Cryptocurrencies continue to lose momentum during the week. What are the reasons?

Bitcoin falls over 3% and returns below $116,000 for the first time in two weeks

The bullish momentum is certainly in question now, as Bitcoin falls below $116,000 for the first time since July 11. The breakout also threatens to take away some of the consolidating momentum of the past two weeks’ highs, as the cryptocurrency tries to bide its time for further gains.

Bitcoin (BTC/USD) – Four-hour time frame

The key line in the sand may be the $116.00 mark now. If the price fails to hold there, a decline could lead to a return to $110,000 for Bitcoin again.

Overall, it’s still a stellar month for the cryptocurrency, as it’s still up nearly 8% in July.

However, that doesn’t compare to Ethereum’s 45% surge this month. And that’s despite the cryptocurrency’s nearly 3% drop today. This month’s rally has stalled near $3,800, with the price now returning to testing waters near $3,600.

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

Etherium (ETH/USD) – Weekly Time Frame