The crypto market surged over the last 24 hours, with a 7% increase in the total market cap and most coins in the green.
Liquidations have favoured bulls, with bears taking a $262 million hit compared to bulls' $77 million.
Bitcoin broke out of a descending channel and could reach new highs after overcoming the $71,365 minor resistance.
Ethereum had the most significant gains among the top 5 coins, surging 16.7% and breaking out of a descending wedge. It faces resistance at $3,639-$3,726 and might hit $4,000 zoon.
Both ICP and Lido are showing bullish momentum, with ICP facing resistance at $13.6-$14.1 and Lido at $2.3.
The crypto market had quite a wild ride over the last 24 hours, considering the current 7% increase in the total market cap, and the crypto heatmap that looks like this:
The crypto market’s heatmap
The crypto market has turned almost completely green, with Bitcoin back above the $71,000 mark and Ethereum sailing comfortably at $3,649.
In terms of liquidations, the bears have taken the worst hit over the last 24 hours as expected, in a slightly higher-than-normal liquidation figure of $340 million according to Coinglass.
The crypto liquidation heatmap
While the bears have had around $262 million worth of leveraged positions wiped, the bullish positions were relatively untouched with a $77.92 million liquidation figure.
All of the above goes without saying that the bulls have almost undisputed control over the market today, and the later part of the crypto bull run might have already started.
According to the charts, Bitcoin has just entered a clean break out of the descending channel shown below and could be aiming for higher highs.
Bitcoin’s price action
The only reason that Bitcoin has not retaken its previous all-time high as shown in the chart above is that a minor resistance point sits at around $71,365 and $72,882.
This resistance zone stands as the only thing holding Bitcoin back from hitting or even breaking above its previous $73,800 high.
Considering Bitcoin’s ongoing momentum, the cryptocurrency seems poised to overcome this resistance band in due time, without risking another fall to $67,500.
According to the charts Ethereum has been the most wildly bullish cryptocurrency among the top 5, considering the (extremely) long green candle for 20 May, and its 16.7% price increase over the last day.
Ethereum’s price action
Yesterday’s price action came as a result of Ethereum’s breakout from the descending wedge shown above.
Similar to what we have on Bitcoin, a bit of a resistance band sits between $3,639 and $3,726, explaining Ethereum’s current consolidation and its reluctance to approach the $4,000 zone.
The crypto market seems green enough already, and considering the ongoing momentum, a break above this band seems likely for Ethereum soon.
According to the charts, Internet Computer has been bullish as well over the last 24 hours.
The chink in Internet Computer’s armour, however, is a resistance band between $13.6 and $14.1 as illustrated below:
Internet Computer’s price action
Internet Computer is likely waiting for a bullish signal from Bitcoin, beyond which it will attempt a break above this $13.6 - $14.1 resistance.
Investors might also have to wait for a break above the $16.4 high from 21 April, to confirm a new higher high as well as bullish dominance.
Overall, in the long run, ICP seems poised to rally by another 55% to the $21 high pretty soon.
According to the chart below, Lido has been strongly bullish over most timeframes, especially after its rebound from the $1.5 low.
However, at the time of writing, the cryptocurrency is also facing some resistance at the $2.3 zone as illustrated below:
Lido’s price action
This means that if the bulls can push hard enough and Lido breaks above this $2.3 zone, the cryptocurrency will be poised for an impressive rally by around 70%, straight up to the $4 zone.
The RSI on the daily chart indicates a great deal of strength on the part of the bulls, and Lido seems poised to break above this $2.3 resistance very soon.
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