Crypto Market Down: Bitcoin Bucks Trend, Ethereum Finds Support, Lido Eyes Upside

Crypto market dips again despite Bitcoin gains, with Ethereum finding support, Ordi volatile, and Lido potentially bullish.
Crypto Market Tumbles Despite Ethereum ETF Approval

Key Insights

  • The overall market cap is down again, with Bitcoin being one of the few gainers.

  • Over the past day, there have been more long liquidations ($105 million) compared to short liquidations ($49 million).

  • Bitcoin's price is consolidating between $67,000 and $69,000, with no clear direction yet.

  • After a failed attempt to break above $4,000, Ethereum seems to be finding support around $3,740.

  • Ordi has seen a 20% price increase but might face selling pressure around $51.5. However, a breakout could lead to a surge towards $107.

  • Lido seems to be poised for further upside. The Bulls only need to defend the $2.29 support level from here

The crypto market's standing has improved slightly from yesterday but is still trading in the red.

The total crypto market cap is down again by another 0.22%, with a crypto heatmap that looks like this:

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

The crypto market’s heatmap

As shown by the snapshot above, the crypto market is almost completely red, save for Bitcoin and a few others.

There has also been a slight increase in Bitcoin’s dominance as well, explaining why Bitcoin alone is green among the top 30 cryptocurrencies.

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

The crypto liquidation heatmap

In the last 24 hours, we have seen traders lose around $154 million, with the bulls unsurprisingly suffering the worst of it.

We have had around $105 million worth of bullish liquidations over the last day, which is a lot compared to the bearish $48.99 million.

From all of the above, we can conclude that the bulls have not retaken control of the market from the bears—not at the moment, at least.

The Consolidation Continues on Bitcoin

At the time of writing, Bitcoin continues to consolidate on top of the descending channel it broke above only a few weeks ago, as shown below:

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

Bitcoin’s consolidation

So far, we have seen no particular signs of a rebound from current price levels, and Bitcoin currently trades at $68,360.

This consolidation between $67,000 and $69,000 is expected to go on for quite some time, before leading to a Bitcoin breakout in either direction.

So far, there might not be a real way to tell whether this break will happen to the upside, or to the bottom side.

Has Ethereum Found Support?

Ethereum's rejection from breaking above $4,000 is a very well-known story at this point.

The bears have successfully pushed the cryptocurrency down into what appeared to be a freefall yesterday but is now  Ethereum finding support at $3,740.

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

Ethereum’s price action

This presents a pretty straightforward outlook.

Ethereum’s bearish slowdown around $3,740 indicates that the bulls are active around this point—which means that there might be a chance for an Ethereum rebound.

Investors can keep an eye out for what happens between $3,740 and $3,645 for a general idea of what the market has in store for Ethereum.

Ordi Is Back at It

 Ordi has been a top performer so far and is even up by 20.55% over the last 24 hours.

This price increase in the cryptocurrency came as a result of a rebound from the ascending trendline shown below,

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

Ordi’s price action

However, as also illustrated, there might be a bit of a resistance wall around $51.5.

Investors can expect some bearish action around this price level. However, if we do see a break above this price level, the cryptocurrency is expected to continue further up and hit a peak around $107 or even higher eventually.

Continuation Upwards From Here On Lido?

As shown below, Lido just completed its retest and consolidation phase, after breaking above the $2.29 price level.

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

Lido’s price action

From here, the bulls only need to play a defensive game and tire the bears out, before sending $LDO flying to the upside as illustrated above.

So long as we do not see a decisive break below this $2.29 price level, Lido is expected to become parabolic and target a range high of around $3.9 before long.

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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