Price Analysis 8/5: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

Bitcoin and most major altcoins have bounced off strong support levels and may challenge overhead resistance in a bid to rally upward movement.

Price analysis

The U.S. labor market added 528,000 jobs in July, much better than the estimate of 258,000. Wages grew 5.2% year-over-year and 0.5% over the month. This suggests that inflation remains high and that the US Federal Reserve may continue its rate hikes in the near future.

After remaining in close correlation with US stock markets over the past few months, the crypto space may be ready to chart a new course.

Mike McGlone, senior commodities strategist at Bloomberg Intelligence, and Jamie Coutts, senior market structure analyst, said in a recent report that Bitcoin (BTC) has begun to build a base similar to that seen nearly $5,000 in 2018-2019. They expect the rally to decouple from equities and behave more like US "treasuries or gold".

Daily performance of the cryptocurrency market. Source: Coin360

Although crypto prices have fallen sharply during the ongoing bear market, this has not dampened investor appetite. A report by crypto-analytics firm Messari and Dove Metrics showed that the