Monday, January 30, 2023
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Bitcoin and Ethereum Face Uphill Task, Altcoins Extend Rally

Bitcoin price started a recovery above the USD 38,000 and USD 40,000 resistance levels. BTC even broke the USD 41,200 level, but it failed to surpass the USD 42,000 resistance. It is currently (04:20 UTC) trimming gains and it could decline further below USD 40,000.

Similarly, most major altcoins failed near important hurdles. ETH is facing a major barrier near the USD 2,980 and USD 3,000 resistance levels. XRP/USD broke the USD 1.20 resistance, but it struggled near the USD 1.25 level.

Total market capitalization

Bitcoin price

Yesterday, bitcoin price started a decent recovery wave above USD 35,000 and USD 38,000. BTC even climbed above the USD 40,000 resistance level. However, the bears seem to be defending the USD 42,000 resistance. If there is an upside break above USD 42,000, the price could revisit the USD 45,000 pivot level.
If not, there is a risk of a fresh decline below the USD 40,000 level. The next major support for a larger decline is near the USD 38,000 level (the recent breakout zone).

Ethereum price

Ethereum price climbed above the USD 2,800 resistance zone. ETH is now facing a major resistance near the USD 2,980 and USD 3,000 levels. If there is a successful close above USD 3,000, the price could accelerate higher in the near term.
If there is no break above USD 3,000, the price could correct gains. The first major support is now near the USD 2,650 level.

BNB, LTC, DOGE, and XRP price

Binance Coin (BNB) rallied over 15% and it surged above the USD 350 resistance. BNB even spiked above USD 400, but it failed near USD 425. It is now correcting lower below USD 400, but the bulls might remain active near USD 365.
Litecoin (LTC) is struggling to recover above the USD 220 pivot level. The next major resistance sits near the USD 250 level. If there is no upside break, the price could start a fresh decline towards the USD 185 support or even USD 160 in the coming sessions.
Dogecoin (DOGE) climbed above the USD 0.400 resistance level. It even broke the USD 0.420 level, but there was a major sell wall near USD 0.435. The price is now consolidating near USD 0.400 and it could dip towards the USD 0.380 level.
XRP price extended its recovery above the USD 1.18 and USD 1.20 resistance levels. The price even spiked above USD 1.25, but there was no clear break. The price is now back below USD 1.20 and it is approaching the USD 1.15 support zone.

Other altcoins market today

Many altcoins gained over 20%, including ICP, XMR, NANO, FIL, TEL, ONT, SOL, STX, ENJ, TFUEL, SC, OMG, HBAR, OKB, HNT, and VET. Out of these, XMR gained over 30% and is approaching USD 300.

Overall, bitcoin price is facing a key hurdle near the USD 42,000 level. If BTC continues to struggle, there is a risk of a drop towards USD 38,000 or even USD 36,500 in the near term.


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