Bitcoin price made a bullish attempt near the $24.000 zone and encountered strong resistance from the bears. BTC initiated a downside correction and returned to its consolidation phase above the $22.500 level. Currently at press time, it is trading near $22.700 down -4.5% on the day. The global cryptocurrency market cap is $1,03 trillion, down 4,06% over the past day.
Likewise, most major altcoins are consolidating losses. ETH is trading below the $1.600 resistance zone. XRP remained well above the $0,3850 support after testing the $0,4330 zone and dropping down. ADA is close to the $0,3650 support but it could bounce back and test the $0,40 resistance on the many positive news for its ecosystem.
In this article, we will discuss:
US Indices
On Monday, futures of US indexes fell after the publication of an article in The Wall Street Journal indicating a greater chance of the Fed raise interest rates to levels above expectations by the market, once again worrying investors and may cause volatility in the market as it happens in this Wednesday (01) the result of the rate decision by the Fed in addition to data from the payroll that will be released on Friday (03).
The S&P 500 was down 0,6%, while the Dow Jones Industrial Average lost nearly 0,2% during midday trade. The high-tech Nasdaq Composite fell about 1,2%.
Fed officials will meet in Washington, DC, Tuesday and Wednesday. The meeting will wrap up with Fed Chair Jerome Powell holding a press conference on Wednesday afternoon, offering signs of the central bank's path towards rate hikes.
bitcoin price
After a rally near $24.000, bitcoin bulls lost steam, BTC dropped below the $23.000 level again and found support at $22.500. It is now consolidating losses by attempting a bullish move to get back above the important $23.100 zone. On the upside, the price could struggle near the $23.350 level. The next major resistance is at $24.100, above which the price could start a recovery rally towards the $25.200 or $28.100 zone.
On the downside, the loss of the initial support near the $22.500 level can make BTC drop to the key support at $20.500, below this zone the price can fall further.
Ethereum Price
O ethereum price it failed to keep up with Bitcoin’s rally over the past few days, it surged from $1.550 and tested the $1.660 zone. ETH is now consolidating near the $1.550 level. On the upside, an immediate resistance is near the $1.645 level. The next key resistance is at the $1.700 level, above which the price can rally and bounce back towards the $1.820 resistance zone.
Otherwise, the price could continue to drop below the $1.420 level. The next major support is at $1.400, below which the price could accelerate downwards.
Price of ADA, DOGE, XRP, SOL and MATIC
O Cardano Price (ADA) it tested the USD 0,40 resistance and initiated a small downside correction move near $0,3650. The price needs a close above the USD 0,3850 level to test the strong resistance near the USD 0,40 and USD 0,435 levels.
O Dogecoin Price is stable above the USD 0,080 zone. On the upside, the price is facing resistance near $0,0920, above which the bulls could point to a move towards the $0,11 level.
O XRP price after rising close to $0,43, it lost strength and entered a negative correction. On the upside, now the bulls need to keep the price above the $0,40 zone for a retest, otherwise the price might test the $0,3850 support.
O price of solana (SOL) it is consolidating near the $22 level. If there is a dip, the price could drop towards the $19,80 level. On the other hand, it might bounce back and test the USD 26 level again.
O Price Polygon MATIC it is struggling to stay above the $1,05 support zone. If there are more losses, the price could drop towards the $0,98 support. The next major support is near the $0,93 level. On the upside, if there is a rally the price could test the $1,30 zone.
Week's agenda
| Data | Country / Region | Indicator/Event |
| 31/01 | USA | Consumer Confidence (jan) |
| 31/01 | China | Caixin Industrial PMI (Jan) |
| 01/02 | euro zone | CPI (jan) |
| 01/02 | euro zone | Unemployment rate (ten) |
| 01/02 | USA | ADP Report (Jan) |
| 01/02 | USA | New claims for unemployment insurance |
| 01/02 | USA | Employment JOLTs report (ten) |
| 01/02 | USA | FOMC Collective |
| 01/02 | Brazil | Selic rate decision |
| 02/02 | Brazil | IPCA-Fipe |
| 02/02 | United Kingdom | Interest rate decision |
| 02/02 | euro zone | Interest rate decision |
| 03/02 | euro zone | PMI (Jan) |
| 03/02 | USA | Payroll (jan) |
| 03/02 | USA | Unemployment rate (jan) |
| 03/02 | USA | Services PMI (Jan) |
