Breaking: Bitcoin stages a comeback, topping $8,000, Ethereum, Ripple follow

Yohay Elam FXStreet

BTC/USD is has topped $8,000, surging some 5% on the day from a low close to $7,500.

On its way up, Bitcoin has broken resistance at $7,870 and is eyeing the next levels. Here is what Tomas Salles explains in his analysis:

Above the current price, the first resistance level is at $7,870 (price congestion resistance), then the second resistance level is at $8,025 (price congestion resistance). The third resistance level for the BTC/USD pair is at $8,175 (price congestion resistance and long term down channel trendline ceiling).

Other cryptocurrencies are following. Ethereum is trading around $242 and XRP is getting close to $0.40.

Here is the move on the BTC/USD 15-minute chart:

There has been no clear trigger for the recent surge that follows the downward correction. Some have attributed the slide to the improving sentiment in stock markets – the US and Mexico reached an accord that results in no new US tariffs.

Zooming out from intraday moves, cryptos have been trading in a broad range after the sharp rises seen in April and in May.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

BNB Price Forecast: BNB slips below $855 as bearish on-chain signals and momentum indicators turn negative

BNB, formerly known as Binance Coin, continues to trade down around $855 at the time of writing on Tuesday, after a slight decline the previous day. Bearish sentiment further strengthens as BNB’s on-chain and derivatives data show rising retail activity.

Top Crypto Losers: Aster, Midnight, and Ethena extend losses as selling pressure mounts

Aster, Midnight, and Ethena are the altcoins with the most losses over the last 24 hours, as the broader cryptocurrency market weakens amid Bitcoin dropping below $86,000. ASTER, NIGHT, and ENA risk further losses as selling pressure mounts and risk-off sentiment spreads across the crypto market.

Ethereum Price Forecast: BitMine acquires 102,259 ETH as price plunges 5%

Ethereum (ETH) treasury company BitMine Immersion scaled up its digital asset stash last week after acquiring 102,259 ETH since its last update. The purchase has increased the company's holdings to 3.96 million ETH, worth about $11.82 billion at the time of publication.