Bitcoin’s stagnation phase continues as it trades within the narrowest range it has ever traded in its 11-year history. Indeed, the flagship cryptocurrency’s monthly price range recently hit a new all-time low of 6%. The last time such a metric was this low was in May 2015 when it was hovering around 9%.
The lackluster price action was visible on Monday, July 20th. The pioneer cryptocurrency kicked off the day at $9,210.68 and dropped to $9,182, one hour after the weekly open. From that point until 9:00 UTC, BTC traded within a $13.59 range defined by the $9,182 support and the $9,195.59 resistance level.
Bitcoin plunged 0.59% to hit an intraday low of $9,131.01 as sell orders began to pile up. This price level was met with a significant number of buy orders that stopped it from a steeper correction. As a result, BTC was able to recover the minuscule losses incurred and moved back to retest the $9,195.59 resistance level by 17:00 UTC.
This price hurdle was able to hold and rejected the upward price action. The bellwether cryptocurrency then went through a corrective period that saw it lost 0.46% of its market value. By the end of the day, Bitcoin was hovering around $9,150 support level, but it was able to close at $9,161.28, providing a negative daily return of 0.54%.
Ethereum’s Price Action Follows the Leader
Like Bitcoin, Ethereum was technically dormant throughout Monday, July 20th. The smart contracts giant opened the day at $239.18, but this price level served as resistance throughout the first nine hours of the day, while the $238.22 level served as support.
There was a significant increase in the selling pressure behind Ether around 10:00 UTC that pushed it down to a low of $237.13. Nevertheless, the most significant spike in sell orders was registered around 19:00 UTC, which triggered a 1.71%. Ethereum went down to hit an intraday low of $234 within a one-hour candlestick.
The bulls appear to have stepped in around this price level as the second-largest cryptocurrency by market cap was able to rebound quickly. The considerable levels of demand were significant enough to push Ether up by 0.86%. Therefore, this altcoin was able to close the day at $236.02, generating a negative daily return of 1.32%.
On the Cusp of a Major Price Movement
Regardless of the low levels of volatility seen on July 20th, different technical indexes estimate that the top two cryptocurrencies in the industry are gearing up for a major price movement. For instance, the Bollinger bands are getting tighter and tighter on both BTC and ETH 1-day charts, which indicates that volatility will soon strike back.
Given the ambiguous outlook that this technical indicator presents, investors must wait for a clear break of the upper or lower Bollinger band before entering any trade. These crucial price hurdles sit at $9,400 and $9,000 for Bitcoin. Meanwhile, Ethereum must close above $250 or below $220 to provide a clear path for its trend.
The lackluster price action was visible on Monday, July 20th. The pioneer cryptocurrency kicked off the day at $9,210.68 and dropped to $9,182, one hour after the weekly open. From that point until 9:00 UTC, BTC traded within a $13.59 range defined by the $9,182 support and the $9,195.59 resistance level.
Bitcoin plunged 0.59% to hit an intraday low of $9,131.01 as sell orders began to pile up. This price level was met with a significant number of buy orders that stopped it from a steeper correction. As a result, BTC was able to recover the minuscule losses incurred and moved back to retest the $9,195.59 resistance level by 17:00 UTC.
This price hurdle was able to hold and rejected the upward price action. The bellwether cryptocurrency then went through a corrective period that saw it lost 0.46% of its market value. By the end of the day, Bitcoin was hovering around $9,150 support level, but it was able to close at $9,161.28, providing a negative daily return of 0.54%.
Ethereum’s Price Action Follows the Leader
Like Bitcoin, Ethereum was technically dormant throughout Monday, July 20th. The smart contracts giant opened the day at $239.18, but this price level served as resistance throughout the first nine hours of the day, while the $238.22 level served as support.
There was a significant increase in the selling pressure behind Ether around 10:00 UTC that pushed it down to a low of $237.13. Nevertheless, the most significant spike in sell orders was registered around 19:00 UTC, which triggered a 1.71%. Ethereum went down to hit an intraday low of $234 within a one-hour candlestick.
The bulls appear to have stepped in around this price level as the second-largest cryptocurrency by market cap was able to rebound quickly. The considerable levels of demand were significant enough to push Ether up by 0.86%. Therefore, this altcoin was able to close the day at $236.02, generating a negative daily return of 1.32%.
On the Cusp of a Major Price Movement
Regardless of the low levels of volatility seen on July 20th, different technical indexes estimate that the top two cryptocurrencies in the industry are gearing up for a major price movement. For instance, the Bollinger bands are getting tighter and tighter on both BTC and ETH 1-day charts, which indicates that volatility will soon strike back.
Given the ambiguous outlook that this technical indicator presents, investors must wait for a clear break of the upper or lower Bollinger band before entering any trade. These crucial price hurdles sit at $9,400 and $9,000 for Bitcoin. Meanwhile, Ethereum must close above $250 or below $220 to provide a clear path for its trend.