The crypto market is in the middle of a slight decline and Bitcoin now trades at around $64,000.
Interestingly, the crypto fear and greed index is now showing a more greedy neutral reading.
The greens are more common among the small-cap altcoins than the larger cryptocurrencies.
Leveraged traders have experienced $154 million in liquidations, with the bulls suffering the most.
The cryptocurrencies to look out for include Bitcoin, Ethereum, Mina, Conflux and Bittensor.
The crypto market has taken a slight step back today, with its total market cap down by 1.17% to $2.27 trillion.
The price of Bitcoin has also declined once again to the $64,500 zone with Ethereum trading slightly above $2,600.
The crypto heatmap
The crypto heatmap is also mostly red today, with more green among the smaller-cap altcoins than in the rest of the market.
However, despite the red across the market, the sentiment among investors appears healthy with a greedy-neutral reading of 56% on the fear and greed index.
The crypto fear and greed index
Overall some of the biggest gainers over the last 24 hours include FTX token, Mina, Conflux, Bittensor, and Arweave—all of them with between 7.2% to 1% price increases over the last 24 hours.
FTX on the other hand, is the exception with a staggering 51% price increase in the last 24 hours.
On the other hand, the market's worst losers include Shiba Inu, Nervos network, Notcoin, Flare, and Akash with price declines of between 4% and 5.33%.
The crypto liquidation heatmap
According to data from Coinglass, the crypto liquidations have shot up over the last 24 hours to $154 million.
The bulls, as expected, suffered the worst of it with a general loss of $108 million.
This is around twice the value lost by the bears, at around $45 million.
With all of the data presented above, it is clear that the bears are in control of the market today.
Investors should therefore approach with caution.
According to the charts, Bitcoin successfully broke above the upper trendline of the descending channel, sometime last week.
However, instead of continuing further upwards, the cryptocurrency has now reversed and is testing the upper trendline of the formation.
The question now is: Did Bitcoin truly escape the descending channel, or is this a false breakout?
Bitcoin’s price performance
To start with, a true breakout would have caused a spike in liquidations and trading volume.
This would have happened as traders who bet on a Bitcoin decline get kicked off their positions.
However as shown by the charts, Bitcoin has shown no volume spikes so far.
This indicates that investors should not consider Bitcoin's price action as a breakout yet, at least until we see a new higher high above the $66,500 price level again.
According to the charts, Ethereum has managed to hold itself above the $2,500 price level.
It is even making attempts to rebound once and for all, as illustrated.
However, it also seems to be repelled every time it tries, by the 99-day EMA around $2,770.
Ethereum’s price action
Overall the price outlook for Ethereum remains the same: the cryptocurrency is bounded by its 25 and 99-day EMAs.
This means that its price action going forward, is directly tied to whichever of these dynamic supports/resistances break first.
Mina is one of the top gainers in the entire market and is only second to FTX token in the last 24 hours.
However, according to the charts, MINA’s bullishness didn’t start today.
Mina’s price action
The charts show that the cryptocurrency hit a yearly low of $0.3284 on 5 August and started to rally from there.
So far, the cryptocurrency has made its way to the upside and is now testing the next available resistance around $0.6265 as highlighted by the Fibonacci retracement tool.
Investors should keep an eye out for what happens around this price level.
This is because if the bears do not succeed in causing a rejection, the price of the cryptocurrency has a chance to rally further up to as high as $0.813 or even $1.
According to the charts, Conflux is still attempting to form the base of its cup and handle formation as illustrated:
The price action of Conflux
The chart illustrated, shows that the cryptocurrency is attempting to clear a major resistance on its way to the upside.
This resistance sits at $0.1917 and should be monitored for what happens next.
Interestingly, there is a golden cross between the 25-day and 99-day EMAs, which is a bullish sign.
With this in mind, investors can expect a break above this $0.1917 resistance and further movement to the upside.
According to the charts, the price of Bittensor is following the Fibonacci retracement level illustrated below:
Bittensor’s price performance
The bears rejected the cryptocurrency's price of around $578 on 24 September as shown.
However, instead of declining further, the cryptocurrency held its ground and is now attempting to break and close above this price level.
If the bulls are successful in this attempt, we should see the cryptocurrency retest the $706 level or even $835 before any kind of retracement.
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.