21 Jan 2022 · 2 min read

Bitcoin and Ethereum Struggle to Recover, Altcoins Drop in Double Digits

 

  • Bitcoin price settled below the USD 40,000 pivot level.
  • Ethereum tested USD 2,800, XRP failed to stay above USD 0.70.
  • Many smaller altcoins are down over 10%.

Bitcoin price started a strong decline below USD 41,200. BTC settled below USD 40,000 to move into a bearish zone. It is currently (11:59 UTC) consolidating losses near USD 39,900 and remains at a risk of more downsides below USD 38,500.

Similarly, most major altcoins are down over 6%. ETH settled below the key USD 3,000 support zone. XRP traded below the USD 0.70 support zone. ADA is down 11% and trading below the USD 1.25 level.

Total market capitalization

Source: tradingview.com

Bitcoin price

After a downside break below USD 40,000, bitcoin price gained bearish momentum. BTC bears took control and pushed the price towards the USD 38,250 zone, or the level last seen in August last year. BTC is now consolidating near USD 38,500, with an initial support near the USD 38,250 level. The next major support is near USD 38,000, below which the price could dive to USD 37,200.

If there is an upside correction, the price might face resistance near USD 39,5000. The next major resistance is near USD 40,000, above which the price might start a recovery wave.

Ethereum price

Ethereum price settled below the USD 3,000 support zone. ETH even tested the USD 2,820 support zone, or the level last seen in September last year. If the bears remain in action, the price may perhaps test USD 2,750. The next major support is near USD 2,720, below which the price might test USD 2,650.

On the upside, an immediate resistance is near USD 2,900. The next key resistance is near USD 2,920, above which the price might revisit USD 3,000. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is down 11% and there was a test of the USD 1.20 support zone. It is now consolidating losses above USD 1.22. If there is a recovery wave, the price could face a strong resistance near the USD 1.25 level.

Binance coin (BNB) is struggling to stay above the USD 420 support level. The main breakdown support is near the USD 400 level. A close below USD 400 might start a stronger decline in the near term.

Solana (SOL) is down 11% and there was a clear move below the USD 125 support zone. An immediate support is near the USD 120 level. Any more losses could open the doors for a test of the USD 100 support zone.

DOGE spiked below the USD 0.150 level before recovering and it is currently consolidating near USD 0.152. If the bulls attempt a recovery wave, the price could face resistance near USD 0.155. If not, the price may possibly decline to USD 0.140.

XRP price is down 7% and there was a clear break below the USD 0.70 level. The next major support is near USD 0.665, below which the price could slide towards USD 0.620. On the upside, the bears might remain active near USD 0.720.

Other altcoins market today

Many altcoins are down over 10%, including FTM, AVAX, THETA, LINK, NEAR, ALGO, and more. Meanwhile, LEO is up almost 2% in a day, trimming its weekly losses to less than 1%.

To sum up, bitcoin price is showing bearish signs below USD 40,000. If BTC recovers, the bears might remain active near the USD 40,000 zone.

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