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Cryptocurrency Market February 2, 2022: Bitcoin and Ethereum Continue to Consolidate, Major Altcoins Steady Rise

Cryptocurrency market February 2, 2022: Bitcoin price starts a steady climb above the $38,000 resistance level. BTC is even trading above the $38,800 level but faces sellers near $39,200. At 04:19 UTC, BTC is consolidating with strong support near $37,800.

Similarly, most major altcoins are showing positive signs. ETH surges above $2,800 and holds gains above $2,700. XRP can rally to the $0.65 resistance level. ADA is up almost 3% and it is trading near the $1.10 resistance level.

Cryptocurrency Market February 2, 2022: Bitcoin Price

After closing above $38,000, bitcoin price continued its rally. BTC managed to clear the $38,800 resistance area. However, the bears are currently blocking the $39,200 zone. If there is another rally, the price can surpass $39,200 and test the $40,000 resistance. The next major resistance is near $40,800.

Immediate support is near the $38,200 level. Next major support stands at $37,800, below which stronger selling pressures could emerge.

Cryptocurrency market February 2, 2022: Ethereum price

Ethereum price accelerated above the $2,700 level. ETH even broke the $2,750 resistance but faced sellers near $2,800. The next key resistance is near $2,880, above which a rally to $3,000 is possible.

On the downside, initial support is near $2,720. The next major support is at $2,700, below which it can test $2,600.

Cryptocurrency market February 2, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) accelerated after a sharp move above the $1.05 resistance. It even broke the $1.08 level and is now approaching the $1.10 level. Further gains could take the price towards $1.12.

Binance Coin (BNB) is facing resistance near the $388 level. A clear move above $388 could lead the price towards the $400 resistance. The next major resistance is near the $420 level.

Solana (SOL) started a strong climb above the $100 resistance. It extended gains and even scaled above the $105 level. The next resistance is $112, above which the price could test $120.

DOGE is still struggling near the $0.145 resistance. The next key resistance is near the $0.150 level. Without an upside break, the price might correct lower towards $0.135.

XRP price is consolidating near the $0.620 level. On the upside, the price is facing many hurdles starting from $0.635. The next major resistance for the bulls could come in at $0.65.

Cryptocurrency Market February 2, 2022: Other altcoin market

Many altcoins are up more than 5%, including DOT, AVAX, LTC, ETC, ALGO, LEO, XTZ, GRT, KSM, ZEC, QNT, and MINA. Of these, LEO gained 21% and broke through $4.50, bringing the weekly gain up 29%. ETC is now up 17% in a week after gaining 8% in one day to hit $28.

Overall, bitcoin price is trading in a positive zone above the $38,000 level. If BTC remains stable above $37,800, there could be a rally towards the $40,000 resistance area in the near term.

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