28 Jan 2021 · 2 min read

Bitcoin and Altcoins Respond To Key Uptrend Support

Bitcoin price retested the USD 29.2K support zone and recovered above USD 31K. Ethereum is trading above USD 1,250, XRP is consolidating near the USD 0.255 pivot level. SC, FTM, and DOGE are up over 19%.

Bitcoin price declined further below USD 30,000, but the bulls prevented heavy losses below USD 29,200. BTC started a steady recovery above USD 30,000 and USD 30,500. It is currently (13:00 UTC) trading above USD 31,000 and the bulls seem to be aiming for a test of USD 32,000.

Similarly, most major altcoins are recovering from major supports. ETH/USD is back above USD 1,250 and it is now facing resistance near USD 1,300. XRP/USD found support near USD 0.244 and it is consolidating well below USD 0.265.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After trading towards the USD 29,000 support, bitcoin price started a steady recovery. BTC traded above the USD 30,000 level and it cleared the USD 30.500 resistance levels. The price also settled above USD 31,000 and it is now facing resistance near USD 31,400. The next major resistance is near USD 32,000, where the bears might take a stand.
On the downside, the USD 30,500 level is a short-term support. If there is a fresh decline below USD 30,000, it could be difficult for the bulls to protect USD 29,000.

Ethereum price

Ethereum price found a strong buying interest near the USD 1,200 level. ETH recovered losses and climbed above the USD 1,250 pivot level. The price is now facing resistance near the USD 1,300 level. A successful close above the USD 1,300 level may possibly increase the chances of a rise towards the USD 1,350 level.
If there is no upside break above USD 1,300, the price could decline towards the USD 1,250 support. The key uptrend support is now forming near the USD 1,200 level.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price settled below the USD 400 pivot level. BCH tested the USD 370 level and it is currently correcting higher. On the upside, the USD 398 and USD 400 levels could prevent gains. A clear close above USD 400 might push the price towards the USD 425 resistance level.
Litecoin (LTC) extended its decline below the USD 125 support and it even spiked below USD 120. There was no test of the USD 112 support and the price is currently consolidating near USD 125. If there is a break above USD 132 and USD 135, the price could start a fresh increase. Conversely, there is a risk of a drop to USD 112 and USD 105.
XRP price broke the USD 0.255 support level, but losses were limited. It seems like the bears are losing steam and there are chances of a recovery wave above the USD 0.265 and USD 0.272 levels. On the downside, the USD 0.244 and USD 0.240 levels are decent support zones.

Other altcoins market today

A few altcoins climbed over 5%, including FTM, DOGE, 1INCH, RUNE, EGLD, BAT, XTZ, UNI, DCR, CHSB, KSM, VGX, and AAVE. Out of these, DOGE rallied over 60%.

Overall, bitcoin price is recovering losses above USD 31,000. Having said that, BTC must surpass USD 32,000 and USD 32,400 to increase the chances of more upsides. If not, it could revisit USD 30,000.

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