Crypto Market Surges: Bitcoin Poised to Hit $70k, Ethereum Predicted to Reach $4k, Gala and Pyth Spike

Crypto market rebounds slightly, Bitcoin eyes $70k again, Ethereum targets $4k, Gala and Pyth hint at potential surges.
Crypto, Bitcoin, Voice of Crypto

Key Insights

  • The crypto market is seeing some green, but Bitcoin remains in a consolidation with mixed signals, and its RSI indicating another attempt to break $70,000 again.

  • Bullish signals on Ethereum's daily chart also indicate that we might be seeing a retest or break above $4,000 soon.

  • Gala's price is attempting to rebound off an ascending trendline, and if all goes well, we might be seeing an 82% increase.

  • Pyth is eyeing an uptrend, and could also be poised for a possible 60% rally to the upside

The crypto market has recovered somewhat today, with Bitcoin back above the $68,000 zone.

The crypto market’s total capitalization is also up by 0.74% over the last 24 hours, with most of the large-cap cryptocurrencies trading green today.

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

The crypto market’s heatmap

Bitcoin’s dominance remains steady at around 53%, with a current price of around $68,649.

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

The crypto market’s liquidations

In terms of liquidations, the crypto market has seen major liquidations from Bitcoin, Ethereum and Notcoin in particular, to the tune of $143 million over the last 24 hours.

Despite the market being green today, the bulls have lost as much as the bears, with $89 million from leveraged bulls, versus $54 million from the bears.

The conflicting signals from the general crypto market and the liquidation figures show that Bitcoin is still not out of the consolidation phase yet, and there is no clear distinction between bullish and bearish dominance at the time of writing.

Is Bitcoin Gearing up for a Rebound?

As shown in the chart below, Bitcoin has been consolidating above this descending channel since breaking above it on 20 May.

This time around, the cryptocurrency is showing signs of a rebound from the top of this formation.

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

Bitcoin’s price action

Aside from the 1.5% price increase over the last day, and the cryptocurrency's foray above the $68,000 zone for the first time in nearly a week, the daily RSI also appears to be making its way up from the neutral zone and into bullish territory.

This means that this might be it for Bitcoin. If the bulls keep up the pressure against the bears, we might be seeing the cryptocurrency make another attempt at $70,000 very soon.

Ethereum Might be Recovering Soon

Just like we can see with Bitcoin, Ethereum is also trading on top of a support block, as shown below, and could be poised for a rebound anytime.

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

Ethereum’s price action

The bulls have successfully defended the $2,730 zone so far from the bears, and the daily candlestick for today looks pretty bullish at the time of writing.

Unlike Bitcoin making its way into bullish territory with its RSI, Ethereum is there already.

This means that the current consolidation was merely a strength-gathering phase for the bulls, and as long as a break below $2,730 doesn’t occur at any point, we are bound to see a retest and break above $4,000 very soon.

A Recovery on Gala

Gala declined severely, in light of the $200 million hack that hit the Gala Games protocol, less than two weeks ago.

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

Gala’s price action

According to the chart above, we can see that Gala is in the middle of a rebound from the top of this ascending trendline, and is attempting to break above $0.047 at the time of writing.

Amid several unsuccessful attempts to break above in the past, if Gala successfully breaks above the range between $0.047 and $0.053, we might be seeing a resulting 82% price increase from current price levels to around $0.086 or higher.

Pyth Is Preparing for a Rebound

According to the chart below, the Pyth Network token ($PYTH) appears to be in an ascending wedge over the short to medium term and is making an attempt at a rebound from the lower support.

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

Pyth’s price action

If this outlook is valid, it would mean that Pyth is set to travel further upwards and retest the upper trendline of this formation around $0.5.

If a breakout happens, Pyth would be poised to continue upwards by around 60% to the $0.71 price level or even further, depending on how hard the bulls can push against the bears.

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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