Cryptocurrency Market December 31, 2021: Bitcoin price began a slight upward correction above USD 47,000. BTC climbed above $ 47,500 but failed to break above $ 48,000. At 04:27 UTC, BTC is consolidating near $ 47,400 and risks falling further below $ 46,500.
Likewise, most of the big altcoins face hurdles. ETH faces resistance near the $ 3,800 mark. XRP could move back into the USD 0.80 support area. ADA is struggling to hold above $ 1.35.
After a small recovery wave, Bitcoin price encountered resistance near the $ 48,000 region. BTC failed to rise any further and fell below $ 47,500. The price even traded below $ 47,000 before recovering. The next big support is near $ 45,500, below which the bulls may struggle in the near future.
On the downside, the price may encounter resistance near the $ 47,500 mark. The next hurdle is currently forming near the $ 48,000 mark.
Ethereum price also managed to make a recovery wave above the $ 3,700 mark. ETH broke through $ 3,750 but didn’t move above $ 3,800. It is currently trading above $ 3,760 and should further losses continue, it may test $ 3,650. The next major support is near the $ 3,550 level.
On the flip side, initial resistance is close to $ 3,780. The next major resistance is near the $ 3,800 level, above which the price can test $ 3,880.
Cardano (ADA) surged above the $ 1,365 mark. However, it faces resistance near the $ 1.38 level and reacts bearishly. The price is currently trading near the $ 1.35 mark with key support near the $ 1.32 mark.
The Binance coin (BNB) was unable to accelerate above the USD 525 resistance. It is falling and trading near the $ 510 mark. The main support is near the USD 500 threshold, below which there is a risk of a larger decline in the coming sessions.
Solana (SOL) managed to rebound above $ 175 but there was no bullish continuation. The price is trading near $ 170 with a possible move towards $ 165.
DOGE is consolidating near the USD 0.172 support area. The next big support is at $ 0.170. Any further decline could push the price towards $ 0.165.
The XRP price couldn’t gain strength above $ 0.85. It is currently trading near the $ 0.840 level. If there is another negative reaction, a test of $ 0.80 is possible.
Many altcoins are up more than 8%, including ATOM, CEL, AAVE, SUSHI, CRV, ROSE, ALGO, and CELO. Of these, ATOM is up nearly 13%, topping the $ 30 mark. Meanwhile, LUNA reduced its weekly loss to less than 7% by gaining 6% in one day to hit $ 87.
Overall, Bitcoin price is struggling to cross the $ 48,000 resistance. If BTC cannot hold above $ 46,500, a move towards $ 45,500 is possible.
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