Crypto Market Weekly Outlook: Bitcoin Could Surge Further
- Bitcoin price settled above the USD 8,000 resistance, which is a positive sign.
- All major altcoins registered gains between 10-25% this past week.
- The current bullish trend may gain traction this week if buyers remain in action.
This past week, there was a solid bullish wave in bitcoin and altcoins. The crypto market turned green and prices soared between 10-25%. More importantly, BTC/USD broke two important resistances at USD 7,500 and USD 8,000, opening the doors for more gains this week.
Bitcoin price cleared a major hurdle at USD 8,000 this past week and moved towards the USD 8,400-8,500 zone. On the upside, BTC/USD is facing a crucial resistance near USD 8,500, which must be cleared for further gains.
On the downside, there are many supports such as USD 8,000, USD 7,800 and USD 7,500. If the pair drops below the last mentioned USD 7,500 support, there could be a change in the trend.
In the short term, the price may trade in a small range before it makes an attempt to overcome sellers near USD 8,250 and USD 8,500.
Ethereum also followed bitcoin and registered around 20% gains this past week. ETH/USD settled above a major barrier at USD 500, and it is currently consolidating gains above the stated level.
Weekly resistances on the upside are at USD 530 and 550. A push above the USD 550 level could clear the path for a bullish acceleration toward USD 600. On the downside, supports are at USD 500, USD 480 and USD 465.
Bitcoin Cash and Ripple
Bitcoin cash had a good run and its price moved past the USD 700 and 750 resistance levels. BCH/USD is now positioned nicely above USD 750 and it seems to be preparing for a break above the USD 800 resistance.
Ripple finally broke to the upside and settled above the USD 0.60 resistance. If the current momentum stays intact, XRP/USD could move above USD 0.70 and test the USD 0.75 level in the near term.
Other Altcoins Market Today
Today, ICON and Cardano are performing really well. ICX price is up 10.8% to USD 2.77, and ADA price broke the USD 0.22 resistance. Both coins are now in a positive zone and they may continue to grind higher.
Overall, bitcoin and altcoins are now in the green zone. Having said that, there could be range moves or downside correction this week before the next upward wave.