Bitcoin and Altcoins Turn Red, More Downsides Possible

  • 21 January 2021, Thursday, 10:06
Bitcoin and Altcoins Turn Red, More Downsides Possible

Bitcoin price failed to recover above USD 35,000, and started a fresh decline. BTC broke the USD 34,000 and USD 33,200 support levels to move further into a bearish zone. The price is currently (13:00 UTC) trading well below USD 33,000 and it remains at a risk of more losses below USD 32,000.

Similarly, most major altcoins are gaining bearish momentum, including ethereum, EOS, XRP, XLM, LINK, BNB, OMG, NEO, TRX, bitcoin cash, DOT, litecoin and ADA. ETH/USD is down 5% and it even broke the USD 1,250 support zone. XRP/USD failed to clear USD 0.300 and declined towards the USD 0.272 support.

Total market capitalization

Bitcoin price

After a rejection near USD 35,000, bitcoin price resumed its decline. BTC broke the USD 34,200 and USD 34,000 support levels to spark a downside extension. It opened the doors for more losses below USD 33,000. The price even spiked below USD 32,000 and it is currently correcting losses.

On the upside, the USD 32,800 and USD 33,000 levels could stop upsides. The first key resistance is near the USD 34,000 level. If there is no recovery, the price might continue to move down towards USD 31,200 and USD 30,500.

Ethereum price

Ethereum price extended its decline below the USD 1,250 support zone. ETH even dived below USD 1,220, but the bulls were active near USD 1,200. It is currently correcting higher and trading above USD 1,220. On the upside, the bulls are likely to face hurdles near USD 1,250.

On the downside, the price is likely to find strong bids near USD 1,210 and USD 1,200. Any more losses could clear the path for a push towards the USD 1,150 support.

Bitcoin cash, litecoin and XRP price

Bitcoin cash price is down 8% and it is now trading well below the USD 465 level. BCH even broke the USD 450 level, but the bulls appeared near USD 435. The price is consolidating losses and it is likely to recover if there is a break above USD 465. The main resistance is now forming near the USD 485 level.

Litecoin (LTC) extended its losses below the USD 140 support. LTC tested the USD 130 zone and it is currently recovering higher. The previous support near USD 140 is now likely to act as a resistance. A close above USD 140 may possibly spark a steady increase towards the USD 150 level.

XRP price failed to gain strength above USD 0.300 and started a fresh decline. The price broke the USD 0.285 support and it even declined towards the USD 0.272 support zone. The price is stable above USD 0.272 and it is likely to remain well bid above the USD 0.265 and USD 0.250 support levels.

Other altcoins market today

A few altcoins outperformed and climbed over 5%, including HBAR, CRV, ICX, DOT, CELO, KSM, OKB, and AVAX. Out of these, ICX is showing a lot of positive signs and it recently climbed towards USD 0.900.

To sum up, bitcoin price is declining and extending losses below USD 33,000. If BTC settles below USD 32,000, it could dive towards USD 30,500. Conversely, the price could recover towards USD 34,000. __

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