Crypto Market News: Bitcoin at $60k, Ethereum Above $2.8k

The crypto market dips slightly, Bitcoin is stuck near $60k, Ethereum holds above $2.8k, Lido eyes $1.39 before the rebound, and Tron is poised for a rally
Crypto Market News:  Bitcoin at $60k, Ethereum Above $2.8k

Key Insights

  • The crypto market is experiencing a slight decline with its total market cap falling from $2.29 trillion to $2.26 trillion.

  • Bitcoin remains stuck between its medium-term moving average and the $60,000 zone, with a possible breakout in either direction soon.

  • Ethereum is holding above the crucial $2,830 zone, preventing a steeper decline to the $2,700 zone or lower

  • Lido is testing the $1.6 support, but a retest of $1.39 might be likely before a rebound.

  • We are set to see Tron rebound off the $0.1254 support, before a possible rally to the $0.144 local high, and maybe even a new all-time high for $TRX.

The crypto market has taken a step further back over the last day, considering the 1.5% decline in its total market cap, and the decline from $2.29 trillion to $2.26 trillion.

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

The crypto market’s heatmap

This general market decline is further illustrated by the crypto market heatmap shown above, as well as the mostly bullish $134 million worth of liquidations over the last day.

<div class="paragraphs"><p>The crypto market's liquidations</p></div>

The crypto market's liquidations

 As shown by the snapshot above, the bulls have suffered the brunt of the liquidation wave, losing a total of $104.26 million, and leaving the bears with $28 million worth of liquidations.

Today, overall, with Bitcoin trading only slightly over the $61,000 mark and Ethereum trading at $2,900, we can say that the bears still have a pretty strong hand on the market’s steering, compared to the bulls.

Bitcoin: Valid Rebound or Further Consolidation?

What appeared to be a rebound from the $60,000 zone yesterday, is now turning out to be no more than a consolidation between its medium-term moving average of around $62,800 and $60,000.

This is considering BItcoin's most recent decline and its seemingly possible retest of the $60,000 zone.

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

BItcoin’s price action

What the charts tell us at this point, is that Bitcoin has been stuck between this moving average and the $60,000 zone since its recovery from $56,000 on 4 May.

Furthermore, Bitcoin’s future trajectory depends on whether we see a break above $62,800 or below $60,000.

And a break in either direction is likely to happen sooner than later.

We have some slightly bearish neutrality on the daily chart’s RSI, and what happens next will depend on how well the bulls can flip the table in their favour.

Another Day of Strength for Ethereum

According to the charts, Ethereum has spent another day fending off the bears and has kept from falling below the $2,900 and $2,830 zones.

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

Ethereum’s price performance

This is great considering the price history of the cryptocurrency because a break below this range might signal a further drop for the cryptocurrency.

If a break below $2,830 has occurred, Ethereum would likely have tested the bottom of the falling wedge pictured above, between $2,715 and $2,632.

This outlook is still valid, and the cryptocurrency has to maintain its standing above $2,830 for the bulls to maintain stability against the bears.

A Risky Setup for Lido

According to the charts, Lido is testing the $1.6 zone—but why is this risky?

To begin with, the $1.6 zone has kept Lido up on several occasions and even helped the cryptocurrency rebound by 172% to $4 in October 2023.

The risk here is that the $1.6 support isn't a one-size-fits-all price level, and should only be considered as support when paired with the $1.39 price level.

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

Lido’s performance

This means that while Lido appears ripe for an entry, investors might want to wait for a while, because a retest of the $1.39 zone is still possible, before the actual rebound.

To sum things up, it might be safer to watch and see what happens between $1.6 and $1.39 before making any decisions on Lido.

Will Tron Rebound After Consolidation?

According to the charts, Tron appears to be consolidating after breaking out of the formation below.

<div class="paragraphs"><p>Tron’s performance in the charts</p></div>

Tron’s performance in the charts

However, we can also see that in the middle of this consolidation, the $0.1254 support seems to be holding up well, leading to a possible rebound to the upside.

If the bulls manage to initiate this rebound and a continuation of Tron's uptrend, we are bound to see a retest of the $0.144 local high, and maybe even a new all-time high for $TRX.

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.

Related Stories

No stories found.
Voice Of Crypto