Cryptocurrency Market January 31, 2022: Bitcoin and Ethereum continue to retreat
Crypto Market Jan 31, 2022: Bitcoin price attempted to close above the $38,000 resistance area but failed and fell below $37,000 in a matter of hours today. At 04:21 UTC, BTC is attempting to rally above $37,000.
Similarly, most major altcoins are also falling. ETH surpassed almost $2,650 and fell below $2,550. XRP is down 5% and is trading below $0.60. ADA is struggling to stay above the $1.00 support area.
Cryptocurrency Market January 31, 2022: Bitcoin Price
After a critical rejection above $38,500, bitcoin price started a downside correction. BTC traded below the $37,500 pivot level and it is currently struggling to hold above $37,000. Immediate support is near the $36,500 level. The next major support is $36,000, below which the price could accelerate on the downside.
On the upside, the price is facing resistance near $37,500. The next major resistance is near $38,000, above which the price might gain bullish momentum.
Cryptocurrency Market January 31, 2022: Ethereum Price
Ethereum price failed to break the $2,650 resistance area. ETH started falling below $2,600. It is currently trading near the $2,500 level. On the upside, initial support is near $2,500. Next major support is $2,450, below that a retest of $2,320 is possible.
If there is another rally, the price might face resistance near $2,600. The key weekly resistance is currently forming near the $2,650 level.
Cryptocurrency Market January 31, 2022: Prices of ADA, BNB, SOL, DOGE and XRP
Cardano (ADA) failed to break the resistance at $1.08. There has been a renewed decline and the price is currently trading near $1.02. The key support is near the $1.00 level, below which there are risks of a larger decline.
Binance Coin (BNB) failed to test the $400 pivot level and started a fresh decline. BNB is trading below $375 and could even drop below $365. The next key support is at $355.
Solana (SOL) is down 5% and it is trading near the $90 pivot level. If there is a downside break, the price can fall further to the $80 level. The next major support is near the $75 level.
DOGE still holds support at $0.135. If the bulls fail to defend $0.135, a drop to the $0.125 support is possible. Conversely, it can rise to the $0.150 resistance level.
XRP price is down 5% and it is trading below $0.60. Immediate support is near the $0.58 level. The key support is at $0.55, below which the price may test $0.50.
Cryptocurrency Market January 31, 2022: Another altcoin market
Many altcoins are down 5%, including LUNA, DOT, AVAX, MATIC, SHIB, CRO, UNI, NEAR, ALGO, FTM, XLM, and HBAR. Of these, LUNA is down nearly 13% and is trading below $45, also down 37% in a week.
Overall, bitcoin price is gradually declining towards the $36,500 region. If BTC fails to sustain above $35,500, it could see a sharper drop in the near-term.
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