Cryptocurrency market : Bitcoin surges above $ 55,000

Cryptocurrency market October 7, according to cryptonew: Bitcoin price extended bullish momentum above the USD 52,000 resistance. BTC broke the $ 53,200 resistance and surged above $ 55,000. At 04:32 UTC, BTC is consolidating gains above $ 55,000 and could continue to climb above $ 55,500.

On the other hand, most of the major altcoins struggle to get up to speed. ETH is consolidating near $ 3,500 while XRP has finally hit the resistance at $ 1.08. ADA is again approaching $ 2.20.

Cryptocurrency Market October 7th: Bitcoin Price

After a successful break above $ 52,000, Bitcoin price prolonged its rally. BTC was able to move above the USD 53,200 and USD 54,500 resistance levels. It even exceeded $ 55,000 and tested $ 55,750. The price is currently consolidating gains with immediate support at $ 54,500. The first major support is at $ 54,000 below which it can test $ 53,200.

On the downside, the price Cryptocurrency is encountering resistance near $ 55,500. The first major resistance is near the $ 56,200 level, above which the price can move towards $ 57,800.

Cryptocurrency Market October 7th: Ethereum Price

Ethereum price has stabilized above the $ 3,500 pivot level. However, ETH is struggling to gain momentum above the $ 3,550 and $ 3,580 levels. The next major resistance is now near $ 3,620, above which a rally to $ 3,750 is possible.

On the downside, the initial support is close to the USD 3,450 and USD 3,440 support levels. The next big support is at $ 3,400, below which the price can test $ 3,350.

Crypto market October 7th: ADA, LTC, DOGE and XRP prices

Cardano (ADA) failed to break the $ 2.25 resistance and is currently trading below $ 2.20 but is showing some positive signs. If the bears remain active, there is a risk of moving towards $ 2.12. The next big support is near the $ 2.05 mark.

Litecoin (LTC) broke the critical resistance of USD 175. The next major resistance is near the $ 185 and $ 188 levels. If there is a significant break above $ 188, a surge towards $ 200 is possible. On the downside, the $ 172 level is a good support.

Dogecoin (DOGE) rose above the $ 0.250 and $ 0.265 resistance levels. However, the resistance at USD 0.280 could not be tested and corrected downwards. It is currently trading below $ 0.250 and could continue to fall to the $ 0.232 support.

The XRP price is consolidating near the $ 1.05 level. On the downside, the price is encountering resistance near $ 1.10. A closing price above this level could lift the pace towards $ 1.20. If there is a drop, the price can test $ 1.00.

Cryptocurrency Market October 7th: Another Altcoin Market

Many altcoins are up more than 5%, including SBIH, AR, BTG, FTM, XLM, DYDX, BTCB, WBTC, XMR, KLAY and CRO. Of these, SBIH stayed in a big uptrend, rising 36% to $ 0.0003 in one day. The price is now up 336% in a week.

Overall, Bitcoin price is showing positive signs above the $ 54,000 mark. BTC could correct down, but the decline could be limited below $ 43,200.

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