Cryptocurrency market February 7, 2022: Bitcoin price started to rise sharply and broke the $40,000 resistance level. BTC even broke the $42,000 resistance. As of 04:21 UTC, BTC is showing positive signs and is trading above $42,800 after gaining 3% in a day and 13% in a week.

Similarly, most of the major altcoins are steadily increasing. ETH managed to settle above the $3,000 resistance level. XRP climbed above the $0.70 resistance level. ADA is trading above the $0.150 pivot level.

Cryptocurrency Market February 7, 2022: Bitcoin Price

After forming a base, bitcoin price was able to climb above the $40,000 resistance. BTC bulls took control and pushed the price above $41,500. The price even rose to over $42,500. The next major resistance is near $43,000, above which a move up towards $44,500 is possible.

On the downside, immediate support is near $42,000. The key weekly support is now forming near the $40,000 level, below which the price might start another decline.

Cryptocurrency market February 7, 2022: Ethereum price

Ethereum price has followed a bullish path above the $2,880 resistance level. ETH broke the $3,000 level and accelerated higher, up 2% in a day and almost 18% in a week. It is currently facing resistance near $3,080. The next key resistance is $3,120, above which the bulls can move towards $3,350.

The initial support is near the $3,000 level. The next major support is $2,880 with a possibility of a drop to $2,600.

Cryptocurrency market February 7, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) managed to break the critical $1,150 resistance area. It looks like the price could even go as high as $1,188. Further gains could lead the price towards the $1.20 resistance area.

Binance Coin (BNB) broke the key USD 400 resistance. It is currently consolidating above the $420 level. If the bulls remain active, the price can rally to the $445 and $450 resistance levels.

Solana (SOL) scaled above the $112 resistance and it is on the verge of reaching the $120 level. If there is a break above $120, a rally to $125 and $132 is possible.

DOGE is gaining momentum above the $0.155 resistance, up 7% in one day and 13% in one week. The next key resistance is near the $0.162 level. If there is a downside correction, the price might find support near $0.150.

XRP price is up 8% in one day and has moved well above $0.70. The next major resistance is near $0.750, above which a rally to $0.80 is possible.

Cryptocurrency Market February 7, 2022: Another altcoin market

Many altcoins are up more than 5%, including SHIB, MANA, LEO, AXS, THETA, ONE, FLOW, GRT, KSM, LRC, CHZ, and TFUEL. Of these, SHIB is up 25% to surpass $0.000028, up almost 34% in a week.

Overall, bitcoin price is gaining bullish momentum above $42,500. If bulls remain active, BTC can surge to $45,000.

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