Price analysis 1/28: BTC, ETH, BNB, ADA, SOL, XRP, LUNA, DOGE, DOT, AVAX
Bitcoin (BTC) and most major altcoins are turning down from overhead resistance levels, indicating that the sentiment remains negative and traders are selling on every available opportunity.
Decentrader analyst Philip Swift said that the on-chain spent profit output ratio (SOPR) metric, which aggregates the price of purchase versus price sold during a given period, indicates that traders are selling their Bitcoin holdings for a loss.
Another metric that is worrying traders is the funding rates, which has further slipped into the negative territory following comments by the U.S. Federal Reserve. Crypto research firm Delph Digital expects Bitcoin to “make a lower low after recently testing the $34K level."
Among several bearish projections, there was an uber bullish long-term forecast by Cathy Wood’s Ark Invest. The report projected Bitcoin’s price to cross $1 million by 2030 and Ether to reach between $170,000 to $180,000 during the same period.
Could Bitcoin and most major altcoins bottom out near current levels? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin is facing stiff resistance in the overhead zone between $37,332.70 to $39,600. This suggests that bears are unwilling to let go of their advantage and are selling on rallies.
The pullback of the past few days has resolved the oversold levels in the relative strength index (RSI). The bears will now attempt to resume the downtrend by pulling the BTC/USDT pair below $32,917.17. If they succeed, the next stop could be $30,000.
Alternatively, if the price turns up from the current level and rises above $37,332.70, it will suggest accumulation at lower levels.
The buyers will then attempt to push the price above the 20-day exponential moving average
Read more on cointelegraph.com
