According to CoinStats data, the cryptocurrency market is experiencing a downturn with most coins trading in the red zone on January 16, 2026. Bitcoin (BTC) has declined by 1.23% over the last 24 hours, while XRP has seen a more significant drop of 2% during the same period.
Bitcoin's technical analysis shows the price breaking below the local support level of $95,135 on the hourly chart. If the daily candle closes far from this mark, analysts predict a further decline to the $94,000 zone by tomorrow. From a longer-term perspective, BTC continues its downward trajectory following yesterday's bearish closure, with potential testing of the $93,000-$94,000 range by week's end if the bar closes near its low.
The midterm outlook for Bitcoin focuses on the weekly bar's closure relative to the $95,938 level. A closure far from this level could give bears the initiative, potentially driving the price down to the $90,000-$92,000 range. At press time, Bitcoin was trading at $94,541.
XRP's technical situation appears even more challenging, with sellers demonstrating greater power than buyers as the week concludes. On the hourly chart, XRP is hovering near the local support at $2.0530, with a potential breakdown possibly leading to a test of the $2.03-$2.04 range by tomorrow.
The longer timeframe analysis indicates traders should monitor the $2.0450 level closely. If the daily candle closes below this threshold, the accumulated bearish momentum could drive prices toward the $2.00 area, a scenario considered relevant until the end of the week. From a midterm perspective, the outlook is described as "rather more bearish than bullish," with potential testing of the $1.80 range if bulls lose the $2.00 support zone. XRP was trading at $2.0462 at press time.
