The crypto market retraced further, with Bitcoin at $67,000 and most coins in red.
Crypto liquidations surged to $167 million in 24 hours, mostly affecting leveraged long positions.
Bitcoin fell below its support level and is currently experiencing a freefall, with Investors now being advised to stay cautious.
Just like Bitcoin, Ethereum crashed below $3,700 and is consolidating with a possible support at $3,540.
Gnosis and Oasis are bucking the trend, remaining unaffected by the bearish market, and could even continue their uptrend.
The crypto market has retraced further down today, with Bitcoin trading around the $67,000 zone and the general crypto market down by around 3% by total market cap.
We also have the current crypto heatmap almost completely red as shown below, with Bitcoin at $67,600 and Ethereum at $3,550.
The crypto market’s heatmap
In terms of liquidations, the figures have jumped over the last 24 hours, affecting mostly the bulls.
$167 million has been taken from leveraged traders across the market in the last 24 hours, as shown below:
The crypto liquidation heatmap
Out of this $167 million total, the bulls have lost around $143 million, leaving the remaining relatively small $23 million to the bears.
Interestingly, more traders were liquidated on Ethereum than on Bitcoin.
Overall, the bears have the floor today, and there are no guarantees that Bitcoin will not experience further downside—as such, investors are advised to trade with caution.
As shown in the chart below, Bitcoin traded inside the space between the ascending trendline above and the $71,600 zone, with the bulls attempting to force a breakout.
However, as shown above, Bitcoin has crashed below the ascending trendline underneath the $71,600 zone and is currently in the middle of a freefall.
Bitcoin in the charts
To this end, investors are advised to stay away from Bitcoin for now—at least until we get a clear indication of what might be going on with the flagship cryptocurrency.
In terms of support, however, Bitcoin will likely attempt to rest at $67,230. However, if the bulls are unable to defend this price level against the bears, the resulting crash might bring Bitcoin close to or below the $60,000 zone once again.
According to the charts, we have something similar going on with Ethereum, with an ongoing crash below $3,700, after the cryptocurrency seemed to be consolidating.
Just like Bitcoin, Ethereum is currently in a consolidation and should find support around $3,540.
Ethereum’s price action
However, if the bulls are also unable to defend this price level against the bears, the resulting crash might eventually bring Ethereum dangerously close to the $3,000 zone.
As shown by the chart below, despite the bearish turbulence across the market, Gnosis remains unbothered.
We have the cryptocurrency trading on top of the ascending trendline shown above, and consolidating above the $347 price level.
Gnosis in the charts
This means that $GNPO was relatively unaffected by the bearish events of the last 24 hours, and should be poised to continue the climb upward, despite Bitcoin's current price weakness.
Investors should keep an eye out for the $369 support however, because the ultimate deal breaker would be a break below, allowing $GNO to join the rest of the market in the ongoing crypto decline.
Oasis, according to the charts, has remained unaffected by the current bearishness across the market, as shown below
Oasis in the charts
The charts even show that the cryptocurrency is currently attempting a break above the $0.118 price level, despite the bearish turbulence across the market.
Investors should keep an out for the daily candlestick close around this $0.118 price level.
If we see a close above, the bulls are more poised to continue pushing the cryptocurrency upwards.
However, if we see a break below, Oasis might become poised to follow the rest of the market in its downward spiral.
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.