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

cointelegraph.com:

The United States equities markets and the cryptocurrency markets have started the week on a strong note, indicating that traders are not nervous about buying ahead of the important Consumer Price Index (CPI) data for July which will be released on Aug. 10.

Another positive sign is that the recent recovery in Bitcoin (BTC) has not tempted investors to exit their positions in fear of another leg down. Glassnode data shows that the percentage of supply that has stayed dormant for three or more years rose to a new all-time high of 38.426% on Aug. 8.

BlackRock CEO Larry Fink sold 44,000 BlackRock shares in August, the biggest sale since the COVID-19 crash. This has some analysts speculating whether the current recovery in the equities markets is only a bear market rally. If that is the case, then a downturn in the equities markets could also increase the selling in crypto prices as both remain closely correlated.

Could Bitcoin and select altcoins climb above their respective overhead resistance levels and extend the recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.

Bitcoin bounced off the 20-day exponential moving average ($22,846) on Aug. 7 and the momentum picked up on Aug. 8. The buyers pushed the price above $24,000 and could challenge the overhead resistance at $24,668.

The 20-day EMA is sloping up and the relative strength index (RSI) is in the positive territory, indicating that bulls are in control. If buyers propel the price above the overhead resistance, the BTC/USDT pair could pick up momentum and rally to $28,000 as there is no significant resistance in between. The bears may try to stall the recovery at this level but if bulls overcome this barrier, the up-move could