Bitcoin BTC price Voice of crypto
The crypto market is in the middle of a decline, with Bitcoin nearing $60,000.
The critical support zone for Bitcoin sits between $62,400 and $59,800.
Ethereum might fall below $3,365 if support breaks, so investors should approach with caution.
Cream Finance ($CREAM) is bucking the trend with an 8% gain and should be able to rally by another 25%
Hive is showing shows signs of recovery with a possible 15% upswing.
The crypto market has slid further down in the last month, with Bitcoin now closer to the $60,000 zone than ever before.
The total crypto market cap has declined by around 2.74%, with Bitcoin now trading at around $62,818 and a crypto heatmap that shows an almost absolute amount of red.
The crypto market’s heatmap
According to data from Coinglass, the liquidation figure from the last 24 hours now sits at around $105 million, with the Bitcoin and Ethereum bulls taking the worst of it overall.
The crypto market’s liquidations
Even though the liquidation wave is relatively mild, things have been especially harsh on the leveraged bulls compared to the bears, considering how this party lost around $97 million of the total, leaving around $8 million to the bears.
Overall, the market is clearly skewed in favor of the bears, and investors should exercise special care when opening bullish positions.
Bitcoin's price action has been less encouraging over the last few weeks, with the cryptocurrency grinding downwards slowly, one candlestick at a time.
One of the last lines of defense against this freefall sits between $62,400 and $59,800. These price levels have done their best to hold up the price of Bitcoin through an otherwise choppy price history over the last three months.
Bitcoin’s price action
However, as it stands, Bitcoin is now very close to breaking below this $62,400 zone.
If we see a valid break below, the bulls should attempt to save the cryptocurrency around $59,800.
If the bulls lose this level as well, Bitcoin is increasingly at risk of falling to some of the lowest levels, last seen at the start of the year.
Just like Bitcoin with the $62,400 zone, Ethereum is also in the middle of a consolidation between $3,620 and $3,365.
As it stands, the cryptocurrency's price action appears skewed in favor of a drop below $3,365, as shown below.
Ethereums’ price performance
This means that the bulls need nothing short of a miracle to save Ethereum from a drop below this $3,365 support. If we see a break below, Ethereum will undoubtedly decline further and possibly retest the $3,200 zone or even lower.
The RSI on the daily chart seems to favor the bears, which means that Ethereum should be approached with caution.
Amid the marketwide bearishness, the Cream Finance coin is pushing against the tide and is up by around 8% over the last 24 hours.
The chart below shows that the cryptocurrency has clearly rebounded off the $68.7 price level and is now aiming for higher highs.
Cream’s price action
As things stand, the cryptocurrency appears poised to travel further upwards by another 26% to its $98 all-time high. It should be able to do this without a hassle as long as we don't see another break below $68.7.
Just like $CREAM, $HIVE is showing signs of an early recovery, compared to the ongoing bearishness with the rest of the market.
As shown in the chart below, the cryptocurrency has now rebounded off the $0.2 price level and is aiming for a 15% rally towards the next viable resistance level, around $0.267.
HIVE’s price action
As long as another break below the $0.2 price level doesn't happen from here, we are set to see the cryptocurrency hit $0.267 and even attempt a break above.
This break above, if viable, is set to lead $HIVE up to $0.3 or even higher, at the very least.
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.