Cryptocurrency market Jan 26, 2022: Bitcoin price started an upward correction above the $36,000 resistance area. BTC was even able to break through the $37,000 mark. At 04:15 UTC, BTC is showing positive signs near $37,400 but is facing a major hurdle near $37,500.
Similarly, most major altcoins are also moving higher. ETH is facing resistance near the $2,500 level. XRP is trading above the $0.62 pivot level. ADA could gain momentum if it breaks $1.08.
After a bounce above $36,000, bitcoin price continued its rally. BTC rallied above the $36,800 and $37,000 levels. It is currently facing a major resistance near the $37,500 level. The next major resistance is $38,000, above which the price can rally towards $40,000.
On the downside, initial support is near the $36,400 level. The next major support is $36,000, below which a pullback to $35,000 is possible.
Ethereum price surges above $2,450. The first key resistance is near the $2,500 level. A clear move above $2,500 could propel the price higher. The next key resistance is $2,620, above which a near-term rally to $2,750 is possible.
Initial support is near $2,400. The next major support lies at $2,320, below which a fresh decline could start.
Cardano (ADA) is showing some positive signs above the $1.02 and $1.04 levels. Immediate resistance stands at $1,055. The first key hurdle remains at $1.08, above which the bulls can gather strength.
Binance Coin (BNB) is up 4% and has traded well above $375. The price even tested $380 and it is currently facing resistance near $388, above which it can rally to $400.
Solana (SOL) is gaining momentum above the $90 level. It seems like the bulls might aim to break the $100 resistance. If they succeed, the price can go up to $112.
DOGE is up more than 6% and had a breakout above $0.142. The price is currently approaching the $0.150 resistance level. If there is more upside, DOGE can accelerate higher towards $0.165.
XRP price is moving higher towards $0.632. The next key resistance is at $0.650, above which a steady wave of recovery is possible. Otherwise, the price might drop below the $0.600 support.
Many altcoins are up more than 5%, including DOT, AVAX, MATIC, CRO, NEAR, FTM, MANA, HBAR, VET, KLAY, SAND, and HNT. Of these, MATIC and AVAX were up about 9% to hit $1.59 and $68.59, respectively. Meanwhile, NEAR is up 12% and has recovered above $11.7.
Overall, bitcoin price is trying to rally above the $37,500 resistance area. If BTC fails to gain momentum, there is a risk of another bearish reaction towards $35,000.
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