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 <p class=""><strong>Bitcoin (BTC) and specific alternative cryptocurrencies are currently being traded at levels surpassing their support points as market participants anxiously anticipate the verdict of the United States Securities and Exchange Commission (SEC) regarding multiple applications for spot Bitcoin (BTC) exchange-traded funds (ETFs) scheduled for a decision by January 10.</strong></p> 
 <p class="">The primary question occupying the thoughts of cryptocurrency traders pertains to the potential impact on Bitcoin’s price in the event of approval for a spot BTC ETF. Analyst opinions on this matter are divergent, with some foreseeing a sustained uptrend and others envisioning a decline in value following the announcement.</p> 
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    <em><strong><sub>Daily cryptocurrency market performance. Source:&nbsp;</sub></strong></em><strong><sub><em>Coin360</em></sub></strong>
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 <p class="">Irrespective of the short-term price implications of the event, the ETF approval will likely be bullish for long-term investors. If one or more Bitcoin ETFs are approved, it will boost the sentiment of the entire sector and increase the hopes that&nbsp;Ethereum ETF applications&nbsp;in the U.S. may also see the light of day.</p> 
 <p class="">Will Bitcoin and altcoins witness aggressive buying over the next few days? What are the crucial levels to watch out for? Let’s analyze the charts to find out.</p> 
 <h2 class="wp-block-heading" id="sp-500-spx-index-price-analysis">S&amp;P 500 (SPX) Index price analysis</h2> 
 <p class="">The S&amp;P 500 Index started a correction from 4,793 on December 28, indicating that short-term traders may be booking profits.</p> 
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    <em><strong><sub>SPX daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The bears pulled the price below the 20-day exponential moving average (4,698) on January 4, but the bulls have not yet given up. Buyers are trying to maintain the price above the 20-day EMA on January 8. The 20-day EMA has flattened out, and the relative strength index (RSI) is just above the midpoint, suggesting a range-bound action in the near term. The index may oscillate between 4,650 and 4,793 for a while.</p> 
 <p class="">If the price breaks below 4,650, it will indicate the start of a deeper correction to 4,541. Buyers are expected to protect this level as a break below it will put the bears in command. On the upside, a rise above 4,793 will clear the path for a potential rally to 5,000.</p> 
 <h2 class="wp-block-heading" id="u-s-dollar-index-dxy-price-analysis">U.S. Dollar Index (DXY) price analysis</h2> 
 <p class="">The U.S. Dollar Index rebounded off the 101 support on December 28 and rose above the 20-day EMA (102) on January 3.</p> 
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    <em><strong><sub>DXY daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The index is witnessing a tough battle between the bulls and the bears near the 20-day EMA. If the price turns lower and maintains below the 20-day EMA, it will suggest that the bears have overpowered the bulls. That may result in a retest of the strong support at 101.</p> 
 <p class="">Alternatively, if the price bounces off the 20-day EMA, it will suggest that the bulls are trying to flip the level into support. The index will then try to rise to the overhead resistance at 104.50.</p> 
 <h2 class="wp-block-heading" id="bitcoin-btc-price-analysis">Bitcoin (BTC) price analysis</h2> 
 <p class="">Bitcoin price rallied above $46,000 on January 8, and buyers will do their best to turn the $45,000 level, which had been a long-term resistance, to support.</p> 
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    <em><strong><sub>BTC/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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 <p class="">The gradually upsloping 20-day EMA ($43,409) and the RSI in the positive area suggest that the bulls have the edge. If the price closes above $44,700, the BTC/USDT pair will complete the bullish ascending triangle pattern. The pair could rally to the pattern target of $49,178 and subsequently to $52,000.</p> 
 <p class="">This bullish view will be invalidated if the price turns down and plunges below the triangle’s support line. The pair may fall to $40,000 and eventually to the vital support at $37,980.</p> 
 <h2 class="wp-block-heading" id="ether-eth-price-analysis">Ether (ETH) price analysis</h2> 
 <p class="">Ether&nbsp;<a target="_blank" rel="noreferrer noopener">has been range-bound between $2,400 and $2,100 for the past several days, indicating a status of indecision among the bulls and the bears.</a></p><a target="_blank" rel="noreferrer noopener"> 
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     <em><strong><sub>ETH/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">If the price sustains below the 50-day SMA, the bears will try to sink the ETH/USDT pair to solid support at $2,100. This remains the vital short-term level to watch out for because a break below it may open the doors for a drop to $1,900.</p> <p class="">Conversely, the 20-day EMA ($2,266) remains the essential short-term resistance that will pose a solid challenge for the bulls. If buyers overcome this barrier, the pair may climb to the overhead resistance of $2,400. A break and close above $2,400 will indicate the start of the next leg of the uptrend toward $3,000.</p> <h2 class="wp-block-heading" id="bnb-price-analysis">BNB price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">BNB&nbsp;</a><a target="_blank" rel="noreferrer noopener">turned down from $327 on January 5 and broke below the 20-day EMA ($297) on January 8, indicating that bears are trying to reverse the uptrend.</a></p><a target="_blank" rel="noreferrer noopener"> 
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     <em><strong><sub>BNB/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">If the price sustains below the 20-day EMA, the selling could accelerate, and the BNB/USDT pair could descend to the neckline. This level will likely be a strong support, but the bears are expected to pounce on every rise.</p> <p class="">Contrary to this assumption, if the price turns up from the 20-day EMA, it will suggest that the sentiment remains positive and traders are buying on dips. The pair could then gradually rise toward $327.</p> <h2 class="wp-block-heading" id="xrp-price-analysis">XRP price analysis</h2> <p class="">XRP closed below the $0.57 support on January 6, completing the bearish descending triangle pattern.</p> 
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     <em><strong><sub>XRP/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The 20-day EMA ($0.60) has been turned down, and the RSI is in the negative zone, indicating that the Bears are in command. Buyers are attempting to start a relief rally on January 8 but face strong selling by the bears above $0.57.</p> <p class="">If the price remains below $0.57, the selling pressure could increase, and the XRP/USDT pair may dive to the psychological support at $0.50. The bulls must shove the price above the downtrend line to signal a comeback.</p> <h2 class="wp-block-heading" id="solana-sol-price-analysis">Solana (SOL) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">Solana’s&nbsp;</a><a target="_blank" rel="noreferrer noopener">rebound off the 20-day EMA ($96) on January 4 was short-lived as higher levels attracted selling by the bears.</a></p><a target="_blank" rel="noreferrer noopener"> 
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     <em><strong><sub>SOL/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The SOL/USDT pair turned down and plunged below the 20-day EMA on January 6 but is finding support at the uptrend line, which is just above the 50-day SMA ($79). The pair could rise to the downtrend line if bulls kick the price above the 20-day EMA. This level may be a formidable resistance for the bulls to cross.</p> <p class="">On the downside, the bears must sink and sustain the price below the 50-day SMA to intensify selling. The pair may then tumble to $67.</p> <h2 class="wp-block-heading" id="cardano-ada-price-analysis">Cardano (ADA) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">The bears cut short Cardano’s&nbsp;</a><a target="_blank" rel="noreferrer noopener">recovery attempt near the 20-day EMA ($0.56) on January 4 and resumed selling from January 5.</a></p><a target="_blank" rel="noreferrer noopener"> 
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     <em><strong><sub>ADA/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">Aggressive selling yanked the price below the 50-day SMA ($0.52) on January 7, signalling that bears are in control. The bulls are trying to start a relief rally from $0.46 but may face strong selling at the 20-day EMA.</p> <p class="">If the price turns down from the 20-day EMA and breaks below $0.46, the selling could accelerate, and the ADA/USDT pair may plunge to $0.37. Bulls will have to quickly drive the pair above the 20-day EMA if they want to prevent the fall. The pair may then climb to the downtrend line.</p> <h2 class="wp-block-heading" id="avalanche-avax-price-analysis">Avalanche (AVAX) price analysis</h2> <p class="">Avalanche&nbsp;turned down from the 20-day EMA ($38.09) on January 4, indicating that the bears remain active at higher levels.</p> 
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     <em><strong><sub>AVAX/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The selling resumed on January 5, and the AVAX/USDT pair reached crucial support at $31 on January 8. Buyers are expected to vigorously defend the $31 level because if the support breaks down, the pair may plunge to $24.</p> <p class="">The pair will likely rise to the 20-day EMA if the price exceeds the current level. If the price turns down from the 20-day EMA, the $31 support will be at risk of breaking down. Contrarily, a rise above the 20-day EMA will suggest that the bears are losing their grip. The pair may then climb to $44.</p> <h2 class="wp-block-heading" id="dogecoin-doge-price-analysis">Dogecoin (DOGE) price analysis</h2> </a>
 <p class=""><a target="_blank" rel="noreferrer noopener">The failure of the bulls to sustain Dogecoin&nbsp;</a><a target="_blank" rel="noreferrer noopener">above $0.08 encouraged the bears to increase their selling pressure.</a></p><a target="_blank" rel="noreferrer noopener"> 
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     <em><strong><sub>DOGE/USDT daily chart. Source:&nbsp;</sub></strong></em><strong><sub><em>TradingView</em></sub></strong>
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  </div> <p class="">The moving averages have completed a bearish crossover, and the RSI is in negative territory, indicating that bears hold the edge. Sellers will try to pull the price to $0.07 and then to $0.06, where the bulls may step in.</p> <p class="">The first sign of strength will be a break and close above the 20-day EMA ($0.09). That could open the doors for a retest of the $0.10 to $0.11 resistance zone. The DOGE/USDT pair could reach $0.16 if this zone is overcome.</p> <h4 class="wp-block-heading"><em>Source – Rakesh Upadhyay</em></h4> </a>
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<p><a target="_blank" rel="noreferrer noopener">Source: </a><a rel="dofollow" target="_blank" href="https://thebittimes.com/latest-market-overview-8th-jan-spx-dxy-btc-eth-bnb-sol-xrp-ada-avax-doge-tbt75967.html">https://thebittimes.com/latest-market-overview-8th-jan-spx-dxy-btc-eth-bnb-sol-xrp-ada-avax-doge-tbt75967.html</a></p>

Latest Market Overview 8th Jan: SPX, DXY, BTC, ETH, BNB, SOL, XRP, ADA, AVAX, DOGE

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