- Bitcoin price is stuck trading inside the $18,600-to-$20,922 range and shows no signs of breaking out.
- Ethereum price is far more optimistic than BTC price action and hints at a potential climb to $1,425.
- Ripple price seems to be planning a 20% move to $0.386, but buyers are yet to show up.
Bitcoin price has been extremely boring for the last few days, stifling the performance of Ethereum and Ripple as well. However, things could take a quick turn if the big crypto sees some much-needed volatility.
Bitcoin price remains directionless
Bitcoin price has its upside capped around $22,500 due to the high-time-frame resistance levels and the 200-week Simple Moving Average (SMA). From a lower-time-frame outlook, BTC is grappling with the second-quarter open at $19,943.
A minor uptrend to sweep the $20,922 range high seems likely. Investors need to note that this level is present inside the four-hour supply zone, extending from $20,681 to $21,194, hence a rejection is the most likely outcome.
So, market participants need to prepare for a 9% downswing that sweeps Monday’s lows at $19,032. In some cases, BTC could slide lower and sweep the range low at $18,600. However, investors should not be surprised if this downtrend continues until it retests the June 18 swing low at $17,578.
BTC/USD 2-hour chart
While things are looking up for Bitcoin price, a daily candlestick close above the $21,705 hurdle will suggest that the bulls are vying for recovery. In such a case, BTC might rally higher and retest the $22,500 resistance barrier.