27 Jan 2022 · 2 min read

Bitcoin and Ethereum Extend Post-Fed Decline, Altcoins Trim Gains

 

  • Bitcoin price failed to settle above the USD 38,000 resistance.
  • Ethereum declined below USD 2,400, XRP traded below the USD 0.60 support.
  • AVAX and ATOM are down over 9%.

Bitcoin price attempted a close above the USD 38,000 resistance zone. BTC failed to gain strength after the Fed statements, resulting in a fresh decline below the USD 37,000 level. It is currently (04:17 UTC) trading below USD 36,000 and showing bearish signs.

Similarly, most major altcoins started a fresh decline. ETH topped near USD 2,720 and declined below USD 2,400. XRP failed to stay above USD 0.65 and declined below USD 0.60. ADA is struggling to stay above USD 1.00.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a move above USD 37,000, bitcoin price attempted a close above the USD 38,000 resistance zone. However, BTC struggled to remain stable and started a fresh decline. There was a sharp decline below the USD 37,200 and USD 37,000 levels. It even declined below USD 36,000 and tested USD 35,000 before recovering near USD 36,000 again. On the downside, an initial support is near the USD 35,200 level. The next major support is near USD 35,000, below which the price could revisit USD 34,000.

On the upside, the price is facing resistance near the USD 36,200 level. The next major resistance is near USD 37,000, above which the price might rise towards the USD 38,000 hurdle.

Ethereum price

Ethereum price spiked above USD 2,700, but there was no upside continuation. ETH started a fresh decline and traded below USD 2,600. There was also a move below USD 2,400. An initial support is near the USD 2,320 level. The next major support is near USD 2,250, below which the price might extend losses.

The first key resistance on the upside is near the USD 2,450 level. The next key resistance is near USD 2,500, above which the price might start a fresh increase.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) trimmed gains and traded below the USD 1.04 level. It is now struggling to stay above USD 1.00. If there is a downside break, the price could revisit the USD 0.95 support.

Binance coin (BNB) is down 4% and there was a clear move below the USD 365 level. The next major support is near USD 350. Any more downsides might call for a move towards the USD 320 level.

Solana (SOL) is down around 7% and there was a move below the USD 90 level. The next major support is near the USD 85 level, below which there is a risk of a move towards the USD 75 level. 

DOGE is down 3% and is testing the USD 0.140 level. If there is a downside break, the bears might test  USD 0.122 too.

XRP price trimmed all its daily gains and traded below the USD 0.60 support. The next key support is near USD 0.58, below which the price could dive to USD 0.55. To start a fresh increase, the price must surpass USD 0.620.

Other altcoins market today

Many altcoins are down over 5%, including LUNA, DOT, AVAX, MATIC, SHIB, CRO, ATOM, LINK, NEAR, UNI, and ALGO. Out of these, ATOM is down 12% and there was a move below USD 30.50, while AVAX dropped almost 10%, nearing USD 62.

Overall, bitcoin price started a fresh decline below the USD 36,000 level. If BTC fails to return above USD 35,000, there is a risk of a sharp decline in the near term.

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