The crypto market is in the middle of a strong rebound, with a 2.6% increase in total market cap and Bitcoin back above $59,000.
The crypto liquidations for today are down, with leveraged bears taking the biggest hit.
Bitcoin is attempting to break above $58,970, a crucial level for its future direction.
Ethereum is also rebounding, aiming to break above $3,100 for a sustained rally to the upside.
Celestia is the top performer, up 17.76%, and if it breaks the $7 resistance, it could reach $8.8.
The market's conditions are much better than yesterday, with a 2.6% increase in the total market cap.
Bitcoin is back above the $59,000 zone, and greens have returned to the market, as shown in the heatmap below:
The crypto heatmap
Even Ethereum is back above $3,100, with the only reds across the market being a few stablecoins and L1 cryptocurrencies.
The crypto liquidations have become milder over the last day, with around $107 taken from traders, compared to more than $200 million yesterday and more than $600 million the day before.
The crypto liquidation heatmap
As expected, the liquidations have mostly affected the leveraged bears, with $67.96 million taken from them overall, compared to $39.79 from the bulls.
Overall, the bulls have the upper hand today, compared to the bears, which is a significant step up from the market conditions over most of the week.
As shown in the chart below, Bitcoin is establishing its position after rebounding off the base of the descending channel.
We now have the cryptocurrency retesting the $58,970 price level once again and attempting to break through to the upside.
Bitcoin’s price performance
Investors should monitor what happens around this $58,970 price level because it will determine what happens next with Bitcoin.
If we see a breakthrough to the upside, Bitcoin's chances of hitting the $70,000 zone will improve soon.
However, if we see a rejection from this price level, the cryptocurrency will retest the base of the descending channel above once again and become at risk of a break below once again.
The chart below shows that Ethereum has also rebounded strongly after hitting the $2,850 price level.
Ethereum has avoided a retest of the ascending trendline below and is instead attempting to break above the $3,100 price level.
Ethereum’s price action
As we have seen with Bitcoin and the $58,970 price level, Ethereum should be able to break above $3,100 and close sustainably above.
However, if we see a price rejection from this price level, the cryptocurrency will undoubtedly reverse and retest the ascending trendline, somewhere around $2,660.
As of this writing, Celestia is now the best-performing cryptocurrency among the top 100 on the daily timeframe, with a 17.76% price increase in the last 24 hours.
Ethereum in the descending channel
Celestia seems poised to continue further upwards and test the upper boundary of the descending channel above.
However, a significant resistance sits at around $7, and investors should keep an eye out for this price level.
If we see a break above, Celestia will be poised to continue rising to $8.8 or even higher.
However, a rejection from $7 might force the cryptocurrency to retest the channel's base once again, erasing all of Celestia's gains from last week.
As shown below, Sui rebounded successfully above the $0.58 price level and is now testing the $0.76 price level in an attempt to break through to the upside.
Sui’s price action
So far, Sui is doing an excellent job of pushing this resistance, and considering the general tone of the market today, a break to the upside is set to happen.
However, SUI's journey to the upside might be a bit more complex.
The cryptocurrency still has to deal with the $0.9 resistance before being poised for a rally upwards to between $1.4 and $1.5.
However, the primary concern for now is the incoming break above $0.76.
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.