Crypto Market Report: Bitcoin Seeks Direction, Ethereum Eyes $4,100, Altcoins Set for Breakouts

Crypto market consolidates with Bitcoin finding support, while Ethereum, FLOKI, and Uniswap hint at potential breakouts.
Crypto Market Report: Bitcoin Seeks Direction, Ethereum Eyes $4,100, Altcoins Set for Breakouts

Key Insights

  • The crypto market is experiencing a consolidation phase, with Bitcoin struggling at $72,000.

  • Bitcoin may retest the $67,400 support before a possible rebound and needs a break above $71,500 for a confirmed breakout.

  • Ethereum is poised for further gains after breaking its previous high, with a possible move towards $4,100 or higher.

  • FLOKI's uptrend is going strong, with a break above $0.000233 possibly leading to a 35% surge.

  • Uniswap is attempting to break out of its trading range, with a close above $9.6 being a valid entry signal for investors.

The crypto market has slid down again today, by a small 0.2%, considering Bitcoin’s difficulty with the $72,000 zone.

The cryptocurrency is attempting to finalize a break and close above this price level and has been the major cause of the market's consolidation in the last 24 hours, considering its dominance.

According to the crypto market's heatmap, Bitcoin's dominance is decreasing and now sits at 52.99%, all the way down from 55% only a few days ago.

<div class="paragraphs"><p>The crypto market’s heatmap</p></div>

The crypto market’s heatmap

Moreover, we have the market in a mix between reds and greens, showing the consolidation across most cryptocurrencies, and the greens on Ethereum and a few other large-cap alts.

<div class="paragraphs"><p>The crypto market’s liquidations</p></div>

The crypto market’s liquidations

In the last 24 hours, we have had cooled-down (but harsh nonetheless) liquidations, totalling $179 million, with more or less even liquidations between the bulls and the bears.

While the bulls lost around $99.86 million in the last 24 hours, the bears have lost around $78.48 million, indicating that the market is indeed consolidating, and no single party is “clearly winning”.

Overall, today, the market is hanging on a ledge and could teeter in either direction, depending on the difference in strength between the bulls and the bears.

Can Bitcoin Break $72,000?

According to the chart below, Bitcoin is declining further down from the $72,000 line and currently sits at $69,840 at the time of writing.

<div class="paragraphs"><p>Bitcoin’s price performance</p></div>

Bitcoin’s price performance

At this rate, Bitcoin might be aiming for a textbook confirmation of its breakout from the descending channel shown above, by retesting the $67,400 line.

If this is the case, we can expect the flagship cryptocurrency to travel further downwards between one to two days, and then rebound sharply once the consolidation phase is over.

Generally, as a rule, Bitcoin isn’t safe for entry until we either see a break above $71,500 or a rebound off the $67,400 line.

Ethereum Is Set for Further Upside

Unlike Bitcoin, Ethereum is having a field day, considering its most recent break above the previous $3,727 high from 8 April.

<div class="paragraphs"><p>Ethereum’s &nbsp;price outlook</p></div>

Ethereum’s  price outlook

As it stands, the cryptocurrency is now consolidating above this price level and is likely gearing up for another move to the upside.

Considering Ethereum’s price outlook shown in the chart above, the only invalidation of the bulls’ strength would be a decisive break below $3,650.

In the absence of this, the cryptocurrency is poised to retake $4,100 or even higher price targets soon.

Further Onwards with FLOKI

According to the charts, FLOKI has been bullish for the last three weeks, and is behaving more like this, considering its rebound from the ascending trendline shown below:

<div class="paragraphs"><p>Floki’s incoming rally</p></div>

Floki’s incoming rally

Over the last 24 hours, the memecoin appears to be struggling with the $0.000233 resistance and is aiming for a break and close above.

If we see this close above $0.000233 happen, FLOKI will become all the more poised to travel further upwards and retest $0.00031387 in a 35% rally.

Incoming Breakout for Uniswap

Just like the others, UNI is performing pretty well on the daily charts and is even attempting to break above the $10.38 - $9.6 price level, after rebounding off $6.7 on 15 May.

<div class="paragraphs"><p>Uniswap’s price action</p></div>

Uniswap’s price action

The cryptocurrency is now consolidating around $9.6, and considering the momentum the bulls managed to gather on 20 May with the extremely long candlestick, it is safe to assume that a break above this $9.6 level is possible.

To this end, investors need to keep an eye out for a break above the $9.6 zone, as well as a possible close above, for UNI to be considered safe to enter.

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.

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