The cryptocurrency market is facing continued pressure following the approval of spot Bitcoin ETFs in the United States on January 11. Against this backdrop, the crypto market capitalization dipped from $1.64 trillion to $1.56 trillion within the week.
In the span of seven days, Bitcoin and Litecoin witnessed approximately a 5% decline each, while Ripple experienced an almost 9% drop, and Ethereum saw an 11% decrease.
Bitcoin
Bitcoin saw a dip below $39,000 this week, followed by a partial recovery, currently trading close to $40,000 per coin.
The cryptocurrency finds support at $39,570, and if this level holds, a potential recovery might extend toward the resistance at $44,488 marked with dotted lines. Alternatively, BTC/USD could decline to $37,882.
Ripple
During its downward trend, Ripple reached support at 0.5089. A continuation southward within the channel could lead to further support at 0.4336. Conversely, an alternative scenario implies a recovery toward the resistance level of 0.5865.
Ethereum
Experiencing the most significant decline of the week, Ethereum broke out the 2456.85 level and is approaching the next target of 2132.83. There is a slight room for movement towards 2132.83. If the primary cryptocurrency continues its descent, Ethereum may consolidate below the horizontal at 2132.83 and proceed toward the next target at 1939.91.
Litecoin
Litecoin continues to trade within the range between 57.91 and 81.76, nearing January lows. A potential update could prompt LTC/USD to continue moving south toward support at 57.91. Alternatively, a recovery to the local resistance at 75.60, marked with dotted lines, may occur.
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