Bitcoin Hits 8,000 USD, Altcoins Struggle to Catch Up
By Aayush Jindal
July 24, 2018
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Bitcoin price extended gains and moved above the USD 8,000 resistance.
Ethereum and Ripple are struggling to recover above key resistances.
Holo and Bitcoin Private registered solid gains for the second consecutive day.
Bitcoin price chart:
Bitcoin Hits 8,000 USD, Altcoins Struggle to Catch Up 101
Source: Coinmarketcap.com
Bitcoin price remained in an uptrend and broke two important resistances at USD 7,800 and USD 8,000 (for the first time since May). BTC/USD traded towards the USD 8,050 level and is currently (UTC 08:30 AM) preparing for more gains. Conversely, many major altcoins struggled to recover, including ethereum, ripple, neo, litecoin, EOS and IOTA.
“The short squeeze on the market that occurred after the pattern completed, caused some concern that we were seeing a repeat of what happened in April, when bitcoin failed to break USD 10,000. By soaring past those key barriers of resistance, it would seem history is not repeating itself and there’s real strength in the move. If bitcoin can close above USD 8,000 today, we could assume that we may have a good run toward USD 10,000,” Matthew Newton, analyst at eToro, a social trading platform, said in a daily market commentary.
Bitcoin
Bitcoin price rallied above the USD 8,000 to register more than 3% gains. The next resistance on the upside is at USD 8,180, above which, BTC/USD will most likely break the USD 8,250 level and trade towards the next hurdle at USD 8,400.
If the price corrects lower from the current levels, it may perhaps find support near USD 7,800, which was a resistance earlier. Below this, the next support and buy zone is near USD 7,650.
Ethereum
Ethereum price remained in a bearish zone below the USD 475 resistance. However, ETH/USD buyers were able to defend losses near the USD 450 support.
The pair is currently trading near USD 470, but it must break the USD 475 resistance to start a decent recovery. The next resistance above USD 475 is at USD 490, followed by USD 500.
Bitcoin Cash and Ripple
Bitcoin cash price remained supported near the USD 800 level. BCH/USD slowly moved higher and managed to break the USD 825 resistance. The next hurdle for buyers on the upside is near the USD 850-860 zone.
Ripple price is still in a negative zone and is trading below USD 0.460. XRP/USD must break the USD 0.460, USD 0.470 and USD 0.475 resistance levels to start a recovery in the near term. Supports are seen near USD 0.45 and USD 0.44.
Other Altcoins Market Today
Most small cap altcoins traded in a range today and remained flat. However, holo and bitcoin private (BTCP) extended gains and moved up by more than 15%. BTCP is now facing a crucial hurdle on the upside near the USD 10.00 level.
Overall, bitcoin is climbing higher with many bullish signs. It seems like BTC/USD will most likely accelerate above the USD 8,150 level and test USD 8,400 in the coming sessions. More importantly, the market sentiment could boost once Ethereum surpasses the USD 475 resistance.