Today’s Crypto Price: Bitcoin price drops below $102,000; Dogecoin and Sui drop by up to 6%

Bitcoin (BTC), the largest in the world Cryptocurrencyand other major cryptocurrency tokens fell on Thursday, January 23 amid Profit reservation At higher levels and in the absence of any Bitcoin-related statements from former US President Donald Trump.

As of 10:18 a.m. EST, Bitcoin was trading at $101,938, down 3.4%, after hitting an intraday low of $101,604. Ethereum fell 3.8% to $3,194. Global Cryptocurrency market capitalization It saw a decline of 3.4%, reaching $3.52 trillion.

Another major one Alternative currencies It also experienced losses. Solana shares fell 2.6%, BNB 2%, XRP 1.4%, Dogecoin 5.2%, Chainlink 6%, and Sui 6.2%. Meanwhile, the newly launched official coins of Trump and Melania Coin are down 12% and 15% respectively.

“Bitcoin is trading below $102,000 as investors look to take profits at higher levels. After rising to a new ATH, Bitcoin is likely to trade in a range between $100,000 and $109,000 through the end of the month as investors look to… “The outcome is the trend,” said Idul Patel, CEO of Mudrex.“Right now, the main support for Bitcoin is at $101,300 and the next resistance is at $106,700,” he added.

“The decline comes amid the absence of any Bitcoin-related statements from former US President Donald Trump. Altcoins are also feeling the pressure, with markets bleeding alongside Bitcoin’s decline,” CoinSwitch Markets desk noted. The volume of all stablecoins now stands at $133.77 billion, representing 91.57% of the total 24-hour cryptocurrency market volume, according to data available on CoinMarketCap. Market value The value of Bitcoin, the world’s largest cryptocurrency, fell to $2.015 trillion. Bitcoin dominance currently stands at 57.46%, according to CoinMarketCap. Bitcoin volume in the past 24 hours fell by 25.6% to $57.81 billion.

Technical rendering of ZebPay Trade Desk

Bitcoin is facing significant resistance near its all-time highs, but the encouraging news is that the bulls are holding strong. A period of tight consolidation near this critical level indicates strong conviction among buyers, indicating optimism that the uptrend will continue.

An upwardly sloping 20-day EMA and an RSI in positive territory reinforce the bullish outlook, suggesting that momentum favors an upward breakout. While the market is not expecting any interest rate cuts on January 29, the cautious tone during the press conference or any hints of quantitative easing (QE) aimed at supporting market stability could push assets like Bitcoin to new heights.

BTC formed a “Doji” candle at the top of $108,353, indicating indecision in the trend and saw profit taking. The asset has a strong support zone ranging from $90,000 to $85,000, while $105,000 and $108,000 will act as strong resistance.

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