Cryptocurrency Market Jan 11, 2022: Yesterday, Bitcoin price widened its decline below $ 40,500. Bitcoin is trading below the $ 40,000 mark, but the bulls are still active. The price has started a strong rebound and at 04:34 UTC Bitcoin is trading near $ 42,300.
Similarly, most of the big altcoins are showing some positive signs. ETH rose below $ 3,000 before a sharp move higher. XRP is still struggling to settle above the all-important $ 0.750 level. ADA rises below $ 1.10 ahead of a recovery wave.
A strong rebound began after Bitcoin price fell below $ 40,000. BTC climbed above the USD 41,200 and USD 41,500 resistance levels. The price even rose to over $ 42,000. If the bulls stay active, they can attempt to climb above the $ 42,500 mark. The next major resistance is at $ 43,200, above which the price could initiate a move towards $ 45,000.
On the flip side, initial support is near the $ 41,500 mark. The next major support is at $ 40,800, below which a pullback to $ 40,000 is possible.
Ethereum price also extended its decline, trading below the $ 3,050 support. ETH rises below $ 3,000 but bulls are popping near $ 2,920. It is currently rising and trading above $ 3,100. Immediate resistance is near the $ 3,150 level. The next major hurdle is at $ 3,200 above which the price could rise.
Initial support is near the $ 3,020 mark. The next big support is near $ 3,000, below which the bears can push the price towards $ 2,880.
Cardano (ADA) has gained downside momentum below $ 1.12 and $ 1.10. It tested $ 1.08 and steadily recovered. It is currently rising and breaking the USD 1.15 resistance. The next major resistance is at $ 1.18.
Binance Coin (BNB) extended the decline and tested the $ 405 level. It is currently correcting higher and breaking the $ 432 resistance, targeting $ 450 next.
Solana (SOL) tested the USD 130 level and is now rising. The bulls are currently facing a hurdle near the $ 140 mark. A clear break can propel the price towards $ 150.
DOGE is currently consolidating below the $ 0.150 level. A significant move above $ 0.150 can initiate a move towards $ 0.165. If not, it can test $ 0.132.
The XRP price is also consolidating below the $ 0.75 level. Immediate resistance is near the $ 0.75 level, above any possible stabilization level. The next major resistance is near the $ 0.78 level.
Several altcoins are down more than 5%, including AR, BORA, RVN, LRC, RUNE, GALA, QNT, MKR, CELO, FIL and FLOW. In contrast, NEAR, ROSE, ATOM and MIOTA gained more than 4%. Of these, NEAR rebounded 18% in one day, surpassing $ 16 and reducing almost all weekly losses, becoming the best-performing cryptocurrency among today’s top 100 coins.
Overall, Bitcoin price is accelerating over the key zone of USD 42,000. If BTC breaks the $ 42,500 mark, the price may soar towards $ 44,000 in the short term.
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Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice in any way. Your money, the choice is yours.
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