The crypto market is showing encouraging improvement, with Bitcoin nearing $62,000 and the total market cap rising 0.65%.
The crypto market's liquidations also dropped to $84 million, with bullish liquidations lower than bearish ones for a change.
Bitcoin must break above $62,500 to avoid revisiting May's $56,000 low.
Ethereum is struggling to stay above $3,660; another drop below this level can trigger a steeper decline.
Notcoin seems bullish and might even register a 40% upswing if it holds above $0.01533 support.
Ethereum Name Service (ENS) might cooking a massive rebound. A break above $28 could lead to a surge towards $37.
The crypto market has done what little it can today in terms of recovery.
Bitcoin, for example, is back above the $61,000 zone and is close to breaking above $62,000.
We have a 0.65% rise in the market’s total market cap today, as well as a crypto heatmap that looks like this:
The crypto heatmap
The crypto heatmap shown above shows the market's modest gains, with less than 1% price movements in either direction for most of the top cryptocurrencies, including Bitcoin, Ethereum, Solana, and BNB.
According to Coinglass data, the crypto market's liquidations have cooled in the last 24 hours, dropping from more than $300 million to around $84 million.
The crypto market’s liquidation heatmap
Interestingly, the bullish liquidations have been relatively milder than the bearish ones, as opposed to what we have seen over most of the last two weeks.
This time, while the bulls lost $34.98 million, the bears lost around $48 million.
This leads us to believe that while the market is still in consolidation, the tide has favoured the bulls somewhat over the last 24 hours.
The chart below shows Bitcoin's recovery from its slump towards $58,000. Bitcoin spent most of yesterday travelling from this $58,000 low to a high of around $62,500.
However, instead of a break above, we are looking at the start of a consolidation, with another possible drop towards $58,000 or lower.
Bitcoin’s price performance
Needless to say, Bitcoin must see a break above the $62,500 zone because a rejection from this price level would send the cryptocurrency further down.
If the bulls continue to sit on the sidelines, we might be seeing a revisit of May’s $56,000.
According to the charts, the Ethereum bulls prevented the cryptocurrency from closing below $3,660 after it fell below that price level.
While yesterday, we saw some degree of stability in the cryptocurrency, Ethereum still doesn't look like it's out of the bearish forest yet.
Ethereum’s price action
The cryptocurrency even trades at around $3,381 at the time of writing and is too close to this $3,660 price level for comfort.
If the bulls take another slip up from here, the consequence is another drop below and a close underneath this time around.
Again, the need for caution when approaching Ethereum cannot be overstated.
Judging by Notcoin's hourly chart, the cryptocurrency broke out of the descending trendline shown below yesterday and has been grinding slowly upwards since.
Notcoin in the charts
The chart above also shows that the cryptocurrency has turned the $0.01533 price level into support and will likely continue further upwards as long as a break below this price level doesn't occur.
In sum, Notcoin has what it takes to rally further upwards by another 40% to the upside before hitting the $0.217 high.
Ethereum Name Service (or ENS) appears to be in the middle of an ongoing rebound from the ascending trendline shown above and even performed a clean rebound from the $21.22 price level earlier in the week.
ENS in the charts
As shown by the chart above, the cryptocurrency trades at around $25 and continues to inch closer to breaking above the $28 price level.
If we see this breakout occur on ENS above $28, we can expect further upside, taking the cryptocurrency up into a parabolic rally towards $37
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