The bullish momentum is certainly being challenged now as Bitcoin dips under $116,000 for the first time since 11 July. The break lower also threatens to take out some consolidative momentum at the highs from the past two weeks, with the cryptocurrency having tried to bide its time for a further upside leg.

The key line in the sand is arguably the $116,00 mark now. If price fails to hang on in there, the drop could lead back towards a return to $110,000 again for Bitcoin.

Overall, it’s still been a stellar month for the cryptocurrency as it is still up close to 8% in July.

That said, it doesn’t compare to Ethereum’s 45% surge higher on the month so far though. And that is despite a near 3% drop in the cryptocurrency today as well. The run higher this month has stalled near $3,800 with price now dipping back to test waters closer to $3,600.

The $4,000 mark remains the key line in the sand for any major upside move for Ethereum but it looks like buyers will have to wait a bit longer before we get there.

This article was written by Justin Low at investinglive.com.