Bitcoin, Ethereum, and Major Altcoins Test New Lows, MANA and ATOM Rally
- Bitcoin dropped below USD 41,000 before recovering.
- Ethereum dived towards USD 3,130, XRP broke the USD 0.75 level.
- ATOM and MANA increased around 12%.
Bitcoin price remained in a bearish zone below the USD 45,000 level. BTC even dived below USD 40,700 and is currently (04:59 UTC) trying to recover above USD 41,200.
Similarly, most major altcoins increased their losses this week. ETH dropped to USD 3,130 before moving to USD 3,180 again. XRP broke the USD 0.75 level but is trying to recover now, while ADA moved back above USD 1.20 again.
Total market capitalization
After a major decline, bitcoin price found support near the USD 40,600 level. On the upside, an initial hurdle is near the USD 42,500 level. The first major resistance is near USD 44,000, above which the price might rise towards the USD 45,000 level.
If it fails to recover above USD 42,500, it might spark a sharper decline in the coming sessions.
"I know big institutions who are going through their process to put positions on. They're going to see those as attractive levels to buy," says @novogratz on calling for a #bitcoin bottom at $38,000. pic.twitter.com/wsUM68Fvpx— Squawk Box (@SquawkCNBC) January 6, 2022
Ethereum price tested the USD 3,130 level, where the bulls took a stand. However, ETH is struggling to start a decent recovery wave above USD 3,300. The next key hurdle is near USD 3,450, above which the price might rise towards USD 3,7550.
If it fails to recover above USD 3,300, there is a risk of a move towards USD 3,000.
ADA, BNB, SOL, DOGE, and XRP price
Cardano (ADA) spiked below the USD 1.20 level. It tested USD 1.18 and started a decent recovery wave. The bulls pushed the price above USD 1.20, but the price could struggle to continue higher above USD 1.28.
Binance coin (BNB) broke the USD 450 support level and is now trading near USD 447. It is stuck in a range, with an immediate resistance near the USD 470 level. The next major resistance is near the USD 480 level.
Solana (SOL) failed to stay above the USD 150 support level. The bears even pushed the price towards USD 140. It is now consolidating and there is a risk of more downsides towards USD 132.
DOGE broke the USD 0.150 support level before moving back. If there is a stronger recovery wave, the bears might remain active near USD 0.162. The next major resistance is near the USD 0.165 level. Conversely, the price could drop towards the USD 0.142 level.
XRP price spiked below USD 0.75 before there was a minor upside correction. The price is now facing resistance near the USD 0.78 level. The next major resistance is near the USD 0.80 level.
Other altcoins market today
A few altcoins are up over 8%, including MANA, ONE, QNT, ATOM, and OSMO. Out of these, MANA rallied 12% and surpassed the USD 3.20 level, while ATOM reached USD 41, increasing 12% also.
Overall, bitcoin price is struggling below the USD 42,000 level. If BTC fails to recover above USD 42,500, there is a risk of more losses in the near term.
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(Updated at 05:40 UTC with a video.)