Bitcoin price is trading within a tight range as the profit-taking mode continues for the second consecutive session. On the other hand, Ethereum has been rising as investors focus on the London hard form scheduled for 4th August. While the second-largest cryptocurrency had dropped from a high of 2,682.69 to a low of 2,500.43, it has since rebounded to the current 2,613.31.
Since mid-July, Bitcoin price has surged by about 33.97%. In the same timeframe, Ethereum price has risen by 50.88%.
Bitcoin price technical outlook
Bitcoin price is trading above 39,000 after the bears attempted to break crucial support level to an intraday low of 38,929.65 earlier in the day. At the time of writing, it was down by 0.96% at 39,457.90. On Sunday, it moved past 42,000 to trade at an over 4-month high of 42,647.41. However, it has since pulled back by about 7.33%.
On an hourly chart, it is trading below the 25 and 50-day exponential moving averages. In the near term, Bitcoin price is likely to trade within a tight range as the profit-taking mode continues. Below the current support level at 38,929.65, the bears may target the prior resistance-turn-support levels of 38,000 or lower at 37,000. On the flip side, the bulls will need to break the resistance at 40,503.09, which is along the 50-day EMA, to clear their path to their next target at 42,000.