26 Jan 2021 · 2 min read

Bitcoin Drops, Drags Ethereum and Altcoins Lower

Bitcoin price is down 5% as it failed to stay in a positive zone above USD 33,500. Ethereum declined over 8% and traded below USD 1,350, XRP is struggling to stay above USD 0.265. NEAR, RSR, and COMP are down over 10%.

Bitcoin price gained momentum above the USD 33,500 resistance, but it failed to stay above USD 34,500. BTC started a fresh decline and traded below the USD 33,500 pivot level. It is currently (05:00 UTC) trading well below USD 32,400 and it remains at a risk of more downsides.
Also, bitcoin’s weakness dragged most major altcoins lower. ETH/USD declined over 8% and it even tested the USD 1,300 level. XRP/USD is gaining bearish momentum and it is struggling to stay above USD 0.265.

Total market capitalization

Source: www.tradingview.com

Bitcoin price

After a move above USD 34,200, bitcoin price failed to clear the USD 35,000 resistance zone. BTC topped near the USD 34,750 level and recently started a fresh decline. It broke the USD 33,500 and USD 32,500 support levels. There was also a break below the USD 32,000 level. The next major support is near USD 31,200, below which the price might decline towards the USD 30,500 level.
On the upside, the USD 33,500 level might act as a key resistance again. A close above USD 33,500 may possibly increase the chances of a fresh run towards USD 35,000.

Ethereum price

Ethereum price followed bitcoin and it declined over 8%. ETH broke the USD 1,380 and USD 1,350 support. There was also a spike below USD 1,300 and the price is currently consolidating above USD 1,300. On the upside, an initial resistance is near USD 1,350. The first major resistance is near USD 1,380, above which ether could rally towards USD 1,450.
Conversely, a close below the USD 1,300 support zone might call for an extended decline towards the USD 1,250 and USD 1,240 support levels.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is down over 5% and it broke the USD 450 support level. BCH tested the USD 425 support and it is currently consolidating losses. If there is a fresh increase, the price might face hurdles near USD 445 and USD 450. On the downside, a break below USD 425 could lead the price towards the USD 405 support.
Litecoin (LTC) failed to stay above the USD 142 and USD 140 support levels. LTC even spiked below USD 135, but it stayed above USD 132. If there are more losses, the price might revisit the USD 125 support zone. Conversely, the bulls might face a strong selling interest near the USD 142 level.
XRP price is gaining bearish momentum and it is struggling to stay above the USD 0.265 support. The next major support is at USD 0.255. A daily close below USD 0.255 may possibly spark a strong decline in the coming days.

Other altcoins market today

Many altcoins declined over 8%, including SUSHI, COMP, SNX, NEAR, BAT, IOST, GRT, RSR, KSM, UMA, and YFI. Out of these, SUSHI is down 15% and it is trading below the USD 8.00 support. At the same time, DCR, ZEN, and ERD are up more than 15%-40%.

Overall, bitcoin price trimmed gains and broke many important supports near USD 33,500. BTC even dragged ETH lower, but ether might remain stable as long as it is above USD 1,250.
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