Altcoins, Bitcoin, Cryptocurrency, News & Updates

Crypto Market Update 01/26: The coins are falling

Bitcoin (BTC) is under 5% as it declined to linger in a positive zone over USD 33,500. Ethereum (ETH) declined above 8% and traded under USD 1,350, XRP struggles to stay above USD 0.265. NEAR, RSR and COMP are down over 10%.

Bitcoin got momentum over the USD 33,500 resistance, but it failed to wait over USD 34,500. BTC started a fresh decline and traded below the USD 33,500 pivot level. It is currently (05:00 UTC) trading well below USD 32,400, and it remains at a risk of more downsides.

Bitcoin’s weakness dragged most major altcoins lower. ETH/USD declined over 8%, and it even tested the USD 1,300 level. XRP/USD is gaining bearish momentum, and it is struggling to stay above USD 0.265.

Total Market Capitalization

Source: www.tradingview.com

Bitcoin Price

After a move above USD 34,200, Bitcoin (BTC) failed to clear the USD 35,000 resistance zone. BTC topped near the USD 34,750 level and recently started a fresh decline. It broke the USD 33,500 and USD 32,500 support levels. There was also a break below the USD 32,000 level. The next significant support is near USD 31,200, below which the price might decline towards the USD 30,500 level.

On the upside, the USD 33,500 level might act as a critical resistance again. A close above USD 33,500 may increase the chances of a fresh run towards USD 35,000.

Ethereum Price

Ethereum (ETH) followed bitcoin, and it declined over 8%. ETH broke the USD 1,380 and USD 1,350 support. There was also a spike below USD 1,300, and the price is currently consolidating above USD 1,300. On the upside, an initial resistance is near USD 1,350. The first significant resistance is near USD 1,380, above which ether could rally towards USD 1,450. Conversely, a close below the USD 1,300 support zone might call for an extended decline towards the USD 1,250 and USD 1,240 support levels.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) is declining over 5%, and it broke the USD 450 support level. BCH tested the USD 425 support, and it is currently consolidating losses. If there is a new increase, the price might face hurdles near USD 445 and USD 450. On the downside, a break below USD 425 could lead the price towards the USD 405 support.

Litecoin (LTC) failed to stay beyond the USD 142 and USD 140 support levels. LTC even spiked below USD 135, but it stayed above USD 132. If there are more losses, the price might revisit the USD 125 support zone. Conversely, the bulls might face a strong selling interest near the USD 142 level.

Ripple (XRP) price is gaining bearish momentum, and it is struggling to stay above the USD 0.265 support. The next significant support is at USD 0.255. A daily close below USD 0.255 may spark a substantial decline in the coming days.

Other Alts Market Update Today

Several altcoins declined over 8%, including SUSHI, COMP, SNX, NEAR, BAT, IOST, GRT, RSR, KSM, UMA, and YFI. Out of these, SUSHI is down 15%, and it is trading below the USD 8.00 support. At the same time, DCR, ZEN, and ERD are up more than 15%-40%.

In general, Bitcoin cut gains and broke many essential supports near USD 33,500. BTC even dragged ETH lower, but ether might remain stable as long as it is above USD 1,250.


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