Cryptocurrency market Jan 27, 2022: Bitcoin price attempted to close above the $38,000 resistance area. BTC failed to gain strength after the Fed’s statements, which led to a fresh drop below $37,000. At 04:17 UTC, BTC is trading below $36,000 and showing signs of bearishness.
Similarly, most major altcoins have started a fresh decline. ETH surpassed almost $2,720 and fell below $2,400. XRP failed to sustain above $0.65 and fell below $0.60. ADA is struggling to stay above $1.00.
After surging above $37K, bitcoin price attempted to close above the $38K resistance area. However, BTC struggled to maintain stability and started a fresh decline. There was a sharp decline below the $37,200 and $37,000 levels. It even fell below $36,000 and tested $35,000 before recovering by almost $36,000. On the upside, initial support is near the $35,200 level. The next major support is near $35,000, below which a pullback to $34,000 is possible.
On the upside, the price is facing resistance near $36,200. The next major resistance is $37,000, above which a rally to $38,000 is possible.
Ethereum price surged above $2,700 but there was no bullish continuation. ETH started a fresh decline and traded below $2,600. There was also a move below $2,400. The initial support is near the $2,320 level. The next major support stands at $2,250, below which losses could extend.
The first key resistance on the upside is near $2,450. The next key resistance is $2,500, above which the price could start a fresh increase.
Cardano (ADA) has pared gains and is trading below $1.04. It is currently struggling to stay above $1.00. If there is a downside break, a return to the $0.95 support level is possible.
Binance Coin (BNB) is down 4% and traded well below $365. The next major support level is at $350. Any further downtrend could result in a move towards $320.
Solana (SOL) is down around 7% and has traded below $90. The next major support is near the $85 level, below which there is a risk of a move towards the $75 level.
DOGE is down 3% and testing the $0.140 level. If there is a downside break, the bears can also test $0.122.
XRP price pared all daily gains and traded below the $0.60 support. The next key support is $0.58, below that a drop to $0.55 is possible. To start a new rally, the price needs to break $0.620.
Many altcoins are down more than 5%, including LUNA, DOT, AVAX, MATIC, SHIB, CRO, ATOM, LINK, NEAR, UNI, and ALGO. Of these, ATOM is down 12% to drop below $30.50, while AVAX is down nearly 10% to nearly $62.
Overall, bitcoin price started falling below $36,000 level. Unless BTC returns above $35,000, there is a risk of a sharp drop in the short-term.
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