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In Tuesday trade, the cryptocurrency market was uneven due to profit booking in the major crypto assets. Bitcoin, Ethereum, Solana, Cardano, and Tron were down, while BNB, XRP, Dogecoin, Chainlink, and Toncoin were up.

Bitcoin traders were selling their positions because they were unable to match the margin requirements when the Bitcoin process rose and then fell in a short period of time after Bitcoin ETF listings. Because of the macroeconomic conditions, the market is projected to remain volatile in the next weeks.

Bitcoin (BTC) was down 0.6% at $42,667, while Ethereum (ETH) was down 1.6% at $2,513 at the time of writing. Altcoins such as Toncoin and BNB, on the other hand, increased by 13.2% and 4.5%, respectively.

The price of Bitcoin fell to surprising lows following the approval of the spot ETF, but the bullish performance of altcoins may indicate an early reversal. The excitement surrounding spot Bitcoin exchange-traded funds was palpable, but the lack of a dramatic upward surge may have led traders to take profits. As a result, the price fell sharply to $41,500.

Bitcoin’s price action has been turbulent recently, and the struggle to sustain prices over $48,000 may have encouraged short-term traders to book profits, resulting in a significant drop on January 16. The 20-day exponential moving average ($43,933) is beginning to fall, and the RSI is just below the midway, indicating that bears are trying to make a comeback.

The crypto market was calm during the weekend, with modest trade volume. From a technical standpoint, BTC fell to $42,000 levels after achieving a new high of $49,000. As it trades below the 20 EMA Daily, it appears bearish to neutral. The current level, as well as the $41,000 level, must be maintained for BTC to avoid a negative scenario.

Following a significant gain, ETH has demonstrated relative strength over BTC in recent days. ETH is currently consolidating, which is considered a positive pattern. The important level for ETH is $2,450, and it must remain above it. ETH’s local resistance level is $2,660.

In the latest 24 hours of trading on Tuesday, the global cryptocurrency market cap declined 0.32% to roughly $1.68 trillion.

Bitcoin presently has a 49.78% market share. BTC volume increased 17.5% in the last 24 hours to $19.84 billion.