Background

For the most investors in cryptocurrency, it has been rather a bearish beginning of the day today. For the rest of the market, though, a price shift of $35,500 for Bitcoin may provide a bit of hope and support.

During Tuesday, January 12, there was a sharp decline of 3.63% for Bitcoin, in terms of BTC to USD. Preceding to this, on the previous day, the bitcoin prices fell by 7.31%, also in terms of BTC to USD. On Monday, the day ended with Bitcoin at $34,123. These bitcoin numbers had been in the reds for four consecutive days up till then.

The start of the day was rather mixed. At first, Bitcoin fell to a low of $33,762 in the morning before it made a move upwards again.

Later in the morning, Bitcoin, thereafter, went on an intra-day high of $36,656, whilst keeping itself away from the 23.6%-mark FIB of $33,008 and the first prominent support level at $31,269.

In the early afternoon, bitcoin fell to a midday low of $32,427, being just short of the first main point of resistance at $38,912.

Towards the end of the day, Bitcoin was witnessed briefly reproaching the levels of $35,500 before it fell back inside the range of red numbers again.

In spite of the occurrence of reversal at a later time, Bitcoin steered clear of a fall back amidst the 23.6% FIB of $33,008.

It was in the market that the following upwards increasing trend remained unbroken, despite the occurrence of the sell-off which occurred recently. As far as the bears are concerned, in order to form a bearish trend very soon, it is required by the Bitcoin to slip from the 62% FIB of $18,504 to form a near-term bearish trend.

Reviewing The Remaining Majors

A mixed day was observed on Tuesday for the remaining majors.

A gain by a factor of 10.22% highlighted the rally by Bitcoin Cash SV which led the day.

Other trends included the following;

• Binance Coin (+0.12%)

• Cardano’s ADA (+4.89%)

• Crypto.com Coin (+5.88%)

• Polkadot (+4.45%)

• Ripple’s XRP (+1.66%)

For the remaining of them, it seemed to be a rather bearish day.

The ones which went in the reds, along with bitcoin were;

• Chainlink (-4.13%)

• Ethereum (-3.56%)

• Litecoin (-4.28%)

Earlier during this week, the cryptocurrency’s total market capitalization was seen to rise to a high of $1,040.51 on Monday, before it fell to a low $804.33 billion the same day. During the time this article was written, the total market capitalization pf crypto was recorded at $888.48 billion.

Bitcoin’s dominance rose from a Monday low 68.39% to a Monday high 69.97%. At the time of writing, Bitcoin’s dominance stood at 69.00%.

Today’s Morning

When this was written, Bitcoin slipped down to $33,058 by 3.12%. Generally, a bearish beginning today witnessed Bitcoin slip from a high of $34,105 during the beginning of the morning to a low $32,931.

Bitcoin was seen slipping from the 23.6% FIB of $33,008 during exiting the main support and resistance points untested early on during the day.

It was, however, generally a mixed beginning for the day somewhere else.

Polkadot rose by a factor of 0.69%, making positive gains in the market. It was observed, however, that Bitcoin Cash SV and Crypto.com Coin went horizontal.

It was, however, a bearish beginning for the remainder of the majors.

It was recorded during the time this article was written that Ethereum led the way down after slipping down by a factor of 3.65%.

Later in The Day for Bitcoin

Experts and analysts at Investopedia believe that Bitcoin certainly requires to travel through the major point at $34,400, in an attempt to move the first significant resistance level at $36,631 into the market activity.

In order for the bitcoin to move up from the constant levels of $35,500, a consistent backing from the larger market would be required. Visit Bitqs robot to find more news and  information on cryptocurrencies and their trends.

With the exception of a prolonged rally in the cryptocurrency, the very first main level of resistance and a high of $36,656 on Tuesday would possibly cover any upside.

However, if a prolonged rally the cryptocurrency does take place, Bitcoin can test resistance at the levels of $40,000 before experiencing the anticipated pullbacks. $38,630 is the level where the second main resistance point sits.

If it does not succeed in moving through the level of $34,402, it would move the 23.6% FIB of $33,007 and the first main support point at around $32,148 into consideration.

With the exception of an additional extended cryptocurrency sell-off, Bitcoin is expected to move past the sub levels of $30,000. The downside is also expected to be limited by the second main support point at $30,173.