Bitcoin price started a strong increase this week above the USD 32,000 and USD 35,000 resistance levels. BTC is showing positive signs, but it must settle above USD 40,000. If there is a daily and a weekly close above this level, the bulls might aim for an increase towards USD 45,000 in the coming days.
Similarly, most major altcoins could follow bitcoin. ETH could gain bullish momentum if it settles above USD 2,400. XRP also needs to settle above USD 0.700 for a sustained upward move after its recent rally.
Total market capitalization
This week, bitcoin price saw a decent increase above the key USD 32,000 pivot level. BTC even settled above the USD 35,000 resistance zone. If the bulls manage a strong close above USD 40,000, the price might continue higher. At 12:17 UTC, it’s already up by 7% in a day and is trading close to USD 40,700. The next key resistance is near USD 42,000, above which the price might test USD 45,000.
Conversely, the price could decline below the USD 38,000 and USD 37,500 support levels. The main weekly support is now forming near the USD 35,000 level.
“Technical indicators in the daily time frame are bullish, supporting the possibility of a breakout,” Alexandra Clark, Sales Trader at the UK based digital asset broker GlobalBlock, said in an emailed comment to Cryptonews.com, adding that Bitcoin’s dominance inches closer to 50%, although it is still down roughly 33% from its peak of 74% in early January.
Ethereum price also followed a similar pattern and it settled above the main USD 2,000 pivot level. ETH is now facing an uphill task near the USD 2,400 and USD 2,450 levels. The key breakout zone is near USD 2,500, above which the price could start a steady increase towards USD 3,000.
On the downside, the main breakdown support is now near USD 2,050 and USD 2,000. A close below USD 2,000 could start a major decline.
ADA, LTC, DOGE, and XRP price
Cardano (ADA) also settled above the USD 1.20 resistance zone. The price might continue to trade in a range between USD 1.20 and USD 1.40 before the next major move. A close above USD 1.40 could push the price above USD 1.50 and USD 1.60.
Litecoin (LTC) is facing a couple of major hurdles near USD 142 and USD 150. A successful move above USD 150 might start a larger increase. In this case, the price might grind higher towards the USD 175 and USD 180 levels. If not, the bears might test USD 105 again.
Dogecoin (DOGE) is struggling to follow bitcoin. To start a major increase, DOGE needs to settle above the USD 0.250 resistance. Conversely, it could decline towards the USD 0.165 and USD 0.150 support levels.
XRP price is showing bullish signs above the USD 0.700 level. It’s up by 14% in a day and is the best performing cryptoasset among the top 100 coins. Any more gains might set the pace for a move towards the USD 0.750 level. (Learn more: Ripple Teases ‘Explosive’ Growth in Asia after Japan Remittance Deal )
Other altcoins market today
This week, a few altcoins gained strength, including AXS, OKB, TEL, AMP, LUNA and ANKR. Out of these, AXS doubled and even tested USD 50.
Overall, bitcoin is back in a positive zone above USD 35,000 and USD 36,500. If BTC settles above USD 40,000 and USD 40,500, there could be a steady increase towards the USD 45,000 level.
They didn’t spend 10 weeks accumulating Bitcoin in the 30k range just to sell it on a +20% pump
— The Crypto Dog📈 (@TheCryptoDog)
#Bitcoin update: 100MA tagged & poking above pattern, also approaching January highs resistance.
What happens between here, the .382 fib & the 200MA is key. As long as it can defend the 50MA on any retest current structure remains bullish.
Risk remains pattern resistance ahead. pic.twitter.com/76NlTpElad
— Sven Henrich (@NorthmanTrader) July 28, 2021
— Lex Moskovski (@mskvsk)