Crypto Market Soars 3.3%, Bitcoin Back Above $66K

Key Insights

• The crypto market is experiencing a bullish trend today, with a 3.3% increase in market cap and Bitcoin regaining the $66,000 level.

• Bitcoin's dominance has increased to 55.24% despite recent fluctuations.

• Liquidation data shows a surprising trend, with bulls losing more than bears despite the overall market uptrend.

• Bitcoin is ready for a breakout above a key resistance level, indicating a potential move towards $70,000.

• Ethereum and Aave are showing signs of bullish momentum, with incoming breakout opportunities soon.

The crypto market is back up in the green today, with an impressive 3.3% increase in market cap over the previous 24 hours before press time.

The crypto heatmap has turned almost completely green, with Bitcoin back around $66,000 and Ethereum showing stability above $3,200.

Bitcoin's dominance has shot further up again today and is now at around 55.24% despite sitting at the 54% zone only yesterday.

The market is up today, but the liquidation figures still don’t favour the bulls.

In the last 24 hours, the market's leveraged traders lost around $199 million to liquidations, with the bulls suffering the worst, losing around $123 million.

On the other hand, the bears have lost only around $76 million, which is a confusing turn of events.

However, it is interesting to note that Ethereum was the chief cause of these bullish liquidations after taking a staggering $51.47 million from the bulls alone.

Overall, the market is in favour of the bulls today, and this dominance might continue further into the coming 24 hours.

Bitcoin is About to Breakout

Judging by the extra-long tail of the 25 July candlestick, we can conclude that the bulls were extra active around the $64,500 zone and pushed Bitcoin into a rebound.

Bitcoin has successfully bounced off this support and is now looking at a possible break above the upper trendline of the channel shown below:

As shown above, Bitcoin is trading in a tight range between the $64,500 zone and this upper trendline, with a breakout expected to happen soon in either direction.

The RSI on the daily chart shows that the Bitcoin bulls are in control of the market, which is a good sign.

If we see a break above this upper trendline and above Bitcoin's previous $68,400 local high, Bitcoin is expected to explode further up and make another attempt at breaking $70,000 and then its previous all-time high of $73,700.

A Comeback on Ethereum

As far as comebacks go, Ethereum is doing very well for itself and bounced off the $3,080 support on 25 July.

As it stands, the cryptocurrency's price action is showing signs of health and is now bordered by the $3,000 and $3,500 price levels, as shown below:

It might be tempting to jump into the Ethereum market from here and make the most out of a possibly bullish trade.

However, while Ethereum seems poised to favour a break above $3,500, investors might want to wait for a breakout in either direction before making any decisions.

A valid break and close above $3,500 would make Ethereum very poised for a $4,000 retest.

On the other hand, if we see a break below the $3,000 price level, the decline is set to continue further downwards towards $2,800.

Watch Out For Aave

After breaking below the $106.8 price level on 12 April this year, Aave has tried and failed on several occasions to get back up above.

However, as shown below, another one of these attempts is happening once again, and we might be seeing a change in Aave’s general direction.

The cryptocurrency rebounded off the $85 price level on 25 July, after the most recent rejection from the $106.8 price level.

This rebound, in turn, has birthed an extra long bullish candlestick that shows a solid bullish presence and that we might see this breakout happen this time.

If we see a sustained break and close above the $106.8 price level, Aave will undoubtedly rally further up towards the $132 resistance or even higher.

Ordi Is Aiming for a Breakout

The chart below shows that ORDI has been trading within a descending wedge formation since the general market's mid-April decline.

The charts now show that the cryptocurrency is aiming for a break and close above this formation, and we might soon see a continuation of the trend on Ordi towards the previous $97 high.

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.