Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update 01/08: Bitcoin Bears passing by

Bitcoin (BTC) rallied above USD 40,000 before correcting above USD 2,500. Ethereum (ETH) is holding the USD 1,120 support on the flip side. XRP rallied before correcting to 0.300. YFI, SOLO, ENJ, and MANA are still up by 17%-43%.

There were additional gains in bitcoin above the USD 38,500 resistance. BTC even broke USD 40,000, traded to a new all-time high near USD 40,400 before correcting lower. It traded towards the USD 36,500 support, and it is currently (05:00 UTC) recovering above USD 38,000.

Similarly, there was a downside correction in most significant altcoins, including ethereum, EOS, XRP, XLM, LINK, BNB, OMG, NEO, TRX, bitcoin cash, DOT, litecoin, and ADA. ETH/USD declined sharply from the USD 1,270 region before the bulls appeared near USD 1,080. XRP/USD extended its recovery towards the USD 0.370 level before it faced a strong selling interest.

Total market capitalization


Bitcoin Price

After setting a new all-time high near USD 40,400, Bitcoin (BTC) started a sharp downside correction. BTC dropped above USD 2,500, and it broke the USD 38,000 and USD 37,500 support levels. However, the bulls protected losses below USD 36,500. BTC is now rising and trading above USD 38,000.

An initial resistance is near the USD 38,800 level. The first significant resistance is near the USD 39,200 level. A close above the USD 39,200 level could lead BTC back above USD 40,000 in the near term.

Ethereum Price

Ethereum (ETH) was able to clear the USD 1,220 and USD 1,250 resistance levels. However, ETH failed to clear the USD 1,300 level and started a downside correction. It broke the USD 1,200 level, and it even spiked below the USD 1,100 level.

The bulls were able to protect substantial downsides, and ETH is now stable above the USD 1,100 level. On the upside, an initial resistance is near the USD 1,180 level. To start a current increase towards USD 1,300, the price must break USD 1,220.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) surged towards the USD 480 and USD 485 resistance levels before correcting gains. BCH dropped below USD 450, and it even broke the USD 430 support. BCH is trading near the USD 420 level, and it could find a strong buying interest as long as there is no close below USD 400.

Litecoin (LTC) extended its rise towards the USD 180 level, and it failed to climb higher towards USD 200. As a result, a downward move below the USD 165 support, but LTC is stable above the USD 150 level. Any more losses below USD 150 could lead LTC towards the USD 132 support.

Ripple (XRP) turned attractive after it broke the USD 0.250 and USD 0.300 resistance levels. There was a strong upward move, and XRP even spiked above USD 0.350. XRP tested the USD 0.370 zone before correcting lower sharply. As long as it is above the USD 0.300 level, there are chances of a new increase.

Other Alts Market Today

A few altcoins remained in a positive zone and gained above 10%, including MANA, ENJ, YFI, NANO, LUNA, BTG, and DCR. Out of these, MANA rallied over 40%, and it broke the USD 0.140 level.

Generally, Bitcoin is recovering losses and trading above USD 38,000. BTC must surpass USD 38,800 and USD 39,200 to start a new move towards USD 40,000 or higher.

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