The crypto market saw a sharp downturn, with Bitcoin retreating from the $70,000 level.
Bitcoin's rejection from $70,000 shows that the decline might continue
Ethereum is maintaining stability amid the market downturn and should test $3,500 soon
Maker (MKR) shows strong bullish signals with an incoming breakout.
Flow ($FLOW) is attempting to recover from a support level and could be poised for a 140% upswing.
The crypto market has turned around suddenly today, with a massive 3.62% decline in total market cap.
Bitcoin, despite being close to a break above the $70,000 zone yesterday, is now back to testing the $66,000 zone with a crypto heatmap that looks like this:
The market, as shown, has turned almost entirely red, with Bitcoin nursing a massive 4.38% decline in the last 24 hours.
As shown by the liquidation snapshot above, the market has lost around $166 million to liquidations in the last 24 hours, with the bulls losing the most at around $144 million and the bears coming in at around $21 million.
All of the above shows that the market is experiencing a serious bearish reversal, and investors should approach it with caution.
As shown in the snapshot above, Bitcoin hit the top of the descending channel yesterday and managed to test the $70,000 price level.
However, the bears took over and pushed the cryptocurrency into a price reversal from here, causing the ongoing 5% dip and Bitcoin's rejection from the top of this formation.
The long upper wick of 29 July's candlestick shows that the bears were especially active and have managed to push the cryptocurrency into a valid rejection.
We can expect Bitcoin to remain stable between the $66,700 and $64,499 price levels.
If we see a sustained break below this price level, the cryptocurrency is set to decline further down to the bottom of the formation and possibly even retest the $60,000 zone.
The ultimate test of bullish dominance would be a break above the $70,000 to $72,000 range.
According to the charts, Ethereum is showing some degree of calm despite the ongoing crypto market storm.
The cryptocurrency is still going strong in light of its rebound from $3,000, despite a small rejection from $3,400 yesterday.
The verdict for Ethereum remains that investors might need to have a greater tolerance for low volatility.
This means that Ethereum is moving up very slowly but is still headed for a retest and break above the $3,500 zone, which is bullish enough in itself.
Maker (MKR) is one of the most bullish cryptocurrencies on the market over an intra-day timeframe despite the ongoing bearishness.
The cryptocurrency rebounded off the $2,577 price levels on 27 and 28 July, forming two dragonfly dojis.
These candlestick patterns indicate bullish reversals and show that the rebound off this $2,577 price level is a valid one.
Maker is now headed for a retest of the channel's upper trendline and should be able to break above the $3,000 price level very soon.
The $0.7 support, as shown, is a very strong one.
Conversely, FLOW broke below this price level on 14 June and started to trend downwards.
However, as shown in the chart above, we are looking at another attempt to break above $0.7, and investors should be on the lookout.
If we see a sustained break above $0.7, Flow will be primed to start a slow but steady grind upwards to the $1.7 local high, which would be a price increase of around 140%, as illustrated.
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.