Crypto Market Rebounds: Bitcoin Over $68k, Ethereum Tests $4k Amid ETF Outflow Fears

Crypto market rebounds with Bitcoin over $68k, Ethereum tests $4k, but analyst warnings linger about potential Ethereum ETF outflows and profit-taking in altcoins.
Crypto, Bitcoin, Voice of Crypto

Key Insights

  • The overall crypto market cap has risen by 1.31%, with Bitcoin back above $68,000, and Ethereum attempting $4,000 again.

  • $110 million has been lost in 24 hours, with bulls surprisingly leading the losses.

  • Ethereum appears to be stuck near $4,000 and could break easily above if the bulls apply pressure.

  • Notcoin is up by 23% in the last 24 hours but is struggling near its launch price. If we see a break above, the cryptocurrency might rally to the upside

  • Shiba Inu is up by 18%, and investors might be considering possible profit-taking. However, a breakout above $0.000029 is the key to a rally continuation.

The crypto market has recovered somewhat today, with the total capitalization rising again by another 1.31%.

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

The crypto market’s heatmap

The market has also turned green again today as illustrated above, with Bitcoin now back above the $68,000 zone and Ethereum making another attempt at $4,000.

However, this green across the market hasn’t done much so far, to save the leveraged bulls from the harsh liquidations of the market.

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

The crypto market’s liquidations

As shown, the leveraged traders across the market have lost around $110 million in the last 24 hours, with the bulls somehow leading the bears in losses, after taking $61.7 million versus the bears’ $48.33 million.

These liquidations likely came from Ethereum, failing to breach the $4,000 zone as many bulls might have hoped.

Considering all of the above, we can say that the bulls have the upper hand, despite the market still being in transition.

A Recovery Soon on Bitcoin?

Yesterday, Bitcoin declined some more, on the news of a Mt Gox-related wallet moving a staggering $7 billion worth of Bitcoin into an unmarked wallet.

This decline in Bitcoin helped it to retest the 25-day moving average, where the bulls have pushed Bitcoin back into the consolidation zone.

<div class="paragraphs"><p>Bitcoin’s incoming takeoff</p></div>

Bitcoin’s incoming takeoff

Bitcoin may not be extraordinarily bullish from the current price levels.

However, the behaviour of the bulls from yesterday, shows that the influence of the bears is very limited and that we might see Bitcoin takeoff anytime from now, at a moment's notice.

When Will We See a $4,000 Ethereum Breakout?

Ethereum hasn't been very bullish in the short term either. However, it isn't bearish either.

Considering the price action of the cryptocurrency over the last two weeks, we can say that Ethereum might be set to break above the $4,000 zone again soon.

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

Ethereum’s price action

The cryptocurrency currently trades at $3,888 and seems to be attempting a recovery from being overbought to being under bullish control.

From here, the bulls only need to apply minimal pressure to push the cryptocurrency up above $4,000.

However, if they fail, we might see the cryptocurrency reverse course and retest its 25-day moving average of around $2.467.

Can Notcoin Make Another Move?

What we have here is the 15-minute chart of Notcoin, the viral Telegram clicker gamecoin.

In the last 24 hours, this cryptocurrency has led the entire crypto market in terms of gains and is up by 23% at the time of writing.

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

Notcoin’s price action

However, as the chart shows, the cryptocurrency is struggling around its launch price of $0.01 or thereabouts and is even showing signs of rejection.

This is normal, considering how investors who failed or refused to sell on launch, might be taking the opportunity to do so now.

Notcoin is expected to struggle between $0.010 and $0.012.

However, if we see a break above these price levels, the resulting rally in the cryptocurrency would be parabolic.

Can Shiba Inu Continue Further?

At the moment, Shiba Inu is one of the market leaders, considering its 18% move to the upside so far.

Shiba Inu might be ripe for some profit-taking—either that or the memecoin is only just getting started.

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

Shiba Inu’s price action

What we can see above is Shiba Inu’s price action so far, as well as an attempt to break above $0.000029.

If we see the memecoin break above this price level and close decisively above it, the next price target would be the $0.00003285 price target or even higher.

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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