Market
Bitcoin Price Takes a Plunge: Analyzing the Sudden Drop
Bitcoin price started another decline after it struggled near $64,550. BTC declined below the $63,500 support and might continue to move down.
- Bitcoin started a fresh decline from the $64,550 resistance level.
- The price is trading below $63,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if there is a clear move below the $62,700 and $62,500 support levels.
Bitcoin Price Dips Further
Bitcoin price failed to recover above the $65,000 level. BTC struggled near $64,550 and started another decline. There was a steady decline below the $64,000 and $63,500 levels.
The price even declined below the $63,000 level. A low was formed at $62,700 and the price is now consolidating losses. There is also a connecting bearish trend line forming with resistance at $63,600 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $63,500 and the 100 hourly Simple moving average. If there is a recovery wave, the price could face resistance near the $63,550 level and the 23.6% Fib retracement level of the downward move from the $66,444 swing high to the $62,700 low.
The first major resistance could be $64,000. The next key resistance could be $64,500 or the 50% Fib retracement level of the downward move from the $66,444 swing high to the $62,700 low.
A clear move above the $64,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $65,500 resistance. Any more gains might send BTC toward the $66,200 resistance in the near term.
More Downsides In BTC?
If Bitcoin fails to climb above the $63,550 resistance zone, it could continue to move down. Immediate support on the downside is near the $62,700 level.
The first major support is $62,200. The next support is now forming near $62,000. Any more losses might send the price toward the $61,200 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $62,700, followed by $62,200.
Major Resistance Levels – $63,550, and $64,500.
Market
XRP Price Sets the Stage for More Gains: Bulls Hold the Momentum
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Market
Donald Trump Unaware of TRUMP Meme Coin’s Success
In a press conference on January 21, US President Donald Trump responded to questions about his meme coin, TRUMP, admitting that he had limited knowledge of the token despite its market success.
His comments led to a brief dip in the token’s price, which subsequently rebounded.
Donald Trump Talks TRUMP Coin: Price Fluctuates
Speaking from the White House, Trump responded to inquiries about whether he was personally benefiting from the token, stating that he was unsure if he had profited from it.
The conference primarily focused on the announcement of a $500 billion investment in the “Stargate AI” artificial intelligence infrastructure project. President Trump was joined by OpenAI CEO Sam Altman, Oracle’s Chief Technology Officer Larry Ellison, and SoftBank CEO Masayoshi Son.
When asked about TRUMP, the President appeared uncertain about its details.
“I don’t know where it is. I don’t know much about it other than I launched it, other than it was very successful,” Trump said.
Following his remarks, the token’s value briefly plummeted, prompting reactions from the financial community. Alex Krüger, founder of Aike Capital, highlighted the decline on social media platform X (formerly Twitter).
Bloomberg analyst James Seyffart also weighed in.
“Trump just nuked his own memecoin, Seyffart noted on X.
Despite the temporary setback, TRUMP quickly rebounded. At the time of reporting, it was trading at $41.24, reflecting a 15% increase in the past 24 hours.
The meme coin’s market capitalization stood at $8.24 billion. This marked a notable increase as the token’s market cap dropped to $7.5 billion after inauguration day.
When informed that his token generated billions, Trump remarked, “Several billion … that’s peanuts for these guys,” gesturing toward the CEOs accompanying him.
The “Official Trump” token, launched last week, experienced a rapid surge of over 1,100%, rising from $6 to $75 within 36 hours. However, the ownership stake remains unclear, with two entities tied to the Trump Organization controlling 80% of the supply.
Notably, the latest Forbes analysis debunked claims of a $58 billion windfall for Trump. The analysis highlighted that these estimates were based on the token’s fully diluted valuation, which factors in non-circulating tokens. With 800 million tokens locked, an 80% stake is estimated at $6.2 billion, though this figure is subject to market fluctuations.
Despite the volatility, the broader market has shown significant interest in meme coins. As BeInCrypto reported earlier, Rex Shares recently filed for meme coin exchange-traded funds (ETFs) that include TRUMP, BONK, and DOGE.
Meanwhile, meme coins stay true to their volatile nature, with TRUMP not being the only one experiencing sharp fluctuations. First Lady Melania Trump’s meme coin, MELANIA, hit an all-time high of $13 on January 20 but later dropped to around $4.
Disclaimer
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Market
Solana (SOL) Ignites New Momentum: Bulls Target Higher Ground
Solana started a fresh increase above the $240 resistance. SOL price is back above $2500 and might aim for a fresh increase above the $262 zone.
- SOL price started a fresh increase above the $240 and $250 levels against the US Dollar.
- The price is now trading above $250 and the 100-hourly simple moving average.
- There was a break above a key bearish trend line with resistance at $245 on the hourly chart of the SOL/USD pair (data source from Kraken).
- The pair could start a fresh increase if the bulls clear the $262 zone.
Solana Price Reclaims $250
Solana price formed a base above $225 and started a decent upward move, like Bitcoin and Ethereum. SOL was able to climb above the $235 and $240 resistance levels.
There was a break above a key bearish trend line with resistance at $245 on the hourly chart of the SOL/USD pair. The pair even cleared the 50% Fib retracement level of the downward move from the $272 swing high to the $230 low.
Solana is now trading above $250 and the 100-hourly simple moving average. On the upside, the price is facing resistance near the $262 level or the 76.4% Fib retracement level of the downward move from the $272 swing high to the $230 low.
The next major resistance is near the $272 level. The main resistance could be $280. A successful close above the $280 resistance zone could set the pace for another steady increase. The next key resistance is $292. Any more gains might send the price toward the $300 level.
Another Decline in SOL?
If SOL fails to rise above the $262 resistance, it could start another decline. Initial support on the downside is near the $250 zone and the 100-hourly simple moving average.
The first major support is near the $240 level. A break below the $240 level might send the price toward the $230 zone. If there is a close below the $230 support, the price could decline toward the $215 support in the near term.
Technical Indicators
Hourly MACD – The MACD for SOL/USD is gaining pace in the bullish zone.
Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is above the 50 level.
Major Support Levels – $250 and $240.
Major Resistance Levels – $262 and $272.
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