite the short-term cooling in momentum, Bitcoin’s underlying strength remains intact.
“Bitcoin’s performance in the second half of this week has been relatively resilient. While it’s consolidating at elevated levels, the fact that it has held above $100,000 for 20 straight days signals that the bullish trend is still firmly in place.”
This extended consolidation above $100,000 suggests strong institutional and long-term investor support. Historically, such prolonged holding patterns often precede renewed upward momentum, especially when accompanied by declining selling pressure and stable on-chain metrics.
Kruger believes that while near-term price action may remain choppy, the macro backdrop—marked by global monetary policy shifts and growing adoption of digital assets—continues to favor further upside in the medium to long term.
Ethereum Shows Technical Strength: Eyes on $3,000
While Bitcoin stabilizes, Ethereum is emerging as a focal point for technical analysts. Recent price action suggests a shift in momentum, with growing confidence that ETH could break out toward $3,000.
Arthur Aziz, Founder of B2 Ventures, points to a developing “ascending triangle” pattern on Ethereum’s chart—a bullish formation typically associated with accumulation before a breakout.
“Ethereum has been confined below the $2,750 resistance for several weeks,” Aziz explained. “But each time it approaches that level, the pullbacks have been shallower, indicating diminishing selling pressure.”
He notes that the $2,550–$2,450 range has acted as a strong support zone, where buying interest consistently emerges. This repeated defense of lower levels reinforces the case for a potential upward breakout.
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Corporate Adoption Fuels Ethereum’s Momentum
Adding to the positive sentiment, recent developments in corporate adoption are boosting Ethereum’s appeal. SharpLink Gaming (SBET) recently announced a $425 million fundraising initiative with plans to allocate a portion of proceeds to purchase Ethereum as a treasury reserve asset—a move seen as a growing trend among forward-thinking firms diversifying into digital assets.
“This isn’t just speculative momentum,” Aziz said. “We’re seeing real-world demand from companies choosing Ethereum for its smart contract capabilities and ecosystem maturity.”
Such institutional interest not only strengthens the narrative around Ethereum’s utility but also enhances its resilience during market corrections.
Risks Remain: Leverage Could Trigger Sharp Moves
Despite the optimistic outlook, Aziz cautioned that excessive leverage—particularly in the futures market—could lead to sudden downside volatility.
“If sentiment turns negative and highly leveraged positions get liquidated en masse, we could see a rapid drop below the $2,550–$2,450 support band,” he warned. “That would likely trigger further selling and delay any meaningful breakout.”
Monitoring open interest and funding rates on major exchanges will be crucial in assessing whether the market is overheating.
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FAQ: Your Questions About Bitcoin & Ethereum Answered
Q: Why is Bitcoin holding above $100,000 significant?
A: Holding above $100,000 for 20 consecutive days signals strong investor confidence and reduced panic selling. Historically, such sustained levels act as psychological and technical support, increasing the likelihood of future rallies.
Q: What is an ascending triangle pattern?
A: An ascending triangle is a bullish chart formation where price action creates higher lows while facing consistent resistance at a horizontal level. It often precedes a breakout upward as bulls gradually gain control.
Q: Can Ethereum really reach $3,000?
A: While nothing is guaranteed, technical indicators and growing institutional interest suggest it's possible. A confirmed breakout above $2,750 could accelerate momentum toward $3,000—if market conditions remain favorable.
Q: How do macro events affect crypto prices?
A: Trade policies, interest rate decisions, and geopolitical tensions influence investor risk appetite. Uncertainty often drives capital into decentralized assets like Bitcoin and Ethereum as hedges against traditional market instability.
Q: Should I be concerned about recent price drops?
A: Corrections are normal in mature markets. What matters most is whether key support levels hold and whether fundamentals—like adoption and network activity—remain strong.
Q: What role does leverage play in crypto volatility?
A: High leverage amplifies both gains and losses. When markets reverse suddenly, leveraged positions can be liquidated rapidly, causing sharp price swings—especially in assets like Ethereum with active futures markets.
Final Outlook: Consolidation Before the Next Leg Up?
While today’s pullback may have unsettled some short-term traders, the broader technical and fundamental picture remains constructive for both Bitcoin and Ethereum. Bitcoin’s resilience above $100,000 underscores enduring demand, while Ethereum’s evolving chart structure hints at potential upside.
As global financial markets navigate trade uncertainties and policy shifts, digital assets continue to gain traction as strategic portfolio components. For investors focused on long-term trends rather than daily fluctuations, current price action may represent a consolidation phase—not a reversal.
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