The new year has started with a crypto market correction, with Bitcoin price being in the red zone
The year 2022 has begun with a correction of the crypto market, as all coins from the top 10 list are in the red zone. The Bitcoin price has dropped 5% in the past seven days. At the time of writing, it is changing hands at $47,381.
BTC/USD 4-hour chart | Source: TradingView
Are the market and Bitcoin price ready to start the new year on a high note?
Despite the drop, the main cryptocurrency is in the middle of a wide channel between support at $41,967 and resistance at $53,300. In this case, one needs to wait until the price returns to the green line and finds the leg below it. If that happens, the bears could fully seize the opportunity to push BTC price down to the critical $40,000 level.
“Bitcoin’s Network Realized Profit/Loss is a fantastic way to gauge when traders are in pain, and the network is trading a significant gain or loss. Ever since the December 3rd dump, there have been significant dips in and (just) out of the buy zone”, Santiment stated.
Source: Santiment
XRP is stabilizing today, with its price down just 1% since yesterday. Ripple’s native token is traded similarly to Bitcoin because it also has a wide reach. Volume is low, so the bears are not ready to give up even though the price is recovering towards the $0.8 area. If the buyers fail to hold this mark, they will likely see an extended decline to the nearest support at $0.652. XRP is trading at $0.843 at press time.
The overall cryptocurrency market cap stands at $2.242 trillion, and Bitcoin Dominance is 40%.
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Read more:
- Bitcoin Price Recovered Some Losses, Charts Turned Short-Term Bullish
- Bitcoin Price Dipped Below $46,000 After Seeing Highs Of $48,500 Earlier In The Day