2021-08-06 13:25:00

“Old” Bitcoin Outperforms Upgraded Ethereum

Bitcoin price gained traction above the USD 39,000 and USD 40,000 resistance levels. BTC is back in a positive zone and it seems like the bulls might aim for a test of USD 42,500. It is currently (12:24 UTC) trading above USD 40,000 and dips might remain limited.

BTC is the second-best (+8%) performing cryptoasset among the top 10 coins today, only after UNI (10%). It also outperformed ETH (+6%) that saw a major upgrade yesterday.

Similarly, most major altcoins are gaining momentum. ETH still might accelerate higher above USD 2,800. XRP still fails to reach USD 0.750.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a minor downside correction, bitcoin price started a fresh increase. BTC broke the USD 40,000 resistance zone to move into a bullish zone. The first key resistance on the upside is near the USD 41,500 level. A clear break above USD 41,500 could set the pace for a larger increase. The next stop on the upside could be USD 42,500.
On the downside, the USD 40,000 level is a decent support. The first major support is near USD 39,500, below which the price might test the USD 39,000 support zone.

Ethereum price

Ethereum price jumped towards 2,850 before starting a downside correction. ETH is stable above USD 2,700 and it might continue higher. A successful close above USD 2,800 could set the pace for a larger increase. The main target for the bulls could be USD 3,000.
An immediate support is near the USD 2,700 level. The main breakdown support is now forming near the USD 2,650 level, below which there could be a larger decline.

ADA, LTC, DOGE, and XRP price

Cardano (ADA) is rising steadily towards the USD 1.40 level. A successful close above USD 1.40 could spark a strong rally. The next major resistance on the upside could be USD 1.50. If there is a downside correction, the bulls might remain active near USD 1.32 and USD 1.30.
Litecoin (LTC) is showing positive signs above the USD 140 level. The main hurdle is still near USD 150, above which the price might accelerate higher. The next target could be USD 165. On the downside, the USD 140 level is a decent support.
Dogecoin (DOGE) is stuck in a range, with a minor pivot near the USD 0.200 level. If there is a break above USD 0.212, the price could test USD 0.220. Any more gains could open the doors for a larger increase.
XRP price is holding gains well above the USD 0.700 and USD 0.705 support levels. If there is a follow up move above USD 0.750, the price could rise towards USD 0.800. The next major resistance on the upside is near the USD 0.800 level.

Other altcoins market today

Many altcoins climbed over 5%, including ICP, FTM, MKR, THETA, UNI, FTT, OKB, SUSHI, KSM, ZIL, XMR, SC, LUNA, and FIL. Out of these, ICP gained over 18% and surpassed the USD 45 level.

To sum up, bitcoin price is gaining pace and trading above USD 40,000. It might continue higher towards the USD 42,500 resistance or even USD 43,200.
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"Old" Bitcoin Outperforms Upgraded Ethereum 102

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