Crypto Market Cools Down: Bitcoin Tests Support, Ethereum Tumbles, Notcoin Surges

Crypto market consolidates: Bitcoin holds above support, Ethereum slumps, Notcoin surges but faces risk, Arweave seeks stability.
ETH, Ethereum, Voice of Crypto

Key Insights

  • The crypto market is facing a consolidation with Bitcoin below $68,000 and the overall market cap down 1.5%.

  • Bitcoin remains above its 25-day EMA and its daily RSI suggests a bullish dominance. However, it must hold above $66,790.

  • Ethereum is in a freefall after failing to break $4,000, and could possibly retest its 25-day EMA at $3,482.

  • Notcoin is surging again, beating the gains of Shiba Inu and Pepe, but investors should be warned of possible flash crashes.

  • Arweave is finding support at $36.2 after a 90% rally, and a break below could lead to further correction.

The crypto market is still consolidating as of the time of writing, considering the 1.5% decline in the total market cap, and Bitcoin’s current pricing under the $68,000 zone.

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

The crypto market’s heatmap

The crypto heatmap shows a great deal of red across the market, indicating that the bears may still have the upper hand.

Bitcoin’s dominance seems to be coming up though, while Ethereum’s declines, indicating a possible shift in market dynamics—especially after the ETF launch from last week.

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

The crypto market’s liquidation heatmap

The crypto liquidations over the last day have remained severe, with leveraged traders losing around $120 million to the market.

Ethereum’s bulls continue to lead the rest of the market in these losses as shown, considering their expectations of a continuation in the Ethereum post-ETF rally.

Overall, while the Ethereum bulls have suffered the most, the bulls on other cryptocurrencies also collectively lost around $91 million, leaving $31.5 million to the bears.

In sum, judging by the market metrics today, the market is certainly not bullish.

Can Bitcoin Rebound?

As far as we can see, Bitcoin is doing very well on top of its 25-day EMA as shown below, and remains poised to rebound if the bulls apply enough pressure.

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

Bitcoin’s price action

Interestingly, the RSI on the cryptocurrency's daily chart shows bullish dominance at the time of writing, giving the bulls an edge against the bears.

However, Bitcoin still has to hold its ground above this moving average, which currently shows a reading of $66,790.

On the flip side, if we see a break below this price level for any reason, the resulting decline would be severe and might lead Bitcoin further down into the descending trendline it just escaped from.

Ethereum’s Decline: Can the Bulls Make it?

Ethereum’s decline from any attempts at breaking above $4,000 has become more glaring as shown below, considering its 6% decline in the last three days.

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

Ethereum’s price action

At this rate, it appears that the investors who jumped on the train during the Ethereum pre-ETF rally are considering taking profits.

If this profit-taking trend continues, we might see the cryptocurrency decline further downwards, and even retest the 25-day EMA around $3,482, which also happens to be a crucial support point.

Notcoin Leads the Market—Again

Over the last week, we saw Notcoin consolidate underneath its $0.01 launch price, as it attempted a break above.

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

Notcoin’s price action

Yesterday, Notcoin was a market leader, considering its 20% gain and its better performance than the likes of Shiba Inu and Pepe.

Today, we have something similar going on, with $NOT now back above this $0.01 resistance, as well as a 22% price increase over the last 24 hours.

At this rate, Notcoin is as bullish as can be and might be swimming with scalping opportunities.

However, investors should be aware that flash crashes often happen after strong rallies, and that one can happen with Notcoin at any moment.

Fresh Opportunity on Arweave?

There seems to be an interesting development going on with Arweave.

After rebounding off the ascending trendline below at $16.5, the cryptocurrency rallied by 90% before being dragged to the bottom side by the bears.

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

Arweave’s price action

It appears that the cryptocurrency has found support once again around the $36.2 zone, and is capitalizing on this price level.

Investors should keep an eye out for the $36.2 price level because a break below would trigger further correction to $30.2.

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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