Cryptocurrency market February 1, 2022: Bitcoin price is still well above $36,500. As a result, BTC started a fresh rally and broke the $38,000 resistance level. At 04:16 UTC, BTC is trading above $38,600 and heading for a breakout above $38,800.

Similarly, most major altcoins are showing positive signs. ETH accelerated to break the $2,750 resistance area. XRP is back above $0.60. ADA is attempting a breakout above the $1.05 resistance.

Cryptocurrency Market February 1, 2022: Bitcoin Price

After a downward correction, bitcoin price found support at $36,500. BTC started a fresh rally and broke the $38,000 resistance. It is currently up 4% in one day and trying to break the $38,800 level. If the bulls are successful, the price can move towards the $40,000 level in the short term.

Immediate support is near $38,000. The next major support stands at $37,500, below which a return to the $36,500 support area is possible.

Cryptocurrency market February 1st, 2022: Ethereum price

Ethereum price started a strong climb above the $2,600 level. ETH is up 10% and it is currently testing the $2,750 resistance, above which the price can accelerate to $2,800.

On the downside, initial support is near $2,680. The next major support is $2,650, below which the price may struggle to sustain above $2,600.

Cryptocurrency market February 1, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) remains strong above the $1.00 support area. There was a steady wave of recovery above the $1.04 level. To continue higher, the price needs to clear the $1.05 resistance.

Binance Coin (BNB) is rising and trading above $380. The first key resistance is near the $388 level. A proper break above the $388 level can push the price towards the key $400 resistance.

Solana (SOL) started a strong climb above the $85 resistance. It is up almost 19% and moved above the $105 resistance, above which the price can test $112.

DOGE is moving higher towards the $0.145 resistance level. The next key resistance is near the $0.150 level. If there is a bearish reaction, the price could find bids near $0.135.

XRP price managed to settle above the $0.60 level. The price is currently trading above $0.62 and it might continue higher. The next major resistance for the bulls could come in at $0.65.

Cryptocurrency Market February 1, 2022: Another altcoin market

Many altcoins are up more than 5%, including LUNA, DOT, AVAX, MATIC, CRO, ATOM, UNI, NEAR, FTT, MANA, and HBAR. Of these, LUNA surged 22% and surpassed the $50 barrier, cutting weekly losses to less than 19%.

Overall, bitcoin price is showing positive signs above the $38,000 level. If BTC breaks the $38,800 resistance, a move towards $40,000 is possible. Otherwise, it can sink to $37,500.

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