Bitcoin Struggles to Break Resistance, Altcoins Show Signs of Uptrend

The world’s biggest cryptocurrency, Bitcoin (BTC), touched its weekly high earlier this week, but after that, the price action fell flat and the market lost its bullish momentum since almost every crypto coin is bound to follow the price trajectory of BTC. However, there were some cryptocurrencies that performed quite well in the past few days due to an increased inflow of capital. However, overall, the market remains under bearish pressure due to a prolonged crypto winter.

It is also crucial to note that the oldest crypto coin in the market has entered an accumulation phase, with the Bitcoin (BTC) accumulation/distribution line making gradual higher highs. However, the lack of sharp higher highs in the line suggests that the current trading volume in the crypto market is not very high due to the existing crypto winter, and investors can expect the sluggish movement of BTC to continue in the near future.

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Bitcoin (BTC) has not been able to break above the $17,000 price level for almost a month after losing it a few weeks earlier. While investors expected the market to show positive signs during the holidays, this did not happen. The trading range of BTC has been low for quite some time because of low volumes, and it is imperative to note that the price of the leading crypto coin has dropped more than 75% since witnessing an all-time high of $69k in November 2021.

As of 12.00 am ET, the price of 1 bitcoin stands at $16,819, which is down by 0.11% in the last 24 hours. Moreover, the trading volume of the leading crypto coin has also declined by 15.96% in the same duration, as BTC retains the $16.8k price level. It is also a fact that the market dominance of the leading crypto coin currently stands at 39.65%, as some of the altcoins continue to outperform it.

Moreover, the market capitalization of Bitcoin has dropped 0.11% in the last 24 hours and currently stands at $323.832 billion, significantly lower than its all-time high of $1.2 trillion. Investors can expect BTC to make higher highs in the coming days only if institutional interest in the crypto coin surges. In the last 90 days, BTC has witnessed the lowest price at $15,599, while the highest price stands at $68,789.

Furthermore, Ether (ETH), the world’s second-largest crypto coin, has successfully retained its price action of $1,200, but was unable to push through $1,300. In the last few days, Ether holders witnessed declining levels of accumulation of the ETH token as compared to BTC. It seems that Bitcoin remains the favorite of many whales in the market. In the last seven days, Bitcoin and Ether went down by 0.14% and 0.33%, and it is clear that the market performance of BTC is better than ETH.

According to an interesting analysis provided by leading on-chain and financial metrics, charts, data, and insights provider for digital assets, Glassnode, the “Bitcoin Number of Addresses Holding 0.1+ Coins” just reached an ATH of 4,209,356.” This is a very interesting metric to measure the adoption of Bitcoin among people with less capital to invest in this space. However, it is clear that there is a gradual increase in the holders of BTC and ETH as well.

On the other hand, as noted in a previous report from Bitnation, the “Bitcoin Realized Cap just reached a 16-month low of $380,246,224,460.67,” as per Glassnode. This is another clear indication of people HODLing their tokens instead of selling them in the active market or trading them.

Ethereum killer, Solana (SOL), has been one of the biggest gainers this week and is up 37.44% in the last seven days. On the other hand, the metaverse tokens The Sandbox (SAND) and Decentraland (MANA) are up 6.39% and 7.67%, respectively, this past week. Leading meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), are ranked among the top 20 coins in the crypto market, and DOGE is up 0.86% while SHIB is up 2.91% in the same duration.

According to the prediction algorithm from PricePredictions, Bitcoin is expected to follow a downward trajectory in the next hour, but the algorithm confirms that the leading crypto coin will retain the $16,000 price level. From the image below, it is also clear that the trading range of BTC will remain low, and this further indicates that the trading volume will also remain low.

Additionally, for similar, timely predictions, traders can register on PricePredictions and enjoy full access to predictions of countless cryptocurrencies.

The market sentiment remains bearish for the Bitcoin price action, as is clear from the image below. However, a bullish move was also noted when the leading coin reached its weekly high.

Sad Bitcoin.

The Bitcoin price indicators in the image below confirm that the oldest cryptocurrency reads bearish on all time frames. This is because BTC has been following a downward trend for quite some time, and traders are advised not to place their positions because the indicators on the 5 minute, 15 minute, 30 minute, 1 hour, 2 hour, 4 hour, and 24 hour time periods are bearish.

Furthermore, the RSI indicator reads a value below 50 in all the above-mentioned time frames except the 2 and 4 hour time frames, which means that there is still a small hint of bullish pressure in the market. However, it is very much possible that these values might dip below $50 in the near future due to the prevailing crypto winter.

The Bitcoin price trend was mostly neutral to up but has now turned bearish after BTC was unable to overcome price resistance towards the $17k price level. However, the $16k support is expect to retain as per analysis from PricePredictions

Furthermore, as per the publicly available data, the crypto market’s Fear and Greed Index’s value has dropped to 26, after surging from 26 to 29 earlier this week, as noted in our Crypto Market Performance Report for January 4. It is also crucial to note that the investors’ sentiment currently reads “fear” and might change to “extreme fear.”

Additionally, the market cap of the entire crypto space at the time of publication remains above the $800 billion mark and currently stands at $817.7 billion, and this value has gone down by 0.28% in the last 24 hours. Additionally, the number of cryptocurrencies is 22,211, as listed on CoinMarketCap.

Moreover, the world’s second-biggest cryptocurrency, Ether (ETH), is down 0.38% in the last 24 hours and is currently priced at $1,249.82. The trading volume of the cryptocurrency is down by 25.49%, while the market dominance has risen to 18.74% in the same time period.

According to the data from Coinglass, the total crypto market liquidation in the last 24 hours amounted to $20.63 million, of which, Bitcoin made up $927.17k and Ether made up $4.82 million.

Excluding Bitcoin and Ether, the other top 10 cryptocurrencies in the industry are Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).

The other top 10 cryptocurrencies displayed mixed performances, with BNB down 0.62% to $257.21; XRP down 3.34% to $0.3358; DOGE down 3.61% to $0.07118; ADA down 1.42% to $0.2722; and MATIC up 2.66% to $0.7832.

On the other hand, the worst performing tokens in the last 24 hours among the top 100, excluding the top 10, are Tron (TRX), Huobi Token (HT), Ethereum Classic (ETC), and Casper (CSPR).

Interestingly, TRX was down 7.13% to $0.05082; HT was down 5.62% to $4.56; ETC was down 5.84% to $18.14; and CSPR was down 5.79% to $0.02815.

Finally, the best performers among the top 100 cryptocurrencies, not considering the top 10 cryptocurrencies, are Helium (HNT), BitDAO (BIT), Monero (XMR), and GMX (GMX).

HNT was up 16.64% to $1.97, BIT was up 2.56% to $0.4235, XMR was up 2.59% to $155.79, and GMX was up 1.60% to $41.54.