Tue. Aug 9th, 2022
  • Bitcoin accelerated and cleared USD 40,000.
  • Ethereum is testing USD 3,000, XRP is nearing USD 0.70.
  • DOGE trimmed some of its gains but is still the best performer in the top 100 club.

Bitcoin price found a strong buying interest after Tesla’s chief Elon Musk agreed to buy social media giant Twitter for USD 44bn. This deal is still subject to a shareholder vote, while some expect Musk will own the company in the coming days. In either case, BTC gained pace and was able to clear the USD 40,000 resistance. It is currently (04:54 UTC) inching higher above USD 40,500 and is up 3% in a day, and down less than 1% in a week.

Similarly, most major altcoins moved up. ETH was able to surpass USD 2,950 and is testing the USD 3,000 resistance level. XRP might gain pace if it settles above USD 0.70. ADA is struggling to recover above the USD 0.90 resistance zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside extension below USD 38,500, bitcoin price found support. BTC started a steady increase above the USD 39,200 resistance. It was able to clear the USD 40,000 resistance zone. The bulls are now facing hurdles near USD 40,650 and USD 40,700. The next major resistance on the upside might be USD 41,200, above which the price may perhaps rally to USD 42,000.

If there is a downside correction, the price might test the USD 40,000 level. The next major support is near USD 39,500, below which the price might start a fresh decline.

Ethereum price

Ethereum price also followed bitcoin and gained pace above the USD 2,920 resistance. ETH even briefly climbed above the USD 3,000 pivot level. Next, it might face resistance near USD 3,020 and USD 3,030. The next major resistance is near the USD 3,080 level. ETH is up 4% in a day and down 2% in a week.

On the downside, an initial support is near the USD 2,975 level. The next major support is near the USD 2,950 level, below which there is a risk of a sharper decline.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) extended its decline below USD 0.85 and traded close to the USD 0.82 support. It is now recovering above USD 0.85, but there are many hurdles on the upside near USD 0.90.

BNB found a strong support near the USD 382 level. The price gained pace and climbed above the USD 400 level. If the bulls remain in action, they might push the price towards the USD 412 level.

Solana (SOL) is back above the USD 100 level. If there is a close above USD 100, the price might rise steadily. The first key resistance is USD 105, above which the price might test USD 110.

DOGE outperformed with a strong move above the USD 0.150 resistance. It gained over 19% in a day and is now trading near USD 0.154, correcting from USD 0.168 reached on Monday. If the downside correction continues, the bulls might appear near USD 0.142.

XRP price is moving higher and might test the USD 0.70 resistance. A close above USD 0.70 is a must to initiate a steady increase towards USD 0.75 or USD 0.78.

Other altcoins market today

Many altcoins are up over 4%, including LUNA, SHIB, NEAR, FTT, APE, XMR, EGLD, THETA, RUNE, FTM, AAVE, and FLOW. Out of these, APE gained 10% and climbed above USD 18.60.

Overall, bitcoin price is showing positive signs above the USD 40,000 level. If BTC remains above USD 40,000, it could continue to rise towards USD 41,200.

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