The crypto market is experiencing a solid upswing, with a total market cap increase of 2.67%.
Bitcoin has broken above $68,000 but faces resistance at $64,400. A break above this would be a bullish sign. A break below $60,300, however, would indicate a bearish turn.
Ethereum failed to break above the $3,500 resistance, mirroring a similar reversal on 1 July.
DogWifHat is up 45% after bouncing off its trendline support, and a break above $2.37 could trigger a bullish rally.
Arweave is trending above $20.3 and nearing a breakout from its descending triangle. A surge above $29.7 could lead to a retest of $36.9.
The bulls seem highly active today, just as they were yesterday. Today, the total market cap increased by 2.67%, with Bitcoin further up above the $68,000 price level.
The crypto heatmap above also shows a healthy amount of green in the market, with Ethereum now close to retesting or even breaking above the $3,500 resistance.
The crypto liquidation figures also show that the market has seen many more position closures in the last 24 hours.
The market's leveraged traders have lost around $184 million in the last day, with a massive $132 million of the total predictably coming from the bears.
On the other hand, the bulls have lost around $52 million in comparison, leading us to believe that the market is in the hands of the bulls today, just as it was yesterday.
Still, caution is advised when trading in such a volatile market.
Bitcoin has been in a steady uptrend throughout the week despite being in a descending channel.
However, yesterday, the cryptocurrency hit the $64,400 resistance and is now showing signs of a rejection.
The candlestick for today is starting to show signs of a bearish reversal, and investors should keep an eye out for what happens around this $64,400 price level.
If we see an engulfing candlestick pattern for today, or if today's closing price falls below yesterday's $60,300 open, this would be a fair warning that the bears are gaining strength once again.
However, a break above $64,400 would be a sign that the bulls are still in power and that a Bitcoin continuation upwards is likely.
Ethereum, like Bitcoin, hit the $3,500 resistance yesterday and is now showing signs of reversal from this price level.
Keep in mind that this price resistance also caused a reversal on Ethereum after its last attempt on 1 July.
The cryptocurrency declined strongly over the following week, hitting the $2,800 low sometime on 8 July.
Investors should be wary of this $3,500 zone and closely monitor Ethereum's price action in case of flash dips.
According to the charts, DogWifHat is pushing its rebound further from the ascending trendline below.
Since retesting this support, the cryptocurrency has rebounded by an impressive 45% and is now aiming for a higher high above its previous local top of around $2.37.
DogWifHat's performance might be impressive from here.
However, the ultimate trigger for a bullish rally on the memecoin would be this break above $2.37.
Anywhere below this price level still holds the potential for a reversal, and investors must remain vigilant.
According to the charts, Arweave is trending strongly above the $20.3 price level since rebounding off it in the first week of July.
The cryptocurrency is now testing the upper trendline of the small descending triangle shown below and is on the verge of a breakout to the upside.
A break above this trendline around $29.7 would provide a valid avenue for Arweave to rally further up and retest the $36.9 price level, and it might help to keep an eye out for the cryptocurrency’s price action around this level.
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.