06 Jan 2022 · 2 min read

Bitcoin, Ethereum, and Altcoins Tumble

 

  • Bitcoin price declined sharply below USD 45,000.
  • Ethereum is down 10% towards USD 3,400, XRP declined below USD 0.80.
  • ICP and AXS declined 18%.

Bitcoin price started a major decline from well above the USD 47,000 level. BTC dived below the USD 45,500 support zone. It is currently (04:40 UTC) down almost 8% and is trading near USD 42,900.

Similarly, most major altcoins declined sharply. ETH traded below the USD 3,800 and USD 3,750 support levels. XRP nosedived below the USD 0.80 support. ADA gained bearish momentum below the USD 1.30 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a strong rejection near USD 47,500, bitcoin price started a fresh decline. BTC traded below the USD 46,000 and USD 45,500 levels. The bears even pushed the price below the USD 43,500 support zone. It tested the USD 42,500 level and currently consolidating losses near USD 42,900. On the upside, an initial hurdle is near the USD 44,000 level. The first major resistance is near USD 44,500, above which the price might accelerate.

On the downside, an initial support is near the USD 42,800 level. The next key support is near USD 42,500, below which the price could tumble again.

Ethereum price

Ethereum price started a major decline below the USD 3,700 level. ETH declined 10% and there was a clear move below the USD 3,500 level. It is now consolidating losses, with an initial support below the USD 3,450 level. The next key support is near USD 3,400, below which the price could test USD 3,300.

An immediate resistance is near the USD 3,550 level. The next key hurdle is near USD 3,580, above which the price might rise towards USD 3,700.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is down almost 10% and there was a sharp decline below USD 1.30. It is now consolidating near the USD 1.22 level. A downside break below USD 1.22 could spark a move to USD 1.20 or even USD 1.18.

Binance coin (BNB) is down 10% and there was a break below the USD 480 support level. An immediate support is near the USD 455 level, but the key support is USD 450. Any more losses might call for a move towards USD 432.

Solana (SOL) is down 12% and the price declined sharply below the USD 165 support. It is now consolidating below USD 150. A close below this level might spark another decline towards the USD 132 level.

DOGE is gaining pace below the USD 0.162 support. The price is now approaching the USD 0.150 support. If the bears remain in action, the price could decline towards the USD 0.132 level.

XRP price is down 9% and there was a move below the USD 0.80 level. An immediate support is near the USD 0.750 level. If there is a downside break below USD 0.750, the price could decline towards USD 0.720.

Other altcoins market today

Many altcoins are up over 10%, including ICP, AXS, XTZ, GALA, HBAR, CRV, LRC, VLX, EGLD, COMP, WAVES, and FIL. Out of these, ICP declined 18% and broke the USD 30 level, trimming its weekly gains to 24%. Among the top 100 cryptoassets by market capitalization, only LEO is up (less than 1%).

Overall, bitcoin price is gaining bearish momentum below the USD 44,000 level. If BTC fails to recover, there could be a move towards USD 42,000.

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