Crypto Market News: Bitcoin Rejected, Ethereum ETF Hopes Lift Altcoins

Crypto market dips 1.7% with Bitcoin facing rejection, while Ethereum and some altcoins show potential for upside.
crypto news websites Voice of crypto
crypto news websites Voice of crypto

Key Insights

  • The crypto market dipped 1.7% in the last 24 hours, wiping out previous gains and turning the heatmap red.

  • Bitcoin is facing rejection after failing to break above $72,000, and its bearish TD Sequential indicator advises investors to be careful.

  • Ethereum's price is technically strong but might be in for some downside due to the ETF approval uncertainty or a "sell the news" scenario.

  • Book Of Meme's chart indicates a possible 40% rally if it can hold above the $0.0133 resistance.

  • JASMY recently broke out of a descending triangle formation and could surge 120% if it overcomes the $0.021 resistance level.

The crypto market has slid downwards around 1.7% over the last 24 hours, despite spending the last three days in steady greens.

The total crypto market cap now sits at $2.57 trillion, Bitcoin is only slightly above the $69,000 zone, and the crypto heatmap has turned almost completely red in the last 24 hours.

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

The crypto market’s heatmap

The liquidations in the last 24 hours haven’t become any harsher or milder than yesterday’s.

Leveraged traders across the market have lost around $141 million in the last 24 hours, with the bulls losing around $86 million of this total.

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

The crypto liquidation heatmap

The bears have lost around $55 million in comparison, leaving us with the conclusion that while no single party has suffered particularly strong liquidations, the market is slightly skewed in favour of the bears today.

Can Bitcoin Make Another Attempt?

According to the charts, Bitcoin got rejected from the $72,000 zone after breaking out of the descending trendline below and has printed two red candlesticks so far.

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

Bitcoin’s price action

The candlestick for today appears to be starting out as a green one, but according to this analyst in a recent tweet, Bitcoin might not be hitting its previous all-time high so easily again.

“Every time the TD Sequential indicator has shown a buy or sell signal on the Bitcoin daily chart since February, it has led to significant price movements.

Today, this indicator is flashing a sell signal. Traders should approach $BTC with caution”

As the analyst advises, it might be best to approach Bitcoin with caution from here.

Will Ethereum Decline Further?

It is a little hard to say where Ethereum might be headed today, from a fundamental perspective. Considering the SEC deadline for the approval (or rejection) of the ongoing spot Ethereum ETF filings.

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

Ethereum’s price performance

From a technical standpoint, Ethereum seems pretty solid and is trading comfortably above all the right moving averages.

However, in the event of these ETF rejections, Ethereum might slide further downwards amid all the FUD.

On the other hand, Ethereum is currently up by around 25% over the last week, which is an active ingredient for a possible "sell the news" event.

Overall, the outlook for Ethereum is the same as for Bitcoin, and investors might want to approach with caution.

Book Of Meme Might Be Poised to Travel Further

According to the charts, Book Of Meme (BOME) seems to be in a pretty solid uptrend from current price levels,

The cryptocurrency also broke above the $0.0133 resistance yesterday and is now attempting to confirm this price level as support.

<div class="paragraphs"><p>The outlook on BOME</p></div>

The outlook on BOME

All of the above make BOME very poised to continue further upwards from here, and hit the $0.0052 resistance or even higher, in a 40% price increase from current levels.

A Break Out on JASMY Coin

According to the charts, JASMY recently broke out of a descending triangle formation, after consolidating within since February 2024.

<div class="paragraphs"><p>Jasmy in the charts</p></div>

Jasmy in the charts

As shown above, the cryptocurrency has travelled considerably to the upside after breaking out of this formation but is now attempting to move past the $0.021 price level.

Considering JASMY’s past price action and the momentum it has gathered so far, the odds are in favour of the bulls, and a break above $0.021 is entirely possible.

We can expect JASMY to consolidate for a while around this price level. However, ultimately, a price rally to March 2022’s $0.05 high by a staggering 120% is still in the works for this cryptocurrency.

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.

Voice Of Crypto