The crypto market has shown only a slight improvement since the weekend, with Bitcoin consolidating above $69,000.
Bitcoin's dominance is increasing, reaching 54% at the time of writing, and is stuck between an ascending trendline and the $71,600 resistance
Ethereum is consolidating between $3,730 and $3,650 and might be showing a possible resistance against a bearish pull.
Chiliz and Shiba Inu might attempt recoveries based on technical analysis, despite an otherwise bearish outlook
The crypto market hasn’t done very much by way of recovery over the last 48 hours.
Bitcoin is still consolidating above the $69,000 zone as shown in the crypto heatmap below, and the total market cap has only moved up by around 0.16% in the last 24 hours.
The crypto market’s heatmap
However, the market isn’t completely red.
Most of the main cryptocurrencies have recovered slightly from the weekend’s lows, but are still stuck in consolidation.
The crypto market’s liquidations
In terms of liquidations, the amount of liquidity taken from traders over the last 24 hours has been extremely mild, from a relative standpoint.
Only $40 million has been lost by traders over the last day, with the bulls losing $23 million and the bears losing the remaining $17 million.
Overall, the interesting part about the crypto market is that Bitcoin’s dominance is rising once again, and currently sits at around 54%.
Neither the bulls nor bears are particularly in control at the time of writing, even though the bears have the upper hand and have the greater advantage at present.
According to the charts, the resistance wall around $71,600 remains solid and unbroken and was directly responsible for Bitcoin's slump on Friday, to the $69,000 zone.
Bitcoin’s price performance
Now, as shown in the chart above, we are looking at a squeeze on Bitcoin between the ascending trendline above, and the $71,600 wall.
This means that the Bitcoin bulls and bears will have to decide sooner or later, where Bitcoin goes.
A break in either direction, whether above $71,600 or below the $67,350 zone would determine whether we see a more fleshed-out crash on Bitcoin, or if we see a continuation upwards.
Ethereum crashed along with the rest of the crypto market, during Bitcoin's slip-up on Friday last week.
However, the altcoin king seems relatively stable from here.
Yes, Ethereum declined. However, it is currently consolidating between the $3,730 and $3,650 zone and has managed to come back above above $3,650, despite slipping below on Friday.
Ethereum’s price action
From here, we can conclude that while Ethereum remains at risk of a break below, its consolidation and stability are considerably good signs, and should result in a rebound if the bears don’t retake control.
According to the charts, Chiliz currently trades in a symmetric triangle, which is a neutral formation, but looks relatively bullish—at least in the short to medium terms.
Chiliz’s price action
The charts show us that Chiliz took the weekend crash particularly hard, dropping in price by 25% in two days, from $0.147 to $0.11.
However, the charts also show us that Chiliz is making a comeback, and will likely retest the upper trendline of this formation again soon at the very least.
This rally would likely take Chiliz up to the $0.154 zone, which would be another 25% step up from current price levels.
According to the charts, Shiba Inu crashed to the $0.00001 zone along with the rest of the market, last week.
However, this $0.00001 zone is currently one of the strongest psychological price levels on the Shiba Inu chart at the moment and is likely to hold.
Shiba Inu's price action
If this line holds, it means that we might be seeing a continuation of Shiba Inu’s rally from last week, allowing this memecoin to outperform the entire market once again.
The Fibonacci retracement tool puts likely price targets for SHIB around $0.00002129 and $0.00002770, which would be 70% and 120% price increases respectively, from current price levels.
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