The crypto market's attempt at recovery yesterday was mostly short-lived, with liquidations ending up at $228 million and affecting the bulls mostly.
Bitcoin needs to hold above $67,232 to avoid a possibly devastating crash.
Ethereum's consolidation around $3,600 might lead to further decline if bulls don't act.
Notcoin shows promise but needs to break above the $0.01934 - $0.02 range for confirmation.
Toncoin is eyeing another all-time high, with an incoming surge above $10 if it breaks past the $7.8 resistance.
The crypto market made an attempt at recovery yesterday but is now back to previous levels.
Bitcoin, for example, came very close to breaking above the $70,000 zone once again but declined shortly after to the $67,000 zone where it now sits.
The crypto market’s heatmap
The crypto market’s heatmap doesn’t show an awful amount of red though, which is a significant step up from yesterday.
We have a noticeable increase in Bitcoin’s dominance though, showing that the market is inching further towards a Bitcoin season, instead of an altcoin one.
In the last 24 hours, the liquidations have somehow been harsher, taking around $228 million from leveraged traders, compared to barely $200 million from yesterday.
The crypto market’s liquidation heatmap
Despite the slight wave of bullishness yesterday, however, the bulls have still borne the brunt of yesterday’s liquidations, losing around $147 million, compared to the bears’ $81 million.
In sum, today, we can see that the bulls are struggling to gain traction, and might actually be making progress. However, the bulls are still not out of the woods yet, and the market remains in a consolidation phase.
According to the charts below, Bitcoin attempted to break above the ascending trendline shown below once again, explaining its rise to the $70,000 zone yesterday.
However, the bears were quick to pull the cryptocurrency down below this trendline, forcing Bitcoin to continue its consolidation around the $67,000 zone.
Bitcoin’s price action
At the time of writing, the cryptocurrency trades at around $67,300 and already has a red candlestick as its 12 June price action.
We can also see from the chart above, that Bitcoin is currently testing support around the $67,232 price level, which used to be the previous local high on 22 April.
If we see a price break below this price level, the resulting crash might be devastating, and Bitcoin should be avoided if said crash below occurs.
According to the charts, Ethereum is also consolidating underneath the $3,600 zone, which might translate into further decline if the bulls don’t take action soon.
Ethereum’s price performance
So far, what we can see in the charts is Ethereum trading between the $3,650 and $3,500 zones, with a break above or below either being the major determinant of where the cryptocurrency’s price goes next.
Ethereum is bound for quite some volatility in the coming days, and investors need to keep an eye out for what happens between this $3,650 and $3,500 range.
Jumping into Notcoin again might seem tempting at this point, considering its relatively strong price action against Bitcoin, as well as its current 10% price increase over the last 24 hours.
Notcoin’s price action
However, it might also help to wait.
At the time of writing, the cryptocurrency trades at around $0.018, which is very impressive. However, as shown above, we might need to see a break and close above the $0.01934 and $0.02 price level, to confirm that the bulls are indeed back in control of the market.
Notcoin is primed for reentry—but not just yet.
Toncoin looks to be attempting another all-time high, as shown in the chart below:
Toncoin’s price performance
The charts show us that a massive resistance block sits between the $7.54 and $7.8 resistance zone and has rejected Toncoin now, about four times.
This time around, we are seeing the cryptocurrency reattempt a break above, and if for some reason, we see a cross over $7.8, the resulting price explosion is expected to take the cryptocurrency towards (or even above) $10.
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