RATE Group | Bitcoin and Altcoins Bulls Struggle to Gain Strength
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Bitcoin and Altcoins Bulls Struggle to Gain Strength

23 Jan Bitcoin and Altcoins Bulls Struggle to Gain Strength

Posted at 09:39h in Bitcoin News by

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After a minor upward move, bitcoin price failed to gain strength above the USD 8,800 area. It seems like the USD 8,850 resistance played well, resulting in a bearish reaction in BTC/USD. There was a break below USD 8,650 and the price even spiked below USD 8,550.
Similarly, most major altcoins are slowly declining after they struggled to continue higher, including ethereum, XRP, litecoin, bitcoin cash, BNB, EOS, TRX, ADA, and XLM. ETH/USD is facing a strong resistance near USD 170 and it is currently (09:00 UTC) declining below USD 166. XRP/USD is down 3% and it is now trading below the key USD 0.232 level.

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Bitcoin and Altcoins Bulls Struggle to Gain Strength 101
Source: www.tradingview.com

Bitcoin price

After a strong rejection below USD 8,850, bitcoin price started a slow and steady decline. BTC/USD broke the USD 8,700 and USD 8,650 levels. BTC/USD even tested the USD 8,550 support and it is currently consolidating. If there is a bearish close below USD 8,850 and USD 8,500, it could start a sharp…

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