traded mostly lower on Tuesday, with
Bitcoin hovering near $107,000 as investors remained cautious ahead of the July 9
U.S. tariff deadline. Broader market sentiment was mixed, with several
altcoins registering sharp losses.As of 11:50 am IST, Bitcoin was down 1.2% at $106,984 after touching an intraday high of $108,317.
Ethereum, the second-largest digital asset, fell 1.7% to $2,460. According to CoinMarketCap, the total global crypto market capitalisation dipped 1.12% to $3.3 trillion.
Altcoin performance was uneven. XRP, Solana, Tron, and Monero gained up to 1.5%, while BNB, Dogecoin, Cardano, Hyperliquid, Chainlink, Avalanche, Litecoin, and Shiba Inu dropped as much as 5.5%.
Vikram Subburaj, CEO of Giottus, said Bitcoin is holding steady around $107,000 as traders weigh the upcoming July 9 U.S. tariff decision, when a 90-day suspension period ends. “Despite the cautious undertone, derivatives activity suggests underlying bullish pressure. Perpetual funding rates have flipped positive across major exchanges, indicating a build-up in leveraged longs,” he noted.Liquidity data shows a cluster of short positions near $107,500—an area seen as a critical inflection point. A breach could trigger a squeeze towards $111,000.
While Bitcoin recently closed its highest monthly candle ever, signs of short-term weakness have emerged, said Riya Sehgal, Research Analyst at Delta Exchange. “The price structure has turned fragile post-June 30, with lower highs and lows, and it’s now trading below its 21- and 51-day simple moving averages. The $108,000 breakout attempt failed, with immediate support seen at $106,800–$106,500,” she said.Ethereum, meanwhile, is hovering near its 21-day SMA. A drop below the 51-day SMA ($2,466) could signal further consolidation.Still, investor confidence appears firm. On June 30, Bitcoin saw inflows of $102 million, with
BlackRock purchasing 1,040 BTC. Ethereum added $31.8 million in inflows, while broader sentiment was supported by Bloomberg assigning 95% approval odds for ETFs tied to XRP, Solana, and Litecoin.
Sathvik Vishwanath, Co-Founder and CEO of Unocoin, said Bitcoin’s current consolidation near $107,000 reflects a recovery from recent dips below $100,000, supported by institutional demand and whale accumulation. “A decisive breakout above $110,000–112,000 could propel BTC toward $125,000. Failure to break out might lead to a retest of the $100,000 mark,” he said.
Vishwanath added that ETF inflows and expectations of U.S. Fed rate cuts are driving long-term bullish sentiment, though geopolitical risks and short-term volatility remain concerns.
The CoinDCX Research Team echoed the mixed outlook. “Bitcoin continues to consolidate below key resistance, showing rising bearish pressure, while Ethereum is losing momentum. However, altcoins like XRP, BNB, SOL, and TRX are showing relative strength,” the team said.
Bitcoin Cash and Algorand rose over 4%, while Pudgy Penguins and Four gained 3.3% and over 2%, respectively. On the downside, SPX6900 dropped more than 11%, Maple Finance fell 9.4%, and DeXe slid 8.5%.
Despite the price correction, trading volumes remained elevated—up nearly 20%.
Among major developments, American Bitcoin Corp., backed by Donald Trump’s sons and mining firm Hut 8, raised $215 million to acquire more Bitcoin. Germany’s largest banking group, Sparkassen, also announced plans to launch crypto trading for retail investors by summer 2026.
The U.S. Securities and Exchange Commission (SEC) recently acknowledged an amendment for Grayscale Digital’s large-cap fund ETF conversion. Bloomberg also reported increasing odds of ETF approvals for spot XRP, SOL, and LTC.
All eyes are now on Federal Reserve Chair Jerome Powell’s speech later today (7 PM IST), which could drive fresh volatility across financial markets. Most major banks expect interest rate cuts ranging from 25 to 100 basis points starting this July, with only a few forecasting no cuts in 2025.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
