12 Aug 2022 · 2 min read

Bitcoin and Ethereum Trim Gains, BTG and ETC Outperform

 

  • Bitcoin price failed to test USD 25,000 and corrected lower.
  • Ethereum fluctuates near USD 1,900, XRP tested the USD 0.385 resistance.
  • BTG and ETC are the best performers today.

Bitcoin price gained pace after it broke the USD 24,200 resistance zone. BTC even climbed above USD 24,500, but it failed to test USD 25,000. It is currently (04:17 UTC) trading near USD 24,000 and is down 1% in a day and up 6% in a week.

Besides, most major altcoins are consolidating gains. ETH is trading near USD 1,900 and eyeing more gains. XRP might attempt an upside break above USD 0.385. ADA is facing a major hurdle near the USD 0.55 level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a clear move above the USD 24,000 level, bitcoin price extended its increase and spiked above the USD 24,800 level, but there was no test of USD 25,000, and BTC moved below the USD 24,200 support level. On the downside, an immediate support is at USD 23,800. The next major support is near the USD 23,500 zone, below which the price could gain bearish momentum.

On the upside, the price is now facing resistance near the USD 24,200 level. The next resistance is near the USD 24,500 level, above which the price might test USD 25,000.

Ethereum price

Ethereum price outperformed bitcoin and remained well bid above the USD 1,850 level. ETH is now consolidating gains near the USD 1,900 level and is up 1% in a day and 18% in a week. An immediate resistance is near the USD 1,920 level. The next key resistance is near the USD 1,940 level, above which the price may perhaps test the USD 2,000 resistance zone.

On the downside, an initial support is near the USD 1,850 level. The next major support is near the USD 1,820 zone, below which the price could drop towards the USD 1,750 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) struggled to clear the USD 0.55 resistance and is now consolidating near the USD 0.535 level. If there is a downside correction, the price might drop towards the USD 0.512 level.

BNB is moving lower below the USD 330 level. It traded below the USD 325 level and seems like the price may decline towards the USD 312 support zone in the near term.

Solana (SOL) gained pace above the USD 43.50 resistance. It even spiked above the USD 45 resistance before the bears emerged. The price is now consolidating near USD 43.50, with a major support at USD 42.

DOGE is consolidating above the USD 0.0700 support level. The price is facing resistance near the USD 0.0720 level, above which DOGE might retest the USD 0.0750 resistance.

XRP price attempted to clear the USD 0.385 resistance but failed. It is now correcting lower and trading near USD 0.378. The main support is near the USD 0.355.

Other altcoins market today

Several altcoins are in the red zone, including AVAX, UNI, FTT, XMR, APE, ICP, SAND, AAVE, QNT, LDO, and CAKE. Meanwhile, BTG and ETC jumped around 7%, surpassing USD 32 and USD 41, respectively, and becoming the best performers among the top 100 coins today. BTG is also up 10% in a week, while ETC jumped 19%. 

Overall, bitcoin price is consolidating near the USD 24,000 zone. If BTC corrects further lower, it might revisit the USD 23,500 support zone.

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