Crypto price decline persists but Bitcoin holds support at $42,000

After a crypto price decline that ensued after the spot ETF approvals, Bitcoin is trading in a narrow trading range, but its support is robust at $42,000.

The week began on a comparatively weaker note for the crypto market, as it slid from its previous highs just a week back. The crypto price decline may have occurred due to traders’ and investors’ continuous sell-offs in the market. After Bitcoin exceeded $48,000, traders have gone into a profit-booking mode. Currently, Bitcoin’s trading range is slightly stagnant, while some tokens have, in fact, posted gains in the last 24 hours.

BNB, XRP, LINK, and DOGE saw positive returns amidst the bearish trends. On the other hand, ETH and SOL have both gone through a dip. Weekly returns of most tokens are in the green, but the tokens would have to surge to sustain them. Meanwhile, a buying opportunity can emerge for traders if BTC dips below $42,000.

Bitcoin did go below $42,000 in the early hours of January 15, but bulls helped it recover to its current levels. The crypto fear and greed index had moved towards ‘extremely greedy’ levels earlier. After the sell-offs, it has settled in the neutral zone. In the next few days, traders may observe the ETFs’ performance and make their next move accordingly.

BTC/USD 1D price chart

Bitcoin is currently trading at around $42,700 on January 15, 2024, with BTC/USD trading lower by a margin of 0.3% in the last 24 hours. Bitcoin’s market cap was trading at around $836 billion.

BTC/USD is trading lower than its 20-day EMA (43,907.27), as BTC’s 24-hour volume was at around $19 billion. The crypto market cap decreased by around 0.56%, trading above $1.68 trillion. BTC’s year-to-date returns are above 1.78%.

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