Cryptocurrency market January 7, 2022: Bitcoin struggles, Ethereum tries to recover

Cryptocurrency Market Jan 7, 2022: Bitcoin price remains in a bearish zone below $ 45,000. BTC even fell below $ 40,700 and at 04:59 UTC BTC was trying to bounce back above $ 41,200.

Similarly, most of the major altcoins posted losses this week. ETH fell to $ 3,130 before rising back to $ 3,180. XRP broke the $ 0.75 mark but is now trying to rebound, while ADA is back above $ 1.20.

Cryptocurrency Market January 7th, 2022: Bitcoin Price

After falling sharply, Bitcoin price found support near the $ 40,600 mark. On the other hand, there is an initial hurdle near the $ 42,500 mark. The first major resistance is at $ 44,000, above which a rally to $ 45,000 is possible.

If it doesn’t rebound above $ 42,500, it could trigger a steeper decline in the upcoming sessions.

Cryptocurrency market January 7th, 2022: Ethereum price

Ethereum price tested the $ 3,130 level where the bulls are. However, ETH is struggling to initiate a good recovery wave above USD 3,300. The next major hurdle is at USD 3,450, above which a rally to USD 3.7550 is possible.

If it does not recover above $ 3,300, it risks moving towards $ 3,000.

Cryptocurrency Market Jan 7, 2022: ADA, BNB, SOL, DOGE and XRP prices

Cardano (ADA) climbed below $ 1.20. It tested $ 1.18 and started a good recovery wave. The bulls pushed the price above $ 1.20, but the price may have difficulty moving further above $ 1.28.

Binance Coin (BNB) has broken the USD 450 support and is currently trading near USD 447. It’s stuck in a range with immediate resistance near the $ 470 mark. The next major resistance is near the $ 480 mark.

Solana (SOL) failed to hold above the USD 150 support. The bears even pushed the price towards the $ 140 mark. Now the price is consolidating and there is a risk of a further decline towards USD 132.

DOGE broke the $ 0.150 support before returning. If there is a stronger rally, the bears can stay active near $ 0.162. The next major resistance is near the $ 0.165 level. Conversely, a drop to $ 0.142 is possible.

XRP price rose below $ 0.75 before a slight upward correction. The price is currently facing resistance near the $ 0.78 level. The next major resistance is near the $ 0.80 level.

Cryptocurrency Market Jan 7th 2022: Another Altcoin Market

Several altcoins have rallied more than 8%, including MANA, ONE, QNT, ATOM, and OSMO. Of that, MANA is up 12%, topping $ 3.20, while ATOM, reaching $ 41, is also up 12%.

Overall, Bitcoin price is struggling below $ 42,000. Unless BTC recovers above $ 42,500, there is a risk of further losses in the near future.

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