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Cryptocurrency Market on February 7th, 2022: Green Color Stunning as Bitcoin Surges to $43,000, Ethereum and Other Altcoins Surge

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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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.