Bitcoin (BTC) and most of the major cryptocurrencies are struggling to find a bottom, indicating that traders are dumping their positions for fear. The big question for everyone is: Are sales over or will the decline continue?

Dylan Leclerc, chief analyst at UTXO Management, stressed that the network’s underlying cost, the average price at which Bitcoin has been moved by various investors, is $ 24,000, and historically the cost-to-price ratio has fallen below 1.0.

If history repeats itself, bitcoin may have to fall even further to make it an attractive buy.

Daily indicators for the cryptocurrency market. Source: Coin360
Long-term investors do not seem to be bothered by the recent Bitcoin correction. Glassnode data shows that investors continue to withdraw their coins for cold storage.

“The illiquid supply of bitcoin is growing steadily,” said Lex Moskovskiy, chief investment officer at Moskovski Capital.

Bitcoin and most major cryptocurrencies are approaching strong levels of support. Will investors be able to take advantage of the buying opportunity or will the bears win? Let’s take a look at the charts of the top 10 cryptocurrencies to find out.

Bitcoin / US dollar
Bitcoin has been trading in the $ 39,600 to $ 3,732.70 range for the past two days. Buyers took a sudden rally on January 23, but failed to even challenge the total resistance of $ 37,332.70. This indicates weak demand at higher levels.

BTC / USDT daily chart. Source: Trading View
Sales resumed on January 24, with the bears taking BTC / USDT below the January 22 low intraday of $ 34,008. The next downside is the critical range between $ 30,000 and $ 28,805.

An oversold level of the Relative Strength Index (RSI) indicates oversold potential in the short term. This may attract purchases from merchants near the support area. If the price bounces off this range, the bulls will try to push the pair over $ 39,600.

A break and closure above the 20-day exponential moving average (EMA) ($ 40,835) will be the first sign that the bears may lose control. A change in trend can be signaled after the price has risen and stayed above the 50-day Simple Moving Average (SMA) ($ 45,404).

Ether / US dollars
Ether (ETH) fell to close below the declining channel on January 21, indicating increased sales pressure. The bulls tried to push the price back into the channel on January 23, but failed.

Daily ETH / USDT chart. Source: Trading View
This renewed sales pressure on January 24 and the Bears pulled the price below the January 22 intraday low of $ 2,300. ETH / USDT can now fall to the psychological $ 2000 level as buyers can provide support.

If the price bounces from this level, the bulls will again try to drive the price back into the channel. If successful, the pair could rise to the $ 2,652 breakout level. Conversely, if the price breaks below $ 2000, the pair may fall to the next major support level of $ 1700.

BNB / US Dollar
The Binance (BNB) coin dipped below the declining channel support line on January 21 and the subsequent sale on January 22 pushed the price towards a strong support range of $ 330- $ 320.

BNB / USDT daily chart. Source: Trading View
Buyers tried to rise on January 23, but the bears did not let the price enter the channel again. This indicates that the bears are protecting the channel’s guide line. Sales resumed on January 24, and the Bears will try to push the price below the support area.

If the price stays below $ 320, the BNB / USDT may fall to $ 254.50 and then to the next support of $ 225.40. The first sign of strength will be a break and close in the channel. The pair can then try to go up to the 20-day moving average ($ 443).

Cardano (ADA) broke under the strong $ 1 support on January 22, but the long tail of the candle shows that the bulls have bought dip and defended the level.

Daily ADA / USDT chart. Source: Trading View
The small downside, however, is that the return from $ 1 can not even reach the 20-day EMA ($ 1.24). This indicates that salespeople jump on small rallies and do not wait for higher levels to sell.

On January 24, the Bears pushed the price below $ 1 again. If they keep the ADA / USDT pair below this level, the sales momentum may pick up. After that, the pair may fall to $ 0.80 and then to the channel support line.

Source: CoinTelegraph