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

Bitcoin price aims to break out of its current range and return $24,000 to take over as altcoins follow suit on the upside trying to confirm their bottoming patterns.

Price analysis

US equity markets and cryptocurrency markets started the week on a positive note, indicating traders are not nervous about buying ahead of important index data Consumer Price Index (CPI) for July, which will be released on August 1. 10.

Another positive sign is that the recent rally in Bitcoin (BTC) has not prompted investors to exit their positions for fear of further decline. Data from Glassnode shows that the percentage of supply that has been idle for three or more years hit a new all-time high of 38.426% on August 8.

Daily performance of the cryptocurrency market. Source: Coin360

BlackRock CEO Larry Fink sold 44,000 BlackRock shares in August, the biggest sale since the COVID-19 crash. Some analysts are speculating that the current stock market rally is just a bearish rally. If so, a slowdown in stock markets could also increase the sell-off in crypto prices, as the two remain highly correlated.

Could Bitcoin and some altcoins climb above their respective broad resistance levels and extend the near-term recovery? Let's study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin bounced off the 20-day exponential moving average (EMA) ($22,846) on August 7 and the momentum picked up on August 8. Buyers pushed the price above $24,000 and...