Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update 01/05: Consolidation Time For The Coins

Bitcoin (BTC) recovered above USD 31,000 after a sharp drop to USD 28,000. Ethereum is now consolidating gains near USD 1,000, XRP is holding the critical USD 0.212 support. XLM started a fresh increase and surged over 8% to surpass USD 0.155.

Yesterday, Bitcoin saw a sharp downside correction below USD 32,500 and USD 30,000. BTC corrected over 15% before it found support near USD 29,000. Lately, it started a new upward move, and it is currently (05:00 UTC) trading well above USD 30,000.

Furthermore, there was a healthy pullback in many significant altcoins. ETH/USD corrected over USD 250 to USD 900 before recovering above USD 1,000. XRP/USD is still trading in an essential range above the USD 0.212 support zone.

Total Market Capitalization


Bitcoin Price

After a substantial decline, Bitcoin (BTC) found support near USD 28,000. BTC climbed back above USD 30,000 and USD 31,000. On the upside, the first key resistance is near the USD 31,800 level. The primary resistance is now forming near the USD 32,500 level, above which the price could revisit the USD 34,000 zone.

If there is a fresh decline, the price might find bids near the USD 30,200 level. Any more losses may call for another test of the USD 28,000 support.

Ethereum Price

Ethereum (ETH) remained well bid near USD 900, and it climbed sharply above USD 1,000. ETH even traded above USD 1,050, but it failed to settle above USD 1,100. It is again declining and struggling to stay above the USD 980 and USD 1,000 support levels. The next significant support is near the USD 940 zone.

On the upside, the USD 1,050 level is short-term resistance. The first major hurdle for the bulls is near the USD 1,100, followed by USD 1,120.

Bitcoin Cash, Litecoin, and Ripple XRP Price

Bitcoin Cash (BCH) is struggling to stay above the USD 400 support zone. If BCH breaks the USD 400 and USD 390 levels, there is a risk of a drop towards the USD 365 level. The next critical buy zone could be near the USD 350 level. On the upside, an immediate resistance sits at USD 420, above which the price could rally towards USD 445.

Litecoin (LTC) is down over 4%, and it is trading below the USD 155 support level. If LTC settles below USD 150 and USD 145, it could continue to move down towards the USD 132 and USD 130 support levels. Conversely, the bulls might attempt a fresh increase above the USD 160 and USD 165 levels.

Ripple (XRP) is still trading in a broad range above the USD 0.212 and USD 0.208 support levels. If there is a downside break below the USD 0.208 support level, there are chances of a sharp decline. To start a substantial increase, the price must clear USD 0.245 and USD 0.250 resistance levels.

Other Altcoins Market Today

Many altcoins declined over 8%, including DOT, SC, CEL, DGB, XVG, UNI, AMPL, BSV, KSM, BTT, TRX, ALGO VET. Conversely, XLM outperformed with a strong upward move above the USD 0.155 resistance.

Generally, Bitcoin is struggling to gain pace above USD 31,500 and USD 32,000. If BTC breaks the USD 30,200 and USD 30,000 support levels, there are chances of another drop towards the USD 28,000 level.

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