With Bitcoin breaching a significant resistance level of $16,750, the cryptocurrency market as a whole is exhibiting a significant downturn. Similar to Bitcoin, Ethereum, the second-ranking cryptocurrency, has experienced a sharp increase of 3% to $1,250.

Despite the fact that the global crypto market value increased 0.54% to $809.35 billion the previous day, major cryptocurrencies were trading in the bullish early on January 4. Over the previous 24 hours, the total crypto market volume increased by 12.75% to $26.64 billion.

DeFi’s total volume is $1.92 billion, accounting for 7.20% of the overall 24-hour volume in the crypto market. The total volume of all stable currencies is currently $24.85 billion, accounting for 93.30% of the crypto market’s total 24-hour volume.

Bitcoin Price

The current bitcoin price is $16,857, with $15 billion in trading volume in the last 24 hours. Bitcoin has broken through a major resistance level of $16,785 and is now heading north toward the next resistance level of $16,950.

Bitcoin has formed a bullish engulfing candle on the 4-hour timeframe, indicating the possibility of a strong uptrend continuation. A break above $16,950 could take Bitcoin to the $17,250 level.

Ethereum Price

The current price of Ethereum is $1,247, with a 24-hour trading volume of $4.8 billion. Ethereum has gained 2.5% and has found immediate support at the $1,235 level.

On the upside, ETH’s immediate resistance remains at $1,260, and a bullish breakout could expose the price to $1,280 or $1,300.

While support is still around $1,235, a break below this level may allow for more selling until $1,205.

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