Crypto Market Report: Bitcoin Stalls at $66k, Ethereum Eyes $3,650

The crypto market is in a holding pattern, with Bitcoin stuck around $66,000, while other currencies show mixed signals
Crypto, Bitcoin, Voice of Crypto

Key Insights

  • The crypto market is consolidating with a slight increase over the weekend, and Bitcoin is hovering around $66,000.

  • Bitcoin is stable but has failed to rebound off the $66,000 price level.

  • Ethereum attempted to break $3,650 but is currently facing resistance and might be retesting $3,440.

  • Lido is recovering and might be able to break above $2.3 again if all goes well.

  • Render, on the other hand, needs a catalyst to rebound above $8 and target levels above the $10 price mark

The crypto market has mostly stayed the same since last week.

Over the last 24 hours before writing, the total market cap has only increased by around 0.4%, with Bitcoin remaining stuck around the $66,000 price level.

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

The crypto market’s heatmap

The crypto market’s heatmap shows that the market is starting to turn green once again, even though most of the gainers have only been slightly up over the last 24 hours.

Bitcoin’s dominance hasn’t decreased much, but it is now down from the 54% high last week, indicating that Bitcoin’s hold over the market is waning.

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

The crypto liquidation heatmap

In the last 24 hours, the crypto market’s liquidations haven’t been all that harsh, with around $70 million taken from leveraged traders overall.

Interestingly, the bulls and bears have had almost equal amounts of liquidations, with $37 million from the bulls and around $33 million from the bears.

Overall, as of this writing, there is no clear dominance between the bulls and bears, and the market is still in consolidation.

No Drop Yet on Bitcoin

According to the charts, Bitcoin isn’t showing all that much bullishness, considering the ongoing consolidation above the $66,000 zone as illustrated below:

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

Bitcoin’s price action

However, while Bitcoin isn’t very bullish, it is also showing a great deal of stability, considering how the bulls have managed to defend the cryptocurrency against a possible drop below $65,000 so far.

With Bitcoin consolidating around $66,000, we might soon see another rebound attempt towards the $70,000 zone, assuming the bears do not succeed in pushing the cryptocurrency's price further down below $65,000.

Remarkable Resilience on Ethereum

 Ethereum hasn’t shared in Bitcoin’s bearish dominance over the weekend.

As shown by the chart below, the cryptocurrency has rebounded off the $3,440 support and even attempted to retest and break above $3,650 over the weekend.

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

Ethereum’s price action

Ethereum appears to be in the middle of a rejection from $3,650 and might find itself floating lower into a retest of the $3,440 zone.

However, the weekend rally shows activeness on the part of its bulls, and sooner or later, either $3650 or $3,440 will give way, allowing us to predict better what might be happening with Ethereum.

Watch Out for Lido

After successfully breaking above the $2.3 zone on 24 May, the bears caught up to Lido once again, pulling it beneath this price level and into a retest of the $1.756 support.

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

Lido’s price action

As it stands, Lido is attempting to make a comeback from here and should be retesting $2.3  very soon.

Aside from being a top gainer with a 7.56% price increase in the last 24 hours, the cryptocurrency appears very poised to hit $2.3 this week—and with any luck, we just might see a break and close above, leading the cryptocurrency up to the $3 zone or even higher.

Make It or Break It With Render

According to the charts, Render is in a “make it or break it” phase, just as it trades on top of the ascending trendline shown below:

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

Render’s price action

What Render needs at this point, should be a catalyst to ignite a rebound from the $8 zone.

As long as a break below the $7.6 price level doesn’t occur, we can expect the cryptocurrency to go up from here, eventually hitting the $10.5 resistance and even going higher, depending on the strength of the bulls.

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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