Crypto Market Jan 4, 2022: Bitcoin price failed to break the USD 48,500 resistance area and started a new decline. BTC was trading below the USD 47,000 support area. At 04:34 UTC, BTC is trading near $ 46,400 and remains at risk of a larger decline.
Likewise, most of the big altcoins will fall. ETH has fallen below $ 3,800 but the bulls are defending $ 3,680. XRP falls to the $ 0.800 support. ADA retested the USD 1.30 support area.
Cryptocurrency Market January 4, 2022: Bitcoin Price
After another setback near $ 48,000, Bitcoin price started falling again. BTC traded below the $ 47,500 and $ 47,000 levels. The price is currently consolidating near the $ 46,000 mark. Immediate support is near the $ 46,000 mark. Critical support is near $ 45,500, below which there is a risk of a bigger decline.
On the flip side, there is an initial hurdle near the $ 46,800 mark. The first major resistance is at $ 47,000, above which the price could rise.
Cryptocurrency Market January 4, 2022: Ethereum Price
Ethereum price also began to drop below $ 3,800. ETH fell below $ 3,750 and retested $ 3,680 before bouncing back to $ 3,750. On the flip side, initial support is near the $ 3,700 mark. The main breakout support is at $ 3,680, below which a pullback to $ 3,600 is possible.
Immediate resistance is near the $ 3,780 level. The next major hurdle is at $ 3,800, above which the price could attempt to break through $ 3,850.
Cryptocurrency Market January 4, 2022: ADA, BNB, SOL, DOGE and XRP prices
Cardano (ADA) is down nearly 3% to move below $ 1.32. It is currently trying to rebound, but if it fails, a sharp drop below $ 1.30 in the upcoming sessions could usher in a bigger drop.
Binance Coin (BNB) is also down 3% and the bears have pushed the price below $ 512. It is struggling to stay above the $ 500 mark right now. A closing price below $ 500 could trigger a steeper decline towards $ 480.
Solana (SOL) fell below $ 170. The price is currently approaching the $ 165 support level. If the bulls fail to defend $ 165, a bigger decline is possible. On the flip side, the bears could stay active near the $ 175 mark.
DOGE fell below the $ 0.170 mark. Price is gaining downside momentum and could soon return to the $ 0.165 level. The next big support is near the $ 0.162 level.
The XRP price fell and approached the $ 0.820 level. The next big support is near $ 0.80 below which the price could accelerate downward. On the downside, $ 0.85 is a huge hurdle.
Cryptocurrency Market Jan 4th 2022: Another Altcoin Market
Many altcoins are up more than 8%, including FTM, NEAR, SCRT, CRV, RVN, ALGO, AMP, ATOM, ROSE, and LINK. Of these, FTM gained nearly 20% to hit $ 2.90, bringing the weekly increase to nearly 32%. Meanwhile, NEAR is up 22% in one day and 17% in a week, and is now above $ 17.
Overall, Bitcoin price is falling and consolidating near $ 46,000. Should BTC not hold above $ 46,000, there could be a more pronounced drop in the short term.
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