The crypto market is showing signs of recovery, with Bitcoin stabilizing above $55,000 and the total cap increasing slightly.
The fear and greed index has risen slightly to 41/100, which indicates a less fearful market sentiment.
BitTorrent, Quant, Fantom, eCash, Toncoin, and Bittensor are leading the gains, while Sats, Starknet, Litecoin, and BinaryX are seeing declines.
The liquidation heatmap shows that the bulls have gained an advantage, with the bears losing $73 million compared to $30 million for the bulls.
Investors should always do their research and wait for the appropriate opportunities before entering or exiting the market.
The crypto market is attempting to make a comeback today after Bitcoin entered a weekend slump below the $55,000 mark.
The total capitalization has moved upwards by around 0.6% but is still down below the $2 trillion mark at around $1.94 trillion.
The crypto heatmap has turned relatively green over the last day, which is a good sign.
The crypto market’s heatmap
Another good sign is the fear and greed index, which has recovered from a slump below the 40/100 mark to the 41/100 level. This still shows market fear, but it is a step up from the nearly extreme levels from last week.
The crypto fear and greed index
With this being said, some of the market's biggest gainers are Bittorrent, Quant, Fantom, eCash, Toncoin, and Bittensor, all of which have experienced between 4.5% and 16.25% price increases in the last 24 hours.
On the flip side, some of the biggest losers include Sats, Starknet, Litecoin, and BianaryX, all of which have experienced declines of between 2.1% and 7.1% over the last day.
The crypto liquidation heatmap
The crypto liquidations have been relatively harsh over the last 24 hours, with a total of $103 million taken from leveraged traders across the market.
Interestingly, the bears suffered the most from this arrangement and lost $73 million, compared to the bulls, who lost $30 million.
In essence, the market is skewed in favor of the bulls today. However, we need a bit more bullish momentum to establish dominance.
According to the charts, Bitcoin eventually lost its standing above the $56,500 zone and declined to a weekly low of $52,550.
Bitcoin’s price outlook
As shown in the charts, the bulls swung quickly into action, saving Bitcoin and pushing it back up towards the $55,000 zone.
However, when the cryptocurrency made the $52,550 bottom, the crypto volume indicator showed a strong, but not strong enough spike.
This means that the liquidations at this price level were less intense than those of 5 August, 5 July, 1 May, or 5 March.
Therefore, $52,550 might not be the bottom.
With this being said, investors should keep an eye out for what happens around $54,750—whether a break upwards or a continuation of the ongoing downtrend.
Ethereum’s slump finally brought it crashing down to the base of the descending channel shown below.
Ethereum came very close to the $2,150 - $2,120 range over the last week, ending Friday with a slump towards $2,150.
Ethereum’s price action
The question now is, can Ethereum hold itself above $2,120 against the bears?
The cryptocurrency is attempting to steady itself and possibly break above the $2,300 price level.
However, investors must watch the $2,300 - $2,120 range because a break above or below either will play a massive role in determining where the cryptocurrency goes next.
According to the charts, Toncoin is attempting to make a comeback from its slump after Pavel Durov's arrest and is now looking towards breaking above the $4.9 price level as shown:
Toncoin’s price performance
According to the charts, Toncoin hasn't broken above yet and is still struggling with this price level.
However, the cryptocurrency is likely to rally upwards, hit its 25-day EMA around $5.43, and then begin a consolidation between this price level and the $4.44 local low.
A consolidation is expected to begin from here, followed by a breakout in either direction.
To start with, Mantra is in an uptrend, which is a great sign. However, in the short term, the cryptocurrency is now consolidating between the $1 mark and the $0.84 price level.
Mantra’s price performance
Interestingly, the charts show that the bulls prevented a break below this local range on Sunday this week, with $OM now aiming for a rally toward the upper trendline of this consolidation.
Mantra will likely rally by another 15% to the $1 zone from current price levels before a breakout or another rejection.
If we see a breakout from $1, the cryptocurrency will likely continue its ongoing uptrend and eventually break above the $1.4 mark.
Overall, investors should watch out for what happens at the psychological $1 mark.
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.