The crypto market has continued its positive momentum with a 1% increase in total market cap.
Bitcoin is facing a crucial test at $67,300; a breakout could lead to a retest of $70,000.
Ethereum has been struggling at $3,500, but a Bitcoin surge could push it above $3,500.
Celestia is attempting to break above $7.25, and a successful breakout could see gains towards $20.
BONK is trading within an ascending channel, and a breakout could lead to new highs last seen in May.
The crypto market has maintained its health throughout the last week and is doing so again this week.
We have a 1% increase in the total market cap, and Bitcoin is trading solidly above the $67,000 mark and gearing up for a retest of $70,000.
The crypto market’s heatmap
As shown above, the crypto market heatmap shows a healthy amount of green, with only a small part of the altcoin market being red.
The crypto liquidations
The last 24 hours have also seen liquidations of around $165 million. Interestingly, though, despite the ongoing growth across the market, the bullish liquidations overshadow the bearish ones.
For example, while the market's leveraged bears lost $63.83 million in the last 24 hours, the bulls lost around $101 million.
Why is this happening?
Let's go over what's been going on in the crypto market so far.
According to the charts, Bitcoin is now sitting at one of its most important price points in the last few months:
The top of the medium-term descending trendline:
Bitcoin’s ongoing price action
According to the chart above, Bitcoin now trades at around $67,300, which is a crucial resistance as far as the channel above goes.
The cryptocurrency is showing signs of consolidation around this price level, and investors should keep a sharp eye out for what happens next.
If we see a Bitcoin rejection, the resulting drop would be just as brutal as the previous ones.
However, if we see a break above $67,500 at least, Bitcoin’s retest of the $70,000 zone would be inevitable, at least before a post-breakout consolidation.
While Bitcoin has advanced somewhat over the last few days and is now close to retesting $70,000, Ethereum continues to struggle around $3,500.
Ethereum’s price action
However, while this consolidation has been ongoing for around a week, a Bitcoin break above $67,500 should be the catalyst for Ethereum to break above the $3,500 price level and retarget the $4,000 zone.
In summary, Ethereum is displaying a good amount of bullish strength so far.
However, unless we see a break and close above $3,500, investors should assume the bears still have some degree of influence over the market.
Celestia has been struggling to break above the $7.25 price level since breaking below in mid-June.
Celestia’s price action
However, as shown above, we are looking at another approach to breaking above once again, and Celestia seems up to the task.
The RSI on the daily chart shows that the bulls have a lot more influence over the market than the bears. They only need a little more bullish energy to initiate this break above $7.25.
If we see this break above, Celestia would have everything it needs to tap into the ongoing market recovery and target levels as high as the $20 zone.
According to the charts, BONK is trading within an ascending channel and is taking advantage of this formation to push forward.
BONK’s price action
The charts show that the memecoin is already a good way up from the bottom of this formation.
However, as things go, BONK seems to have crushed the $0.00003127 barrier and is poised to continue further upwards to the top of this formation.
Considering the ongoing market-wide recovery, the memecoin has a fairly strong chance of breaking above and reclaiming higher highs, which was last seen in May of this year.
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.