- Bitcoin price action seems like a constant pump-and-dump activity between the $28,575 and $31,493 barriers.
- Ethereum price continues to cook around the $1,731 support level, foreshadowing an explosive breakout to $2,164.
- Ripple price remains capped by minor blockades but bulls wish to retest the $0.455 hurdle.
Bitcoin price is hovering inside its range for nearly a month now and shows no signs of breaking out any time soon. However, this has not stopped investors from speculating a move higher to fill the CME gaps.
Ethereum and Ripple are both attempting to move higher but are closely correlated to the BTC price action.
Bitcoin price remains optimistic
Bitcoin price has been trading inside the $28,575 and $31,493 range since May 14. Despite the May 30 attempt to breach the stalemate, BTC fell short of momentum to break out and move higher. Regardless, the big crypto is giving it another go as it retests the range high in an attempt to flip it into a support level.
Doing so will open the path to retest the $34,455 and $35,187 hurdles with a minor hurdle at $32,837. Therefore, investors need to watch closely for a breach of the range high.
BTC/USD 4-hour chart
If Bitcoin price fails to climb higher and gets rejected by the range high at $31,493, it will dent the optimistic narrative. In such a case, BTC could potentially sweep the range low at $28,575 again.