Crypto Market Buzz: Bitcoin & Ethereum Teeter on Edge - Will They Fall?

The crypto market sees a 2.8% dip, with Bitcoin and Ethereum at risk of further declines, while Toncoin and Cardano teeter on crucial support levels.
bear market, voice of crypto 

Key Insights

  • The crypto market faced another decline, with the total market cap dropping by 2.8%.

  • Bitcoin fell below $61,000 and could drop further if it loses this support level.

  • Ethereum is back at $3,300 and might fall to $3,200 if it fails to hold this zone.

  • After briefly breaking above $8, Toncoin is consolidating and could face rejection if it doesn't break above $8.15.

  • Cardano might be poised for a rise from the $0.35 support level, but a drop below this zone can lead to a continued decline.

The crypto market has slid downwards once again today by another 2.8% in terms of market cap.

We have Bitcoin back below $61,000 and a mostly red market, as shown below:

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

The crypto heatmap

This time, Ethereum is back at a retest of the $3,300 price level, and the only green cryptocurrencies among the top 100 are Solana, XRP, TON, and Cardano—all of which are most bullish by small margins.

The crypto market's liquidations have shot up in the last 24 hours, with the bulls bearing the brunt of it all.

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

The crypto market's liquidations

The snapshot above shows that leveraged traders have lost around $123 million over the last 24 hours, with the bulls losing more than $100 million compared to the bearish $20 million.

With all of this mentioned, there is no doubt that the market is currently in the hands of the bears.

Lower Low for Bitcoin?

According to the chart below, Bitcoin was rejected from the $63,000 zone yesterday and has been in a freefall since.

The cryptocurrency is now testing the crucial $61,000 zone and is looking at a possible decline if we see a decisive break below $61,000.

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

Bitcoin’s price performance

Bitcoin currently hangs over a ledge above a drop towards $55,000, and if the cryptocurrency loses its standing above $61,000, the resulting drop might be devastating.

Overall, investors should brace for impact and anticipate possible flash crashes.

Ethereum: Back At $3,330

According to the charts, Ethereum is back at retesting the $3,330 zone after a relatively promising recovery from the previous week.

Just as Bitcoin hangs above the $61,000 zone, we are looking at the threat of a similar drop in Ethereum to the $3,200 zone if Ethereum loses its footing around $3,300.

<div class="paragraphs"><p>Ethereum’s ascending trendline</p></div>

Ethereum’s ascending trendline

The bulls should be able to stage a rebound around the $3,210 price level, as shown above.

However, if the cryptocurrency falls further below $3,210, the resulting drop might see Ethereum retest $2,880.

What Next For Toncoin

Yesterday, we saw Toncoin’s second break above the $7.75 price level in three weeks, as well as a break above the $8 price level.

However, just like the previous break above $7.75, the cryptocurrency appears to be consolidating before its next move.

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

Toncoin’s price action

Investors should keep in mind that Toncoin’s last break of the $7.75 price level ended up in a price rejection that took the cryptocurrency to a retest of the $6.81 price level.

If Toncoin's current price performance turns into a double-top formation, we might be gearing up for another price rejection instead of a rally.

Investors should watch out for a break above $8.15 to confirm a bullish rally.

Recovery on Cardano?

After months of bearish price action and even rejection from $0.8 around March, Cardano entered a freefall, eventually hitting the $0.35 price resistance sometime in June.

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

Cardano’s price action

The cryptocurrency has since suffered from extremely low volatility, as shown above.

However, amid the low volatility, Cardano appears poised to complete its recovery from this price level and move upwards.

As shown above, the cryptocurrency appears poised to continue its journey further upwards.

However, the only invalidation of this outlook would be a break below $0.35, under which Cardano will be poised to continue its freefall.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but 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.

Voice Of Crypto