Sun. Aug 7th, 2022
  • Bitcoin price is testing the USD 38,000 level.
  • Ethereum jumped 8% and surpassed USD 2,800, XRP tested USD 0.62.
  • SOL and AVAX jumped around 8%.

Bitcoin price remained well bid above the USD 37,000 level. BTC started a decent increase and cleared the USD 38,000 resistance before moving lower again. It is currently (11:54 UTC) up around 3% in a day and is trading near USD 38,000.

Similarly, most major altcoins are gaining bullish momentum. ETH rallied 8% and there was a clear move above USD 2,800. XRP is attempting an upside break above USD 0.632. ADA may perhaps rise to USD 1.10.

Learn more: Analysts Say That Bitcoin and Ethereum May Be Bottoming Out (Soon)

Total market capitalization

Source: tradingview.com

Bitcoin price

After a close above USD 37,000, bitcoin price was able to extend gains. BTC broke the USD 37,800 resistance and even surpassed USD 38,000. The next major resistance is near the USD 38,500 level, above which the price might revisit the USD 39,200 resistance. Any more gains could send it to USD 40,000.

On the downside, an immediate support is near the USD 37,200 level. The next major support is near USD 37,000, below which the price could drop to USD 36,000.

Ethereum price

Ethereum price started a strong surge above the USD 2,700 level. ETH outperformed BTC and rallied 8%. There was a clear move above the USD 2,800 resistance. The next key resistance is near the USD 2,880 level, above which the price could rise to USD 3,000.

An initial support is near the USD 2,780 level. The next major support is near USD 2,750, under which the price may perhaps test USD 2,700.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is forming a base above the USD 1.05 level. The first key resistance is near USD 1.08, but the key hurdle is still near USD 1.10. A close above USD 1.10 could spark a stronger increase.

Binance coin (BNB) is moving higher towards the USD 380 resistance. The next key resistance is near USD 388. A clear move above USD 388 is a must for a test of the USD 400 barrier. Conversely, it might revisit the USD 355 support.

Solana (SOL) started another increase above the USD 100 resistance. It is up over 8% and trading above USD 105. The next major resistance is near USD 112, where the bears might take a stand.

DOGE is moving higher towards the USD 0.145 resistance. The main resistance is near USD 0.150, above which the price could surge towards the USD 0.168 level. On the downside, the USD 0.135 level is a major support.

XRP price is moving higher towards the USD 0.632 resistance. If the bulls remain in action, the price could rise to USD 0.65. Conversely, it could revisit the USD 0.60 support zone in the near term.

Other altcoins market today

Many altcoins are up over 5%, including LUNA, DOT, MATIC, CRO, ATOM, AVAX, LTC, LINK, NEAR, TRX, FTT, FTM, HBAR, and ETC. Out of these, HBAR rallied 12% and traded above the USD 0.24 level, increasing its weekly gains to almost 17%. AVAX jumped almost 8%, surpassing USD 71. It’s also up 10% in a week.

To sum up, bitcoin price is showing resiliency above the USD 37,000 level. If BTC settles above USD 38,000, it could rise towards the USD 40,000 resistance level in the near term.

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