Kruger said bitcoin needs to clear $67,300 to break out of the multi-week consolidation that has capped prices since June. A move above this level could signal the next stage of higher, while ether (ETH) faces a similar test at $2,000.
Tom Lee, chairman of Bitmine and co-founder of Fundstrat, also noted ether’s recent outperformance against BTC as a bullish signal for crypto markets. The ETH-BTC ratio, which measures the price of ether in bitcoin, climbed to a three-month high on Monday.
Rally lacks demand due to macro risks
Still, not everyone is convinced of bitcoin’s strength.
Nansen senior analyst Nicolai Sondergaard said the recent rally lacks the buying conviction typically seen before sustained rallies.
“The market is holding range without strong buyers and is not building against a breakout,” Søndergaard said.
His base case remains a pullback towards $52,000-$58,000 unless market conditions improve.
While nearly 9,000 BTC left exchanges over the past week, open interest in bitcoin futures has fallen even as prices have edged higher, suggesting traders are reducing exposure rather than adding fresh bullish bets. Order book data also continues to point to net selling pressure, he said.
Sondergaard said the Fed’s rate decision and communication about it will likely set the tone for risk assets on Wednesday. Investors will also watch Thursday’s core PCE inflation report, second-quarter GDP data and earnings from Microsoft, Meta, Apple and Amazon before Friday’s roughly $13-14 billion bitcoin and ether options expire.
