Bitcoin, Cryptocurrency, News & Updates

Crypto Market Update 01/14: Bitcoin and the Alts starting to go for another momentum

Bitcoin (BTC) is up above 10% and it broke many important hurdles. Ethereum (ETH) retested the main USD 1,150 resistance, XRP is still struggling to close above USD 0.300. HEDG rallied over 50%, and DOT surged 35% to clear USD 11.00.

Bitcoin (BTC) started a fresh increase after forming a base above USD 32,400 and USD 33,200. BTC gained strength above USD 35,000 and it was able to clear a major hurdle at USD 36,000. It is currently (05:00 UTC) trading above USD 37,000 and it seems like there are chances of more upsides.

Similarly, most major altcoins recovered and climbed higher. ETH/USD broke the USD 1,100 level, but it failed to clear the USD 1,150 resistance. XRP/USD is still below the USD 0.300 resistance level.

Total Market Capitalization


Bitcoin Price

After a clear break above USD 35,000, Bitcoin (BTC) was able to climb above the USD 35,500 and USD 36,200 resistance levels. BTC gained over 10% and it even spiked above USD 38,000. It is correcting gains, but dips are likely to remain limited below USD 37,000. The previous resistance at USD 36,200 and USD 36,000 might act as support in the near term.

On the upside, BTC could struggle near USD 38,000. The first key resistance is near the USD 38,750 level, above which it could revisit the USD 40,000 zone.

Ethereum Price

Ethereum (ETH) also followed bitcoin, and it broke the USD 1,080 and USD 1,100 resistance levels. However, ETH faced another rejection near the USD 1,150 level. ETH corrected gains and tested the USD 1,100 zone. The first key support is near the USD 1,080 level, below which it could test USD 1,050.

To continue the momentum, ETH must gain momentum above the USD 1,135 and USD 1,150 levels. If it succeeds, the bulls might test USD 1,220.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) is showing up over 5% and it was able to revisit the USD 500 level. However, BCH failed to settle above USD 500 and it is now consolidating gains above USD 485. To continue the climb, BCH must settle beyond USD 500 and then gain pace above USD 510.

Litecoin (LTC) climbed 10% and it was able to settle above the USD 145 resistance. LTC is now facing hurdles near USD 150, above which the bulls could target a test of the USD 165 resistance level. On the downside, the USD 145 and USD 142 levels may act as strong supports.

Ripple (XRP) underperformed and it is still struggling to settle above the USD 0.300 and USD 0.312 resistance levels. A clear close above the USD 0.312 level is a must for upside continuation. On the downside, the USD 0.265 and USD 0.255 levels could continue to provide support in the near term.

Other Alts Market Today

Many altcoins achieved over 10%, including HEDG, DOT, RUNE, LRC, KSM, IOST, SUSHI, STX, UNI, DCR, ZEC, ATOM, AVAX, THETA, LINK, and QNT. Out of these, HEDG surged over 50% and it broke the USD 0.600 resistance.

Overall, Bitcoin is back in the green zone above USD 36,000. If BTC breaks the USD 38,000 zone, it could continue to rise towards the USD 40,000 resistance.

Leave a Comment

Leave a Reply