Cryptocurrency Market Jan 6, 2022: Bitcoin price started falling from over $ 47,000. BTC has fallen below the USD 45,500 support area. At 04:40 UTC, BTC is down nearly 8% and is trading near $ 42,900.
Most of the major altcoins also collapsed. ETH is trading below the USD 3,800 and USD 3,750 support levels. XRP has fallen below the $ 0.80 support. ADA has gained bearish momentum below the $ 1.30 support area.
Cryptocurrency Market January 6, 2022: Bitcoin Price
After a strong rejection near $ 47,500, Bitcoin price started falling again. BTC traded below $ 46,000 and $ 45,500. The bears pushed the price even below the USD 43,500 support area. It tested $ 42,500 and is currently consolidating losses near $ 42,900. On the flip side, there is an initial hurdle near the $ 44,000 mark. The first major resistance is at $ 44,500, above which a rapid rise is expected.
On the flip side, initial support is near the $ 42,800 mark. The next major support is at $ 42,500, below which a pullback is likely.
Cryptocurrency Market January 6, 2022: Ethereum Price
Ethereum price began to drop below the $ 3,700 mark. ETH is down 10% and is well below $ 3,500. It is currently consolidating losses with initial support below $ 3,450. The next major support is at $ 3,400, below which the price can test $ 3,300.
Immediate resistance is near the $ 3,550 mark. The next major hurdle is at $ 3,580, above which a rally to $ 3,700 is possible.
Cryptocurrency market January 6, 2022: ADA, BNB, SOL, DOGE and XRP prices
Cardano (ADA) is down nearly 10% and has seen a sharp drop below $ 1.30. It is currently consolidating near the $ 1.22 mark. A break below $ 1.22 can push it up to $ 1.20 or even $ 1.18.
Binance Coin (BNB) is down 10% and has broken below the USD 480 support. Immediate support is near the $ 455 level, but the greatest support is at $ 450. Any further losses could require a surge to $ 432.
Solana (SOL) fell 12% and fell below the $ 165 support. Currently it is consolidating below the $ 150 mark. A closing price below this level could trigger a further decline towards $ 132.
DOGE accelerates below the USD 0.162 support. The price is currently nearing the support at $ 0.150. If the bears remain active, it can fall to $ 0.132.
The XRP price is down 9% and has moved below the $ 0.80 level. Immediate support is near the $ 0.750 level. If it breaks below $ 0.750, a drop to $ 0.720 is possible.
Cryptocurrency Market Jan 6, 2022: Another Altcoin Market
Many altcoins gained more than 10%, including ICP, AXS, XTZ, GALA, HBAR, CRV, LRC, VLX, EGLD, COMP, WAVES and FIL. Of these, the ICP fell 18% and broke the $ 30 mark, reducing weekly gains to 24%. Among the top 100 cryptocurrencies by market capitalization, only LEO is up (less than 1%).
Overall, Bitcoin price is gaining momentum below $ 44,000. If BTC does not recover, it could move towards $ 42,000.