Altcoins, Bitcoin, Cryptocurrency

Crypto Market Update 12/29: Dynamic Duo BTC and ETH correcting gains, XRP crashes

Bitcoin (BTC) is correcting gains, and it traded under the USD 26,500 support. Ethereum fixed under USD 705, XRP dived over 20% on the latest Coinbase news. DOT rallied over 20%, and ADA gained almost 11%.

After trying to clear the USD 27,250 resistance, Bitcoin began a downside correction. BTC traded under the USD 26,800 and USD 26,500 support levels. It is currently (05:00 UTC) nearing USD 26,000, under which it could revisit USD 25,500.

Additionally, there were swing moves in most major altcoins. ETH/USD traded close to USD 750 before correcting lower to USD 700. XRP/USD started a fresh decline and sold below the USD 0.240 support zone.

Total Market Capitalization


Bitcoin Price

After another failed attempt near USD 27,250, Bitcoin started a downward move. BTC breached the USD 26,500 support level to move into a short-term bearish zone. It even traded below USD 26,200, and it seems to be struggling to stay above USD 26,000. If there are more losses, the bears might test the USD 25,500 level.

If there is a new increase, the previous support at USD 26,500 might act as a resistance. The primary resistance on the upside seems to be forming near USD 27,000 and USD 27,250.

Ethereum Price

Ethereum (ETH) extended its rise towards the USD 750 level before starting a downside correction. ETH traded below the USD 720 and USD 718 support levels. It even spiked below USD 700. If there are more downsides, the bulls might remain active near the USD 685 and USD 680 levels in the near term.

On the upside, the USD 720 level may act as a barrier once again. A close above USD 720 could open the doors for a new increase towards the USD 745 and USD 750 levels.

Bitcoin Cash, Litecoin and Ripple Price

Bitcoin Cash (BCH) also corrected lower and traded below the USD 350 support level. BCH is approaching the USD 330 support level. If there is a close below USD 330, there is a risk of an extended decline towards the USD 312 and USD 310 levels. On the upside, the USD 350 level is a significant pivot level.

Litecoin (LTC) revived below USD 130, and it is testing the USD 125 support. If there are more losses, the bears might try the USD 118 and USD 115 support levels. The next significant support is near the USD 105 level. Conversely, a new increase may face sellers near the USD 132 level.

Ripple (XRP) failed to overcome selling pressure near USD 0.300. As a result, there was a fresh decline below USD 0.250. The XRP accelerated its decline after Coinbase said it would suspend XRP trading in January

The XRP is now approaching the USD 0.220 support, below which it could dive towards the USD 0.200 level.

Other Alts Market Today

Some altcoins achieved over 5% in the past few hours, including DOT, ADA, BNB, CEL, CHSB, ICX, REP, and LUNA. Out of these, DOT surged above the USD 6.00 and USD 6.20 resistance levels.

In general, Bitcoin is correcting gains under USD 26,500. If BTC declines below USD 26,000, there is a risk of a more vital decline towards USD 25,500 or even USD 24,800 in the following sessions.

Leave a Comment

Leave a Reply