Investors confused over Bitcoin’s recent range

A short-term decline to $27,330 is anticipated to follow the price consolidation of bitcoin. A sell signal for ethereum causes an initial slump, but bears aim for $1,767. The $0.433 and $0.413 steady support levels will likely be retested by the ripple price.

The price of bitcoin is still fluctuating laterally in a small range without any clear direction. A closer examination of the price movement, however, indicates that a significant correction might be approaching. Ethereum (ETH) and Ripple (XRP) may also face difficulties if bears are successful.


From $24,777 on June 15 to $31,500 on June 23, the price of bitcoin increased sharply (27%). BTC swept the $31,500 mark for buy-stop liquidity as the third quarter got going, setting up a new high of $31,568. Since then, it lost 3.65%.

A bearish burst that pushes Bitcoin into deep discount mode might break the two-week consolidation that has seen the price of BTC trade at $30,438. Equilibrium is found at $28,138, which is the midpoint of the 27% increase. Technically, buyers would receive BTC at a discount if the price dropped below this threshold.


Similarly, stranded buyers may enter at the $27,330 and $26,767 deep discount levels. Therefore, bears may think about taking profits after a 10% and/or 12% decline from the current level.

On the other side, the bearish thesis would be refuted if the price of Bitcoin turned the second-quarter high at $31,500 into a reliable support floor. BTC might then try to rally to the $35,000 and $36,000 levels.

Above the four-hour time frame, the price of ETH built up a bearish divergence configuration. This technical formation’s resolution resulted in a 7.6% downward trend from July 3 and July 6. ETH has now recovered and is again trading at $1,877.

The $1,767 support level may once again be tested if bulls are unable to regain control of the price of Ethereum.

The price of Ethereum (ETH) is expected to decline, which makes sense, but bulls must recapture the 1,921 barrier. The bearish prognosis would be invalidated if this level were to be turned into a support floor. In response to such a scenario, ETH would revisit the psychological threshold of $2,000 and try to pass the crucial $2,700 barrier once more.

For almost four months, the price of XRP has been fluctuating between two important barriers at $0.548 and $0.413 per unit. A 10% drop has resulted from the most recent retest of the range high, with the price of XRP currently trading at $0.476. Ripple price may retest the $0.433 and $0.413 support levels if bears maintain their onslaught.

The prospects for XRP bulls will significantly increase if Bitcoin price surges higher, regardless of where Ripple price is now trading. If the price of XRP is able to overcome the $0.548 barrier and act as a support floor in this scenario, the bearish thesis will be refuted. The remittance token may move higher as a result of this development and surpass the $0.774 threshold.