Crypto Market Rebounds After Dip, Bitcoin & Altcoins Show Bullish Signs

Crypto market recovers from a drop with high liquidations as Bitcoin, Ethereum, Lido, and Pendle show signs of potential bullish breakouts.
crypto market, voice of crypto 

Key Insights

  • The crypto market dropped again yesterday but is now recovering. Liquidation figures remain high at $157 million, with bulls taking the brunt of the losses.

  • Bitcoin might consolidate before a possible breakout above $66,600 or below $64,000, determining the next price direction.

  • Ethereum's impressive recovery to $3,567 indicates that we might see the bulls takeover soon.

  • Lido has also broken above the $2.3 resistance again, and a daily close above this level plus a break above $2.73 could confirm bullish control.

  • Pendle's price action inside a symmetric triangle forecasts a possible rally towards $6.86, with a possible breakout and further climb to $10.

The crypto market dropped sharply within the previous 24 hours before writing but has since been attempting to recover.

Yesterday, Bitcoin hit the $64,000 mark on the dot and is now showing signs of recovery, along with the rest of the market.

The altcoin market, in particular, suffered heavily because of Bitcoin's decline, with many of them crashing by as much as 10% before recovering, as the crypto heatmap shows:

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

The crypto market’s heatmap

In terms of liquidations, the liquidation figure remains above the $100 million mark, though not as sharp as yesterday’s $400 million.

Today, we have around $157 million taken in total from leveraged traders, as illustrated below:

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

The crypto market's liquidations

As expected, the bulls suffered the most from this liquidation figure, losing around $90 million compared to the bears' $67.46 million.

Interestingly, the Ethereum bears suffered the worst of yesterday’s liquidations, considering Ethereum’s speedy recovery above the $3,500 zone.

Today, the crypto market is neutral, with bearish tendencies.

Is The Bitcoin Decline Over?

Bitcoin crashed by as much as 2% yesterday, dropping from as high as $66,600 to $64,000.

However, the bulls took action around this price level and pushed the cryptocurrency into a recovery.

At the time of writing, Bitcoin has recovered to $65,500. The question, though, is, "Will we see the decline continue"?

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

Bitcoin’s price action

For most of Bitcoin's current price action, a bearish decline is still possible, depending on what happens to Bitcoin after the ongoing consolidation.

Bitcoin will likely spend the next 1 to 4 candlesticks consolidating, after which a break above $66,600 or below $64,000 will occur, setting the stage for the next stage of Bitcoin’s price action.

Ethereum Might Have a Chance

Ethereum’s recovery from its slump to $3,400 yesterday was impressive, to say the least.

The long lower wick on yesterday’s candlestick shows a great deal of bullish activity, and Ethereum now trades at $3,567, aiming for a break above its minor range high of $3,640.

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

Ethereum’s price action

Ethereum already has an impressive amount of momentum at the time of writing, and if the bears keep this up, we should be seeing a possible retest and retake of this $3,567 zone.

A break above would signal a continuation of the cryptocurrency’s bullish trend.

A Recovery on Lido

After spending months breaking and then being dragged under the $2.3 resistance, Lido seems to have broken above once again.

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

Lido’s recovery

This time around, judging by Lido’s history of false breakouts, we might have to keep an eye out for a possible close with a daily candlestick above this price level.

Moreover, we can conclude that the bulls have complete control once again if we see a break above the previous local high of $2.73.

Lido looks primed for entry. However, investors should wait and see what happens with Lido around $2.3 and $2.73.

Great Things are Incoming for Pendle

According to the charts, Pendle trades inside a symmetric triangle formation and is in the middle of recovering from the base of said triangle.

The cryptocurrency is set to rally further up from here and hit the top of the triangle around the $6.86 price level, where the bulls will attempt to launch a breakout.

This possible price action presents a series of entry points for the cryptocurrency, which seems primed to hit $10 sooner or later.

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.

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