31 Jan 2022 · 3 min read

Bitcoin and Ethereum Bulls Remain Active, CEL Accelerates

 

  • Bitcoin price is consolidating below the USD 38,000 resistance.
  • Ethereum is back above USD 2,500, XRP is stuck below USD 0.60.
  • AR and CEL gained more than 4%.

Bitcoin price corrected lower below USD 37,000, but the bulls were active near the USD 36,500 level and the price is currently (11:59 UTC) trying to recover above USD 37,200. A clear move above USD 38,000 is a must for an upside continuation.

Similarly, most major altcoins are facing hurdles. ETH is back above USD 2,500, but there is a major resistance near USD 2,620. XRP is consolidating below the USD 0.60 resistance zone. ADA bulls are protecting the key USD 1.00 support zone.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside correction, bitcoin price found support near the USD 36,500 level. BTC started a decent increase and climbed above USD 37,000. An initial resistance is near the USD 37,500 level. The next major resistance is near USD 38,000, above which the price might rise towards the USD 38,500 level in the near term.

On the downside, an initial support is near the USD 36,500 level. The next major support is near USD 36,000, below which the price might start a stronger decline.

"We are already starting to see the [BTC perpetual futures] funding rate go into negative territory. Should it remain so for a few days or weeks, this could indicate that the market is settling down. But we expect the crypto market to remain sensitive to significant changes in macro expectation in the short-term, both on the positive and negative side," Florian Ginez, Associate Director at WisdomTree, said in a note.  

"This rate is positive the vast majority of the time. It only turns negative under strong shorting pressure. Historically, it’s been a reasonably good indicator that the market was close to a bottom, although the history available for this metric is quite limited," Ginez added.

Ethereum price

Ethereum price found support above the USD 2,450 level. ETH recovered losses and climbed above USD 2,500. It is now facing resistance near the USD 2,600 level. The next major resistance is near USD 2,620, above which the price might even clear USD 2,650. 

On the downside, an initial support is near the USD 2,500 level. The next major support is near USD 2,480, below which there is a risk of a larger decline.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) tested the USD 1.00 support zone. It is now consolidating near the USD 1.02 level. On the upside, the price is facing resistance near USD 1.08. 

Binance coin (BNB) found support near the USD 365 level. It is moving higher, but the bulls are facing resistance near USD 375. The main weekly resistance is now near the USD 388 level.

Solana (SOL) is consolidating near the USD 90 pivot level. If there is a fresh increase, the bears might remain active near USD 95 and USD 96. Conversely, there could be a drop towards the USD 75 level.

DOGE is still near the USD 0.135 support. It seems like the bulls are aiming for an upside break above USD 0.142. If they succeed, the price may perhaps clear USD 0.150. If not, there could be a drop towards the USD 0.120 level.

XRP price is still stuck below the USD 0.60 level. An immediate support is near the USD 0.58 level, below which it could test USD 0.55. On the upside, a move above USD 0.60 is needed for a fresh increase.

Other altcoins market today

Many altcoins are still down 5%, including LUNA, DOT, AVAX, MATIC, SHIB, CRO, ATOM, LTC, UNI, NEAR, and BCH. Out of these, LUNA is trying to recover above USD 45, but is still down 8% in a day. Meanwhile, AR increased 4%, reaching USD 38, and CEL jumped 6%, testing the USD 2.60 level.

To sum up, bitcoin price is moving higher towards USD 38,000. A close above USD 38,000 could push BTC further higher in the coming sessions. If not, it might slide to USD 35,500.

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