Altcoins, Bitcoin, Cryptocurrency, News & Updates

Crypto Market Update 02/01: Coins are Consolidating but XRP thinks otherwise

Bitcoin (BTC) is facing a significant resistance near USD 34,000 and USD 35,000. While on the flip side, Ethereum (ETH) is consolidating near USD 1,300, Ripple (XRP) surged over 50% and broke USD 0.500. GRT, DOGE, and AMPL are up over 15%.

Bitcoin seems to be facing a strong resistance near the USD 34,000 and USD 35,000 levels. BTC is currently (05:00 UTC) trading well below USD 34,000, but holding a few necessary supports near USD 32,500 and USD 32,200. As long as there is no daily close below USD 32,000, there are chances of a fresh increase above USD 35,000.

Additionally, the most significant altcoins are consolidating. XRP/USD outperformed with a strong surge above USD 0.400 and USD 0.500 resistance levels. EOS is also showing positive signs, and it gained over 7%. ETH/USD corrected below USD 1,350, but it remained well bid above USD 1,250.

Total Market Capitalization

Source: www.tradingview.com

Bitcoin Price

After a notable rally to USD 38,000, Bitcoin (BTC) failed to retain gains. BTC started a fresh decline below USD 35,000, and it even settled below the USD 34,000 level. On the downside, the immediate weekly support is near the USD 32,500 and USD 32,200 levels. If there is a proper close below USD 32,000, there are chances of a sharp decline.

On the upside, an initial resistance is near the USD 34,000 and USD 34,200 levels. The main hurdle is near USD 35,000, above which the price could rise steadily towards the USD 38,000 resistance.

Ethereum Price

Ethereum (ETH) remained in a broad range above the USD 1,250 and USD 1,200 support levels. On the upside, the bulls are facing a significant resistance near USD 1,400 and USD 1,450. A successful daily close above USD 1,450 may increase the chances of a surge towards the USD 1,500 level.

On the downside, the USD 1,250 level is strong weekly support. Any more losses could open the doors for a push below the USD 1,200 and USD 1,180 levels.

Bitcoin Cash, Litecoin, and Ripple Price

Bitcoin Cash (BCH) is consolidating above the USD 400 support zone. If BCH breaks the USD 400 support zone, there is a risk of a fresh decline towards the USD 355 and USD 350 support levels. Conversely, the price might rise steadily above the USD 415 and USD 425 levels. The next significant resistance is near the USD 450 level.

Litecoin (LTC) is stuck below the USD 145 and USD 150 resistance levels. LTC is trading near USD 130, with immediate support at USD 125. The first significant support is near USD 122, below which it could test the USD 105 support region. On the upside, a close above USD 150 is a must for a sustained upward move in the next few days.

Ripple (XRP) outperformed BTC and ETH after consolidating for a long time. It settled above the USD 0.300 barrier, sparking a strong surge. There was a 50% rally, and the price climbed above the USD 0.500 resistance. It is now trading well above USD 0.500, and it seems like the bulls are aiming for more gains above USD 0.600.

Other Altcoins Market Update

A few altcoins climbed over 10%, including GRT, DOGE, AMPL, SC, FLOW, COMP, and OKB. Out of these, GRT rallied 20%, and it surpassed the USD 0.800 level.

In general, Bitcoin is facing significant hurdles near USD 34,000 and USD 35,000. If BTC settles above USD 35,000, it could rally again to USD 38,000.


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