Synopsis
Bitcoin and major cryptocurrencies declined on January 23, as profit booking at higher levels and the absence of Bitcoin-related statements from Trump led to a 3.4% drop in global market cap, now at $3.52 trillion. Bitcoin traded at $101,938, while altcoins like Ethereum, Solana, and Dogecoin also saw losses. Key support for Bitcoin is at $101,300.
Bitcoin (BTC), the world’s largest cryptocurrency, and other major crypto tokens declined on Thursday, January 23, amid profit booking at higher levels and the absence of any Bitcoin-related statements from former US President Donald Trump.
As of 10:18 am IST, Bitcoin was trading at $101,938, down 3.4%, after hitting an intraday low of $101,604. Ethereum declined 3.8% to $3,194. The global crypto market cap saw a decline of 3.4%, falling to $3.52 trillion.
Other major altcoins also experienced losses. Solana dropped 2.6%, BNB 2%, XRP 1.4%, Dogecoin 5.2%, Chainlink 6%, and Sui 6.2%. Meanwhile, newly launched tokens official Trump and Melania Coin plunged 12% and 15%, respectively.
Crypto Tracker
TOP COIN SETSCrypto Blue Chip – 50.71% BuySmart Contract Tracker-1.82% BuyDeFi Tracker-7.66% BuyWeb3 Tracker-10.19% BuyAI Tracker-10.68% BuyTOP COINS (₹) Tether86 (-0.18%)BuyXRP271 (-1.04%)BuySolana21,589 (-2.56%)BuyBitcoin8,863,418 (-3.13%)BuyEthereum278,088 (-3.28%)Buy”Bitcoin is trading below $102,000 as investors turn to book profits at higher levels. After its rally to a new ATH, Bitcoin is likely to be trading range-bound between $100k and $109k until the month end with investors looking towards the FOMC meeting outcome for direction,” said Edul Patel, CEO of Mudrex.
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View Details »“At present, BTC’s major support stands at $101,300 with the next resistance at $106,700,” he added.
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CoinSwitch Markets Desk noted, “The dip comes amid the absence of any Bitcoin-related statements from former US President Donald Trump. Altcoins are also feeling the heat, with markets bleeding alongside Bitcoin’s pullback.”
The volume of all stablecoins is now $133.77 billion, which is 91.57% of the total crypto market 24-hour volume, as per data available on .
In the last 24 hours, the market cap of Bitcoin, the world’s largest cryptocurrency, fell to $2.015 trillion. Bitcoin’s dominance is currently 57.46%, according to . BTC volume in the last 24 hours fell 25.6% to $57.81 billion.
Tech view by ZebPay Trade desk
Bitcoin is encountering significant resistance near its all-time high, but the encouraging news is that bulls are firmly holding their ground. A period of tight consolidation near this critical level signals strong conviction among buyers, suggesting optimism for the continuation of the uptrend.
The upward-sloping 20-day EMA and the RSI in positive territory further reinforce the bullish outlook, indicating that momentum favours an upside breakout. While the market anticipates no interest rate cuts on Jan. 29, a dovish tone during the press conference or any hints of Quantitative Easing (QE) aimed at supporting market stability could propel assets like Bitcoin to new heights.
.com
BTC made a ‘Doji’ candle at the top of $108,353 which indicated indecision in trend and witnessed profit booking. The asset has a strong support zone from $90,000 to $85,000 whereas $105,000 and $108,000 will act as strong resistance.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
