21 Jan 2021 · 2 min read

Bitcoin and Altcoins Struggle To Recover Losses

Bitcoin price is consolidating losses above the USD 34,000 support. Ethereum is struggling to recover above USD 1,350, XRP is up 2%, and approaching USD 0.300. HBAR settled above USD 0.10, CELO and ICX are up over 15%.

Bitcoin price declined after it broke the USD 35,500 support. BTC even dived below USD 34,000 before the bulls appeared near USD 33,400. It is currently (05:00 UTC) consolidating losses above USD 34,000 and facing many hurdles near USD 35,500.

Similarly, most major altcoins are still in a bearish zone. ETH/USD is down 5% and it is trading well below the USD 1,350 resistance zone. XRP/USD is showing a few positive signs, but USD 0.300 is still a major barrier.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a strong decline, bitcoin price found support near USD 33,400. BTC started an upside correction above USD 34,000 and USD 34,500. However, the price is facing a lot of hurdles near USD 35,000 and USD 35,500. To start a steady increase, the price must settle above USD 35,000 with a follow-up move above USD 35,500.
If not, there is a risk of more downsides below USD 34,000. The first key support is near the USD 33,400 zone, below which the bears might test USD 32,000.

Ethereum price

Ethereum price found support near USD 1,250 and started a strong recovery. ETH surpassed USD 1,300 and it even spiked above USD 1,350, but there was no momentum above USD 1,350. The price is down 5% and it is now consolidating near the USD 1,290 level.
An immediate support is near the USD 1,280 level. The main support is now forming near the USD 1,250 level, below which the price might decline heavily. On the upside, the USD 1,350 zone is a key breakout region for a fresh increase.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is down 5% and it extended its decline below USD 485. BCH is trading near the USD 475 level and it could even revisit the USD 465 support. If there are more losses, the bears might aim for a test of USD 450. Conversely, a clear break above USD 488 may possibly increase the chances of a surge above USD 500.
Litecoin (LTC) failed to recover and it even spiked below the USD 140 support. Having said that, downsides were limited and the price recovered above USD 142. On the upside, the previous support near USD 150 could act as a resistance in the short-term.
XRP price is stable above USD 0.280 and it is up around 2%. The price is approaching the USD 0.300 resistance. A clear close above the USD 0.300 and USD 0.308 could set the pace for a fresh increase. In this case, the price could revisit USD 0.330. On the downside, the USD 0.265 and USD 0.255 levels are important supports.

Other altcoins market today

A few altcoins gained over 8%, including HBAR, CELO, ICX, CRV, VET, ZEN, LSK, AVAX, and DOT. Out of these, HBAR corrected its gains from USD 0.124 to USD 0.109.

Overall, bitcoin price is consolidating losses and struggling to recover above USD 35,000. If BTC continues to struggle below USD 35,000 and USD 35,500, there is a risk of a larger decline towards USD 32,000.

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