Crypto Market Surge - Bitcoin, Ethereum, Arweave, and RUNE Updates

Crypto market jumps 5.5%, Bitcoin near resistance, Ethereum eyes breakout, Arweave consolidates, RUNE tests resistance before potential rally.
Crypto Market Surge - Bitcoin, Ethereum, Arweave, and RUNE Updates

Key Insights

  • The crypto market cap surged 5.52% to $2.38 trillion, with Bitcoin's dominance at an unusual 54%.

  • Bitcoin's uptrend faces resistance at the $66,666 level and needs a break above $67,000 for further gains.

  • Ethereum needs to break and close above $3,050 and $3,221 to confirm bullish dominance and a falling wedge breakout.

  • Arweave's breakout from an ascending triangle pattern seems sluggish and is consolidating around $43.5-$44 before a rally or reversal.

  • THORChain (RUNE) is also testing resistance at $6.47-$7, with an incoming breakout and rally towards $11.4 or higher.

The crypto market cap has gone up by a staggering 5.52% over the last day, bringing the figures to $2.38 trillion, after yesterday’s $2.26 trillion.

We also have the crypto market’s heatmap almost completely green as shown in the snapshot below, as well as Bitcoin’s dominance at an unusual 54% high.

<div class="paragraphs"><p>The crypto market’s heatmap</p></div>

The crypto market’s heatmap

The only red cryptocurrencies here are Tron, Toncoin (likely because of the Notcoin launch) and PEPE, because of yesterday's bullishness and the new all-time high.

In terms of liquidations, the leveraged traders have been through slightly more liquidations than yesterday, with around $158 million lost as illustrated:

<div class="paragraphs"><p>The crypto market’s liquidations</p></div>

The crypto market’s liquidations

The bears have been the most affected over the last day, after losing around $114 million compared to the bulls’ $44.8 million.

In total today, we can conclude that the bulls are in control of the market and have been dominant over the bears in the last 12 hours.

Can Bitcoin Break Through?

In the charts, we can see what is going on a lot more clearly.

As shown below, Bitcoin's most recent charge to the upside brought it face to face with the upper trendline of the descending channel as shown, somewhere around $66,666.

<div class="paragraphs"><p>Bitcoin’s price action</p></div>

Bitcoin’s price action

However, we are seeing what appears to be a rejection, or at least a consolidation underneath this price level.

In sum, Bitcoin looks strong enough, with its RSI currently sitting strongly in the bullish zone. However, there can be no further movement to the upside unless we first see a break and close above $67,000.

Investors looking to get in from here might want to wait for a while, at least to see what happens around this $67,000 zone.

Ethereum: A Different Kind of Breakout

According to the charts, while Bitcoin is facing resistance at the very top of its chart pattern, Ethereum is facing some resistance, but not of the same kind.

As shown by the chart below, the cryptocurrency is trading underneath its 25-day exponential moving average around the $3,050 zone and needs to break above to travel further up.

<div class="paragraphs"><p>Ethereum’s consolidation under $3,050</p></div>

Ethereum’s consolidation under $3,050

Like Bitcoin, Ethereum seems to be in the middle of a consolidation underneath this $3,050 zone and can move no further to the upside if a break and close above doesn’t occur.

If we do see a break above this $3,050 zone though, Ethereum still needs to form a new higher high above the $3,221 zone to confirm bullish dominance, which would also constitute a breakout from the falling wedge formation shown above.

A Breakout on Arweave?

As shown by the chart below, Arweave seems to have broken out of the ascending triangle formation and is behaving strangely.

<div class="paragraphs"><p>Arweave’s breakout</p></div>

Arweave’s breakout

Typically, breakouts come with heightened volatility, where the price of said cryptocurrency increases rapidly, before reversing for a retest of the breakout point and then continuing further upwards.

Arweave seems sluggish around $43.5 - $44 and is showing signs of a breakout consolidation before a breakout rally.

In total, it might be interesting to see how AR behaves around $43.5 - $44 in order to determine what might come next with the cryptocurrency.

THORChain (RUNE) Is About to Breakout

According to the charts, RUNE is testing the waters for an incoming breakout above the $6.47 - $7 zone as shown below:

<div class="paragraphs"><p>THORChain’s price action</p></div>

THORChain’s price action

With the daily RSI strongly in the bullish zone, we have a very valid attempt from the cryptocurrency to break above this range.

Investors might want to keep an eye out for RUNE because any decisive break and close above the $7 zone might signal a rally further up to $11.4 or higher.

Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it 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.

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