The crypto market has rebounded, with its market cap up by 3.86% in the past 24 hours.
Bitcoin has reclaimed the $61,000 mark, and Ethereum is trading at around $2,600
The crypto heatmap has turned mostly green, showing a bullish sentiment among traders.
Despite the market's positive performance, the fear and greed index remains relatively unchanged.
DogWifHat, Aave, FET, Neo, and Wormhole are the top gainers, with increments of 10%—16% in the past 24 hours.
The crypto market is much better today than it was yesterday.
The total crypto market cap increased to $2.15 trillion, or 3.86%, over the previous 24 hours.
Bitcoin is back above the $61,000 mark, and Ethereum trades at around $2,600.
The crypto heatmap
The crypto heatmap has also turned almost completely green as illustrated, in an apparent show of health.
Interestingly, the crypto fear and greed index hasn’t moved much from yesterday’s level.
The fear and greed index
Despite the market's health, this metric still shows a slightly fearful 46%
Some of the biggest winners in the market so far include DogWifHat, Aave, Artificial Superintelligence Alliance (FET), Neo, and Wormhole—all with price rallies of 10%—16% in the previous 24 hours.
The crypto liquidation heatmap
The liquidation heatmap shows a slightly higher figure today, with $110 million taken from leveraged traders across the market (compared to the $76 million from yesterday).
This time, although the margin between the bulls and bears isn’t as wide considering Bitcoin’s break above $60,000, the bears lost $64 million, compared to the bulls who lost $46 million.
Today, overall, the bulls are in control, and almost every cryptocurrency is trading green.
According to the chart below, we can see an encouraging rebound on Bitcoin’s 20 August candlestick.
Bitcoin in the charts
This rebound now puts the cryptocurrency at a price of around $61,000, which is encouraging, considering the cryptocurrency’s position underneath for the past week.
However, to confirm that the bulls are back in control, we might need to see a new higher high.
Bitcoin will need to break above its previous local high of $62,745 for this, and investors should consider a “wait and see approach” for now, until this occurs.
According to the charts, while Bitcoin seems to be making a headway, Ethereum is still being challenged by the resistance block between $2,690 and $2,800.
Ethereum’s price performance
Like Bitcoin, Ethereum will need a break above this range to confirm its bulls' dominance.
The RSI on the daily chart is turning up, though, and is now aiming for the neutral zone.
Once again, until a break occurs, investors should consider approaching the situation with caution.
DogWifHat is one of the best gainers on the market among the top 100.
As shown, the cryptocurrency rebounded clean off the $1.4 price level and is now trading at around $1.557 in the descending wedge shown below:
DogWifHat’s price action
This range between $1.5 and $1.6 is particularly important as a support/resistance level, considering how it held the memecoin up for most of its run before breaking down on 3 August.
With this being said, the $1.5 and $1.6 range might be especially difficult to break above.
However, if we do see a breakout, DogWifHat will likely rally to the top of the wedge, where it will have a valid chance to breakout and rally once again to $5.
Artificial Superintelligence Alliance, or FET, currently trades within a descending wedge formation and is extremely close to a breakout, as shown:
The descending wedge on ASI
Over the next few days, we should see the cryptocurrency gravitate toward the psychological $1 resistance, where the bulls and bears will likely battle for dominance.
Depending on which side wins the battle, we might see a massive 280% price increase to the $3.5 high.
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.