Bitcoin is nearing a crucial $70,000 breakout, increasing market dominance.
Ethereum is gaining momentum and is approaching a breakout above $3,500.
The crypto market is transitioning into a bullish trend, with the liquidations favouring bears.
Book of Meme (BOME) is the best performer among the top 100 and could rally by a staggering 190% soon.
Bitcoin Cash has broken out of a descending channel, which shows a bullish reversal and a possible 60% spike to $750.
The crypto market has advanced further up today, with Bitcoin now close to registering a sustained break and closing above the $70,000 price level.
We now have the flagship cryptocurrency trading at around $69,700, along with a 3.22% increase in the total market cap and a crypto heatmap that looks like this:
Interestingly enough, Bitcoin's dominance is skyrocketing, reaching a high of 55.5% at the time of this writing.
This leaves Ethereum with a little more than a 16% dominance and a long way to go until hitting $3,500 price resistance.
The crypto liquidation heatmap shows that the market has been mildly harsh on leveraged traders, especially the bears, in the last 24 hours.
The market has collectively lost $81 million, with the bulls taking a $17 million share and the bears coming in with the remaining $64 million.
All of the above shows that the bulls are currently in control of the market, with all eyes on a possible break above the $70,000 mark.
However, if Bitcoin (and other cryptocurrencies) cannot break above key resistance zones, the bears still have a chance to retake control and drive the market down.
According to the chart below, Bitcoin just broke out of the descending channel formation above and aims to break above the range between $70,000 and $72,000.
Keep in mind that this range is a highly powerful one, and has kept the price of Bitcoin under since its break below in March of this year.
The cryptocurrency has attempted four breaks above $72,000 in the last three months, which indicates that investors might want to exercise extra caution when placing orders.
In this case, the signal for a total bullish takeover would be a break and close above $72,000, beyond which the bulls would have all they need to create a new Bitcoin all-time high.
According to the charts, Ethereum rebounded successfully off the $3,000 zone last week on 25 July and is now aiming for a break above the $3,500 price level, as shown.
The cryptocurrency currently trades at around the $3,300 price level and is approaching a retest and possible break above $3,500.
As it stands, Ethereum's ultimate bullish signal would be a break above this $3,500 price level and should be avoided until then.
The RSI on the daily chart is crossing over above the neutral zone and into bullish territory, which means that we might be seeing some real displays of bullish dominance soon.
According to data from CoinMarketCap, Book Of Meme is the best-performing cryptocurrency among the top 100 and is registering a 20% price increase at the time of writing.
However, this isn’t all. BOME might just be getting warmed up.
As shown by the chart above, BOME is attempting a break above the ascending triangle and could be on the verge of one of the most bullish explosions on the market in recent times.
As it stands, the memecoin has a clear-cut path towards a 190% to its all-time high of $0.03.
At the time of writing, a breakout is ongoing on Bitcoin cash, which has already brought in an intra-day price increase of around 14%.
As shown, the cryptocurrency traded within a descending channel, which shows that it used to be massively bearish.
However, this time, we are looking at a breakout, indicating that the cryptocurrency is moving from being bearish overall into bullish.
Investors can expect a small pullback or consolidation, especially after this breakout.
However, Bitcoin Cash remains primed to climb another 60% and possibly hit the $750 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.