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Cryptocurrency market January 6, 2022: Bitcoin, Ethereum and important altcoins collapse

Cryptocurrency Market Jan 6, 2022: Bitcoin price started falling from over $ 47,000. BTC has fallen below the USD 45,500 support area. At 04:40 UTC, BTC is down nearly 8% and is trading near $ 42,900.

Most of the major altcoins also collapsed. ETH is trading below the USD 3,800 and USD 3,750 support levels. XRP has fallen below the $ 0.80 support. ADA has gained bearish momentum below the $ 1.30 support area.


Cryptocurrency Market January 6, 2022

 

Cryptocurrency Market January 6, 2022: Bitcoin Price

After a strong rejection near $ 47,500, Bitcoin price started falling again. BTC traded below $ 46,000 and $ 45,500. The bears pushed the price even below the USD 43,500 support area. It tested $ 42,500 and is currently consolidating losses near $ 42,900. On the flip side, there is an initial hurdle near the $ 44,000 mark. The first major resistance is at $ 44,500, above which a rapid rise is expected.

On the flip side, initial support is near the $ 42,800 mark. The next major support is at $ 42,500, below which a pullback is likely.

Cryptocurrency Market January 6, 2022: Ethereum Price

Ethereum price began to drop below the $ 3,700 mark. ETH is down 10% and is well below $ 3,500. It is currently consolidating losses with initial support below $ 3,450. The next major support is at $ 3,400, below which the price can test $ 3,300.

Immediate resistance is near the $ 3,550 mark. The next major hurdle is at $ 3,580, above which a rally to $ 3,700 is possible.

Cryptocurrency market January 6, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) is down nearly 10% and has seen a sharp drop below $ 1.30. It is currently consolidating near the $ 1.22 mark. A break below $ 1.22 can push it up to $ 1.20 or even $ 1.18.

Binance Coin (BNB) is down 10% and has broken below the USD 480 support. Immediate support is near the $ 455 level, but the greatest support is at $ 450. Any further losses could require a surge to $ 432.

Solana (SOL) fell 12% and fell below the $ 165 support. Currently it is consolidating below the $ 150 mark. A closing price below this level could trigger a further decline towards $ 132.

DOGE accelerates below the USD 0.162 support. The price is currently nearing the support at $ 0.150. If the bears remain active, it can fall to $ 0.132.

The XRP price is down 9% and has moved below the $ 0.80 level. Immediate support is near the $ 0.750 level. If it breaks below $ 0.750, a drop to $ 0.720 is possible.

Cryptocurrency Market Jan 6, 2022: Another Altcoin Market

Many altcoins gained more than 10%, including ICP, AXS, XTZ, GALA, HBAR, CRV, LRC, VLX, EGLD, COMP, WAVES and FIL. Of these, the ICP fell 18% and broke the $ 30 mark, reducing weekly gains to 24%. Among the top 100 cryptocurrencies by market capitalization, only LEO is up (less than 1%).

Overall, Bitcoin price is gaining momentum below $ 44,000. If BTC does not recover, it could move towards $ 42,000.

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Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

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