Crypto Market Breakout Potential: Bitcoin Eyes New High, Ethereum Rebound, Altcoins Poised for Gains

The flat crypto market hides potential breakouts for Ethereum, SEI, and Stacks, with Bitcoin eyeing a new all-time high this year
Ethereum Voice of Crypto

Key Insights

  • The overall crypto market hasn't shown significant movement in the last 24 hours.

  • Bitcoin might be close to a breakout from an ongoing downtrend, and could even reach a new all-time high this year.

  • Despite a slight price drop, Ethereum is still above a key support level and could recover soon.

  • SEI's chart shows a possible price increase of 8% followed by a further 125% surge.

  • Stacks has broken out of a descending wedge and could rise 95% if it successfully breaks above $2.2

The general crypto market has remained pretty much stagnant over the last 24 hours, with only a 0.01% increase in market cap.

In the last 24 hours, Bitcoin has managed to breach the $69,000 zone but has since been rejected to $68,700 where it currently sits.

This minor bullish change is visible throughout the entire market, where the crypto heatmap shows greens, but most of the cryptocurrencies have moved up only by minor percentages.

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

The crypto market’s heatmap

The liquidation heatmap from the last 24 hours shows that leveraged traders have lost around $113 million, with the bulls suffering the worst of it at $75 million.

<div class="paragraphs"><p>The crypto liquidation heatmap</p></div>

The crypto liquidation heatmap

Most of these liquidations, for some reason, come from the Ethereum bulls, followed by the Bitcoin bears.

In sum, the bears lost around $37 million, compared to the bulls’ $75 million in the last 24 hours.

Today again, we can conclude that the market has no clear direction and that neither the bulls nor bears have any real dominance over the other.

Bitcoin Looks More Poised to Rebound

According to the charts, Bitcoin is showing more and more signs of a possible rebound from the descending channel from the last two months.

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

Bitcoin’s price action

Yesterday, we saw Bitcoin hit an intra-day high of $70,200, before declining down to the $68,700 zone where it now sits.

The bullish takeover is only a matter of time at this point, and all the stars seem to have aligned for a Bitcoin resurgence, a break above $70,000, and possibly a new all-time high again this year.

Ethereum Is Still on Track

Ethereum might have dropped by nearly 2% over the last 24 hours. However, it remains on track.

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

Ethereum’s price action

We can see in the chart above that despite the bearish influence on the cryptocurrency, Ethereum has remained above the $3,729 price level, which shows some degree of strength when it comes to its bulls.

So long as Ethereum trades on top of this support zone and doesn't decline further down with a daily candlestick, Ethereum still has a chance to launch a comeback and retake the $4,000 zone sooner or later.

Can SEI Break Out of This Formation?

According to the charts, SEI has been largely bearish in the last 24 months.

However, in the short to medium terms, the cryptocurrency is attempting a comeback and has already formed a symmetric triangle at the base of its chart as shown below.

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

SEI’s price action

So far, the base of the triangle has held SEI up, and the cryptocurrency appears poised to make a rebound and retest the upper trendline of the formation.

Before this retest happens, we can expect SEI to rally upwards by 8% and test resistance around $0.5480.

If a breakout does occur, SEI will be poised to rally further upwards by another 125% to around $1.14.

We Have a Breakout on Stacks (STX)

According to the charts, Stacks had been trading in a descending wedge since 1 April, as shown in the chart below.

However, the cryptocurrency appears to have broken out of this formation and only has to finalize a break above the $2.2 price resistance.

<div class="paragraphs"><p>A breakout on STacks</p></div>

A breakout on STacks

At the time of writing, the cryptocurrency trades at around $1.96, and only needs slightly more bullish pressure.

All the same, if we see a successful break above the $2.2 price level, Stacks will e poised to continue further upwards by a further 95% to the $3.8 price level.

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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