On January 10, bitcoin price remained below $42,000. The world’s largest cryptocurrency by market capitalization broke a six-day losing streak and avoided falling below the key psychological level of $40,000 on January 9. However, bitcoin lost some of its gains. twenty four hours According to CoinMarketCap, the cryptocurrency was trading down 0.28 percent in one day at $41,960 at 0830 on January 10th. The price of the cryptocurrency has fallen below $40,000 during the past week for the first time since September 2021. It dropped nearly 40 percent last week from its all-time high of $69,000 in November, 2021.
January is generally considered a weak month for bitcoin, but the recent decline was quite drastic, even for the 13-year-old cryptocurrency. Several analysts also suggested a sharp selloff for the world’s oldest cryptocurrency.
“On the daily time frame, bitcoin can be seen trading within a descending channel pattern. Immediate support is expected at the $40,000 mark. The RSI is also at its lowest level since May 2021, indicating that bitcoin is in highly oversold territory. Meanwhile, bitcoin whales have been making the majority of this decline and continue to hoard bitcoin. There has been a significant increase in whale activity since November 2021,” the WazirX trade desk said.
“Bitcoin hasn’t found the support that is usually seen at the top of the month, and the correlation has broken down a bit, which is why we have seen the asset trending downwards since the beginning of the year. Given that Given that Bitcoin is the king of the crypto space, and that it has been underperforming for some time, it would be safe to assume that the next rally will most likely be BTC-led. For Bitcoin, support 2 at $35,000, $40,000 Support 1 at $45,000, Resistance 1 at $45,000 and Resistance 2 at $53,000,” ZebPay Trade Desk said.
The cryptocurrency market swirled as minutes of the latest US Federal Reserve meeting on January 7 raised the possibility that the central bank could raise interest rates as soon as March. While Tether and Solana were still in the red on Monday, Ether and Binance corrected slightly over the past 24 hours. Ether, the world’s second-largest cryptocurrency, rose 0.54 percent in a single day on January 10 to $3,155. Binance Coin was trading at $439.63, up 1.01 percent over the past 24 hours. “Last week saw massive liquidations across crypto exchanges. The weekly trend pattern for Ether is trading at support levels. Immediate support is expected around $2,730. We see a return to crypto markets after 7 consecutive days of correction. can be expected,” the WazirX Trade Desk said.
“So far this year, Ether has outperformed BTC, both in terms of the price range, but also in terms of the asset being watched. Support 2 at $2,950, Support 1 at $3,350 and Resistance at $3,350, according to ZebPay Trade Desk 1 is at $3,650 and resistance 2 is at $4,150.
Reassuring investors, Edul Patel, CEO and Co-Founder, Mudrex- a global crypto trading platform, said, “The price of bitcoin fell from $47,000 to $40,000 in just one week. Looking at the graph, the next floor is the highest. The higher would be $39,000. This trend is nothing new in the cryptocurrency market as we all saw BTC fall from $57,000 in June last year to US$31,000. But later in mid-November it hit an all-time high of $68,000. This week’s decline could be due to a number of reasons, such as Kazakhstan’s internet shutdown, aggressive Federal Reserve policy action, inflation, fear of regulation, the bitcoin scam in Pakistan and uncertainty over the new COVID version.
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