The total market cap fell 1.42% to $2.32 trillion, with Bitcoin leading the decline.
Despite the dip, Bitcoin remains in a consolidation phase, and a break below $62,538 could signal a bearish takeover.
Ethereum is struggling below $3,100. Losing this support could lead to a further drop towards $2,900, and a break below $2,817 would be a strong bearish sign.
Solana successfully broke above its 25-day moving average and is retesting $160 resistance. A break above this could lead to a rally towards $180 or $200.
Render is bouncing back after a bear pullback. A continued rise could see it challenge the $13.8 resistance level.
The crypto market has taken another step back over the last 24 hours, with a 1.42% decline in the total market cap, and a $2.32 trillion figure.
This decline is mostly due to Bitcoin’s dip below the $64,000 price level, as shown in the heatmap below:
The crypto market’s heatmap
The heatmap above shows that the crypto market decline is almost market-wide, with only a few L1s like Solana and XRP staying green.
The crypto market’s liquidation heatmap
In terms of liquidation, it turns out that the bulls weren’t expecting the dip below $64,000 on Bitcoin, explaining how $215 million got wiped off the board from leveraged traders across the market.
As expected, the bulls suffered the worst of the liquidations, losing around $149 million compared to the bears’ $65 million.
Overall, the bulls remain in control despite how things look, and the market is merely going through a consolidation.
As shown by the chart snapshot below, Bitcoin is consolidating around its medium-term moving average (red line) between $62,538 and $65,500.
This explains its consolidation over the last day, compared to its rapid climb from the $56,550 support.
Bitcoin’s price action
Bitcoin’s prospects—as far as bullish price action is concerned—remain intact.
The bears can only take control of the market if we see a break in the cryptocurrency below $62,538, leading us to believe that Bitcoin might be testing the $67,000 - $70,000 zone pretty soon.
One of the reasons the market slump was especially harsh over the last day, is because of Ethereum.
As shown by the charts, Ethereum is down below the $3,100 zone and is now trying to make its way back above this crucial support.
Ethereum’s price action
As expected, if the bulls are unable to stage a comeback and bring Ethereum back above $3,100, the cryptocurrency remains at risk of dropping further down and retesting the $2,900 zone.
Overall, the price level to watch would be the $2,817 zone because a break below would result in total bearish control.
As shown by the charts, Solana entered an impressive rebound off the $118 zone last week on Wednesday and has been making its way higher ever since.
Solana’s price performance
Solana has successfully broken above the 25-day moving average and is doing pretty well with its current retest of the crucial $160 resistance.
If Solana were to break above $160, it would constitute a higher high, and therefore a better chance at rallying further and retesting $180 or even $200.
What we have here in the chart below is Render’s weekly timeframe.
As shown, the crytocurrency broke above the $7.9 zone in early March but was caught up by the bears around $13.8.
The bears successfully pulled it straight down much lower to $6.2, where Render spent the next few months attempting a rebound.
Render’s price action
As shown above, we are finally seeing this rebound, with the cryptocurrency sitting at around $10.4.
If the bulls continue to apply this much pressure against the bears, we are set to see the cryptocurrency rally further up to the $13.8 resistance, and even further up.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.