07 Jan 2022 · 2 min read

Bitcoin and Ethereum Struggle to Recover, Multiple Small Cap Altcoins in Green

 

  • Bitcoin price recovered above the USD 42,000 level.
  • Ethereum moved back above USD 3,200, XRP surpassed USD 0.75.
  • ATOM gained 20%, MANA, QNT, and ONE are up at least 11%.

Bitcoin price failed to recover above USD 43,500 and extended decline. BTC traded below the USD 42,500 support level. It is currently (12:57 UTC) trading near USD 42,300 but is struggling to move higher.

Similarly, most major altcoins are gaining bearish momentum. ETH dived towards USD 3,100 before recovering above USD 3,200. XRP is still consolidating near the USD 0.75 level. ADA spiked below USD 1.20 before recovering a few points.

Total market capitalization

Source: tradingview.com

 

Bitcoin price

After a minor recovery, bitcoin price failed to continue higher above USD 43,500. BTC started a fresh decline below the USD 42,500 support earlier today. The price spiked towards USD 41,000 before starting a fresh recovery wave. On the upside, an immediate resistance is near the USD 43,000 level. The first major resistance is near USD 43,500, above which the price might attempt a stronger correction.

On the downside, an initial support is near the USD 42,000 level. The next key support is near USD 41,200, below which the price could slide towards USD 40,000.

Ethereum price

Ethereum price spiked below the USD 3,300 and USD 3,250 support levels. It almost tested the USD 3,100 level before correcting higher and is now trading above USD 3,200. An immediate hurdle is near USD 3,250, above which the price could rise towards USD 3,350.

An immediate support is near the USD 3,200 level. The next key support is near USD 3,120, below which the price could test USD 3,000. 

ADA, BNB, SOL, DOGE, and XRP price

Cardano (ADA) is consolidating near the USD 1.20 level. It is facing resistance near the USD 1.232 level. The next major resistance is near USD 1.25, above which the price could rise towards the USD 1.28 level

Binance coin (BNB) declined below the USD 455 support level and it even spiked below the USD 432 level. It is now consolidating near USD 450 again. On the upside, the bears might remain active near the USD 465 level.

Solana (SOL) is down 6% and there was a move towards the USD 135 level before recovering towards USD 140. The next major support is near the USD 132 level. Any more losses might push the price towards the USD 125 level.

DOGE is consolidating near the USD 0.150 level. On the upside, it is facing resistance near the USD 0.165 level. A clear move above USD 0.165 might set the pace for a move towards the USD 0.172 level.

XRP price tested the USD 0.732 level before recovering a few points. It is now consolidating above the USD 0.75 level. The first major resistance is near the USD 0.78 level, above which it could test USD 0.80.

Other altcoins market today

Several altcoins are up over 5%, including ATOM, ONE, QNT, MANA, ZEC, FXS, OSMO, and JEWEL. Out of these, ATOM leads the market, jumping 20% in a day and surpassing the USD 43 level. The price is up 44% in a week.

To sum up, bitcoin is struggling to recover towards the USD 43,000 level. If BTC fails to stay above USD 40,000, there could be a stronger drop in the coming days.

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