Bitcoin Struggles for Price Gains As Litecoin Hits 13-Month high

View Bitcoin's price consolidation in a tight range continues for the eighth day, as litecoin rallies to its highest level since May 2018.

LTC already rallied more than 100 percent in the last six weeks, so a pullback to $120 could be seen before further gains.

Bitcoin is lacking a clear directional bias for the eighth consecutive day amid a continued rally in litecoin's price.

The price of a single bitcoin - the world's leading cryptocurrency market value - has been restricted to a $600 range since June 5.

With BTC so indecisive, major alternative cryptocurrencies like ethereum's ether token, XRP, bitcoin cash and EOS are also struggling for clear direction.

Litecoin is flashing 6.5 percent gains on a 24-hour basis, according to CoinMarketCap.

More notably, at the current price of $136, LTC is up nearly 40 percent from lows below $100 seen just seven days ago.

With the mining reward halving due on Aug. 8 - a process that could lead to a supply deficit and a resultant upwards pressure on prices - LTC is again leading BTC higher.

Further, LTC has consistently seen higher volumes on days of positive price action compared to days of negative price action.

Bitcoin and litecoin image via CoinDesk archives; charts by Trading View.