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

cointelegraph.com:

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

After staying in close correlation with the U.S. equities markets for the past several months, the crypto space could be ready to chalk out a new course.

Bloomberg Intelligence senior commodity strategist Mike McGlone and senior market structure analyst Jamie Coutts said in a recent report that Bitcoin (BTC) has started base building similar to the one seen near $5,000 in 2018-2019. They expect the recovery to decouple from stocks and behave more like U.S. "Treasury bonds or gold.”

Although crypto prices have plunged sharply during the ongoing bear market, it has not dented investors’ appetite. A report by crypto analytics firm Messari and Dove Metrics showed that the crypto space raised $30.3 billion in funds in 2022, surpassing the total amount raised in 2021.

Could Bitcoin continue its recovery or will bears pose a strong challenge at higher levels? Let’s study the charts of the top-10 cryptocurrencies to find out.

The bears pulled the price below the 20-day exponential moving average ($22,630) on Aug. 4 but could not sustain the lower levels. This indicates that the bulls are defending the level aggressively.

The gradually up-sloping 20-day EMA and the relative strength index (RSI) in the positive territory indicate a minor advantage to buyers. If the price rises off the 20-day EMA, the bulls will attempt to push the BTC/USDT pair to the overhead resistance at $24,668.

This is an important level to keep an eye on because if the price breaks