05 Jan 2022 · 2 min read

Bitcoin and Ethereum Prepare For Next Move, Small Cap Alts in Green

 

  • Bitcoin price is still facing hurdles near USD 47,000.
  • Ethereum failed to gain strength above USD 3,850, XRP is struggling below USD 0.85.
  • ICP and MINA are up over 13%.

Bitcoin price failed to continue higher and remained below USD 47,000. BTC is currently (04:53 UTC) consolidating above USD 46,000. If there is a downside break, the price could decline to USD 43,500.

Similarly, most major altcoins are struggling to recover. ETH is facing resistance near the USD 3,850 level. XRP is now trading well below USD 0.85. ADA might accelerate if it clears the USD 1.35 level.

Total market capitalization

Source: tradingview.com


Bitcoin price

In the past two days, bitcoin price remained in a range below the USD 48,500 and USD 48,000 resistance levels. BTC is now facing a major resistance near the USD 47,000 level. A clear move above the USD 47,000 level could send the price towards the USD 47,500 level. The next major resistance is near USD 48,500.

An immediate support is near the USD 46,000 level. The next key support is near USD 45,500, below which there is a risk of a sharper decline.

Ethereum price

Ethereum price failed to gain strength for a move above the USD 3,850 level. It is now consolidating near the USD 3,800 level. A sustained upward move above the USD 3,800 level could set the pace for a move towards the USD 4,000 level.

An initial support is near the USD 3,750 level. The next key support is near USD 3,700, below which the price could decline towards the USD 3,600 level.

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is consolidating near the USD 1.32 level. An immediate resistance is near the USD 1.335 level. The main resistance is near the USD 1.35 level, above which the price could rise towards the USD 1.40 level.

Binance coin (BNB) is struggling to move above the USD 520 level. The next major resistance is near USD 532, above which there are chances of a move above USD 550.

Solana (SOL) is stuck near the USD 168 and USD 165 support levels. If the bulls fail to protect USD 165, the price could decline towards the USD 155 level. Conversely, the price might rise towards the USD 175 level.

DOGE started a fresh decline below the USD 0.170 level. It is now testing the USD 0.168 level. A clear move below USD 0.168 might send the price further lower. The next major support is near the USD 0.150 level.

XRP price is struggling to clear the USD 0.845 and USD 0.85 resistance levels. If there is a bearish reaction, the price could decline towards the USD 0.800 support zone in the near term.

Other altcoins market today

Many altcoins are up over 6%, including ICP, MINA, RVN, BTT, LPT, VLX, GRT, FTM, LINK, THETA, HNT, KLAY, and VET. Out of these, ICP trimmed some of its gains today, but is still up almost 14% and is trading above USD 35. Meanwhile, MINA jumped almost 16% and surpassed the USD 4 level.

To sum up, bitcoin price is facing a lot of hurdles near the USD 47,000 level. To start a stronger increase, BTC must clear the USD 47,000 and USD 47,500 levels.

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