13 Jan 2021 · 2 min read

Bitcoin and Altcoins Struggle To Gain Bullish Momentum

Bitcoin price failed to settle above USD 35,000 and resumed its decline. Ethereum is moving lower towards USD 1,000, XRP could retest the USD 0.265 support zone. MANA, WAVES, and ZEC are up 4%-8%.

Bitcoin failed its attempt to gain strength above USD 35,500 and USD 36,000 and declined below USD 35,000. The price is currently (05:00 UTC) showing bearish signs, but it could find a strong support near USD 31,200 and USD 30,500.
Similarly, most major altcoins failed to clear key inflection zone. ETH/USD topped near USD 1,150 and declined over USD 100. XRP/USD settled below USD 0.300 and it might decline to USD 0.265.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

Yesterday, bitcoin price saw a crucial rejection above the USD 36,000 zone. BTC struggled to clear the key inflection zone and started a fresh decline. It settled below USD 35,000 and even broke the USD 34,400 support. An initial support is near the USD 33,000 level. The first major support is at USD 31,200, below which the price might test USD 30,000.
On the upside, the price is facing a lot of hurdles, starting with USD 34,600. The first key resistance is near the USD 35,000 level. The main resistance is still near the USD 36,200 inflection zone.

Ethereum price

Ethereum price failed to stay above the USD 1,100 level and started a fresh decline. ETH even traded below USD 1,050 and it could soon retest the USD 1,000 support. The next key support is near the USD 965 level, below which it could decline towards the USD 920 support.
To start a fresh recovery wave, the price must surpass USD 1,080 and USD 1,100. The key breakout is still near the USD 1,150 level, above which ether price might start a strong surge.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is showing bearish signs below the USD 500 pivot level. BCH is trading near the USD 465 support. The first key support is near the USD 450 level. A close below USD 450 may possibly accelerate losses and the price might even test the USD 400 level in the near term.
Litecoin (LTC) is now trading well below the USD 145 resistance. LTC is testing the USD 130 level, with a key support at USD 128. Any more losses could lead the price towards the USD 118 support level. Conversely, the price could start a steady increase if it clears the USD 138 and USD 145 resistance levels.
XRP price failed to stay above the USD 0.300 pivot level and declined below USD 0.290. If it continues to move down, the bears might test the USD 0.265 support. The main support is still near USD 0.255, below which XRP might decline heavily. The next stop could be USD 0.212.

Other altcoins market today

Several altcoins gained over 2%, including NANO, DOT, SOLO, MANA, WAVES, and ZEC. Conversely, ICX, DCR, XVG, NEO, RSR, and MRK are down more than 9%.

Overall, bitcoin price is struggling to settle above USD 35,000. If BTC remains below USD 35,000 for a long time, there is a risk of a drop towards the USD 31,200 and USD 30,000 levels.
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