Technical Analysis

Since November 11, severe winter storms in the United States have driven a roughly 12% drop in Bitcoin's network hashrate, pushing it down to around 970 exahashes per second. Mining revenue fell from about $45 million per day on January 22 to a low near $28 million two days later, as large operators curtailed output and profitability sank to levels last seen in November 2024.

On 31 January, a broad crypto sell-off pushed ASTER down to $0.507 before a minor rebound to about $0.552, roughly 7% lower on the day. AsterDex activated its Strategic Reserve Buyback Fund to route fees and reserves into targeted repurchases, with 248.08 million tokens worth $137 million accumulated and additional season 5 purchases reported.

Over the weekend, Bitcoin briefly fell about 7% to $77,000 before rebounding to near $78,600, a move analyst PlanC contends could represent the deepest correction of the current bull market. He argues the price action resembles previous capitulation phases and estimates a potential cycle floor between $75,000 and $80,000, while other strategists warn that further downside toward the mid-$60,000 or even $60,000 area remains possible amid hawkish Federal Reserve policy and geopolitical tensions.

Bitcoin slid about 7% on Saturday to around $77,000, with more than $2 billion wiped from the crypto market. It later hovered near $78,690 at publication, according to CoinMarketCap. Analysts are split: some see a bottom between $75,000 and $80,000, while others caution potential declines toward $60,000–$65,000 in 2026.

Zcash (ZEC) extended a four-day slide to a 13% weekly drop, trading at $322 with a 24-hour decline of 3.25% as volume fell 12% to $450 million. Price action around $310 and derivatives positioning skewed to shorts highlight risk of a move toward $200 if that support gives way.

In the final stretch of January, Bitcoin briefly fell under $80,000 as analysts highlighted roughly $1.3 billion in liquidations within 12 hours. Market expert Burak Kesmeci views $80,000 as both a key technical support and the approximate cost basis for spot Bitcoin ETFs, with January 2026 net outflows already at $1.61 billion. He cautions that a confirmed weekly close below this level could extend downside toward $72,000, $68,000 and $62,000, while a rebound above $90,000 and $95,000, and eventually $100,000, would improve the bullish outlook.

On Saturday, XRP slid to just above $1.50, marking its weakest level since November 2024 before recovering to more than $1.60. While broader crypto market losses pressured the token, some analysts highlighted a bullish dragonfly doji on the XRP/BTC pair and a hold above the 33 EMA on the monthly chart. Others warned of a possible dead-cat bounce but also pointed to a historical pattern that once preceded gains of up to 1,600% after a similar structure in 2017.

Bitcoin traded near $78,000 after a 6–7% drop in the past 24 hours, with intraday lows around $76,000–$77,000. Gold and silver also retreated, and over $1 billion in crypto leverage was liquidated. Key areas to watch are $86,000 on the upside and $75,800 to $71,600 below.

On 31 January, Monero rose to $500.87, up 8.72% from the day's open, before broader selling in Bitcoin pushed XMR back toward $450 support. The analysis noted market sentiment was fearful with a Fear and Greed reading of 18, while BTC neared its $74k weekly swing low. Liquidity clusters sit at $400–$415 and $500, suggesting traders may wait for a sweep.

XRP fell 9% in 2026 and touched $1.60, its first nine‑month low, after breaking the $1.80 support. According to Alphractal, a 0.998 correlation to Bitcoin and an 87% altcoin‑BTC linkage keep price action tethered to BTC swings. Despite SoSoValue's noted ETF inflows and RWA TVL rising 11% to $235 million, gains remain muted.