Cryptocurrency Market Jan 5, 2022: Bitcoin price failed to break the USD 47,500 resistance area and started a new decline. BTC was trading below the $ 46,200 support area. At 04:17 UTC, BTC is consolidating near $ 46,500 and encountering resistance near $ 47,000.
Similarly, most of the major altcoins struggle to get up to speed. ETH faces resistance near the $ 3,850 mark. XRP could attempt another move above $ 0.85. ADA is trading above the $ 1.30 support area.
After facing hurdles near $ 47,500, Bitcoin price began to decline again. BTC traded below $ 47,000 and $ 46,000. However, the price is still being held well above the $ 45,500 level. It is currently recovering and trading over $ 46,000. On the other hand, there is an initial hurdle near the $ 47,000 mark. The first major resistance is at $ 47,500, above which the price could test $ 48,500.
Immediate support is near the $ 46,000 mark. The main support is near $ 45,500, below which the bears can gain strength.
Ethereum price soared over $ 3,850, but there was no bullish continuation. ETH is currently consolidating over USD 3,800. On the flip side, initial support is near the $ 3,800 mark. The next major support is at $ 3,750, below which a retreat to $ 3,700 is possible.
Immediate resistance is near the $ 3,850 level. The next major hurdle is at $ 3,880, above which a rally to $ 4,000 is possible.
Cardano (ADA) is trading above the $ 1.32 level. It remains stuck near the $ 1,332 level with major resistance near the $ 1.35 level. A significant move above USD 1.35 could initiate a steady rise in the short term.
Binance Coin (BNB) is consolidating above the 500 level. Immediate resistance is near the $ 520 level. The next major resistance is at $ 525, above which a rally above $ 532 is likely.
Solana (SOL) is struggling to stay above the USD 168 and USD 165 support levels. If there is a downtrend below the USD 165 mark, the price could accelerate downward. Conversely, SOL could rebound to the USD 175 level.
DOGE faces resistance near USD 0.172. A break above $ 0.172 can drive the price even higher. The next major resistance is near $ 0.175, above which DOGE can test $ 0.180.
XRP price struggles to accelerate gains above $ 0.845 and $ 0.85. If it continues to fail, there could be a bearish reaction to the USD 0.800 support area in the near future.
Many altcoins are up more than 8%, including ICP, VLX, MINA, RVN, XTZ, LINK, ATOM, GRT, HNT, FIL, and BTT. Of these, the ICP rose 29% and topped the $ 36 mark, bringing the weekly surge to nearly 47%. Meanwhile, ATOM is now up 57% in a week after up 9% in one day, and is about to hit $ 42.
Overall, Bitcoin price is consolidating and encountering resistance near $ 47,000. If BTC cannot hold above $ 45,500, there is a risk of a larger short-term decline.
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