The crypto market is in the middle of a recovery, with a 6.4% increase in market cap.
Bitcoin and Ethereum are leading the rally but are facing resistance at important price levels.
The crypto fear and greed index is moving further into neutral territory, which shows more optimism and less fear among investors.
Liquidation data shows that the bulls are currently dominating the market.
So far, several altcoins, including Sui, Celestia, Helium, Bittensor, and Sei, are the top gainers.
The crypto market has made its second day of mass recovery over the last 24 hours, with a 6.4% increase in total market cap.
We now have this figure well above the $2 trillion mark, with Bitcoin attempting to solidify its position above $61,000 and Ethereum up by an impressive 11% to a price of $2,690.
The crypto fear and greed index
The crypto fear and greed index has gravitated towards a neutral value of 56%, which is a step up from yesterday's neutral 43% reading and the 37% fear reading from the day before that.
The crypto heatmap
As shown, the crypto heatmap has turned almost entirely green, with most cryptocurrencies having woken up.
Some of the best performers so far include Sui, which had a 31% intra-day rally, followed by Celestia, Helium, Bittensor, and Sei, all of which had rallies between 15% and 19%.
Despite the ongoing recovery, the liquidation figures have remained above the $200 million score, according to data from Coinglass.
The crypto market’s liquidations
However, instead of the bulls being the worst affected, the bears have the worst of it.
The total liquidation score is around $221 million in the last 24 hours, with the bulls losing $63.72 and the bears losing more than twice that. Around $157 million was taken from them in the previous 24 hours.
In summary, the bulls appear to have the upper hand today.
Bitcoin is up by around 7% over the 24 hours before writing, forming a solid bullish candlestick with yesterday's price action.
Bitcoin’s price performance
The cryptocurrency even hit an intra-day high of $62,667 but faces resistance between the $62,667 - $63,442 price range, where the 25-day EMA sits.
This resistance level now causes the cryptocurrency to form a bearish candlestick in today's timeframe, and it is worth watching.
However, the charts show strong bullish dominance, considering the bullish crossover in the daily chart illustrated above.
Investors should monitor what happens at $62,667 and only consider reentering if they see a break above that level.
According to the charts, Ethereum’s descending channel outlook seems valid, with an ongoing rebound from the lower trendline.
Ethereum in the charts
So far, Ethereum is testing the $2,720 - $2,825 resistance range, where the bears are likely holding the fort.
Data from Coinglass further confirms this, with around $340 million set to be wiped off the market if Ethereum breaks above $2,800.
The exchange liquidation map
However, it is important to note that according to Coinglass, more traders are betting on Ethereum going further up than down.
There is about $1.39 billion worth of liquidity, sitting just underneath $2,380, and the whales might want to capitalize on this by causing another flash crash.
SUI is currently trading in a descending broadening triangle formation, as shown in the chart illustration below:
The broadening triangle formation
This means that the cryptocurrency is bearish, just below the $0.895 price level.
It also means that cryptocurrency can turn the tide on this bearishness by breaking above $0.895.
In essence, investors must watch what happens around this price level because a break above it would result in a 60% price increase, at least to $1.438.
SEI trades in a descending wedge formation, as illustrated, and has been doing so for the last five months.
Sei’s descending triangle formation
As it stands, one of the major barriers to a breakout and massive rally to the upside is the 25-day EMA, which sits at around $0.3.
If we see a valid break and close above this price level, Sei will become poised to rally further upwards and break above the wedge, beyond which more than a 200% rally to $1 awaits.
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.