Why Is the Crypto Market Up Today?

The crypto market is recovering with Bitcoin potentially reaching $65,500, Ethereum $4,000, and other altcoins seeing gains.
Why Is the Crypto Market Up Today?

Key Insights

  • The market gained 1.76%, pushing the total cap to $2.32 trillion.

  • Bitcoin bulls are regaining control after a price rebound from $60,000. So far, a break above $65,500 is needed for a new higher high.

  • A break above $3,100 on Ethereum could lead to a rally towards $3,200, and then a breakout towards $3,500 - $4,000

  • TonCoin is up 12% and needs to break above $7.70 to confirm its bullish momentum.

  • The Graph is poised for a breakout, and a surge past $0.318 could lead to a 65% rally towards $0.50.

The crypto market has recovered slightly over the last day, gaining around 1.76% and pushing the total market cap to around $2.32 trillion.

Bitcoin is well above the $62,000 zone once again, and the crypto heatmap looks like this:

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

The crypto market’s heatmap

In terms of liquidations, the leveraged traders haven’t seen that much trouble in the last day, with a total of $110 million wiped across the board.

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

The crypto market’s liquidation heatmap

So far, we have had the Bears take the worst of the beatings, with around $67 million lost to liquidations.

The bulls, on the other hand, have lost only around $43 million, leading us to believe that over the last day, the bulls are starting to seize control from the bears.

Can Bitcoin Print a New Higher High?

According to the charts, Bitcoin has done a solid job at rebounding off the $60,600 zone and now trades at around $62,700 at the time of writing.

This price action is good and shows the bulls' proactive approach to retaking control.

However, the problem lies in the issue of higher highs.

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

Bitcoin’s price action

Bitcoin needs to print a new higher high to confirm bullish control—and to do this, we might need to see the cryptocurrency break above the $65,500 zone, last seen since 6 May.

Considering the cryptocurrency’s momentum at the time of writing, we may well be on the way to seeing this happen.

Ethereum’s Solid Attempts

Ethereum, according to the charts, has printed a new higher low and is still attempting to break above the $3,100 resistance.

The cryptocurrency currently trades at around $3,030 and is attempting to solidify its position above this psychological support.

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

Ethereum’s price action

This is a good sign, in that a break above $3,000 paves the way for a rally further up to the crucial $3,100 zone, where the cryptocurrency will have its first real chance to hit the top of the falling wedge pictured above and attempt a breakout around $3,200.

The Most Important Toncoin Rally

As pictured above, Toncoin continues to make more higher highs and has even rebounded successfully above the $5.6 zone, after a minor consolidation.

Over the last day, the cryptocurrency has gained around 12%, making it the best-performing cryptocurrency among the top 30 by market cap.

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

Toncoin’s price action

To confirm this bullish momentum and its bulls in control, though, we need to see the cryptocurrency print a new higher high above the previous $7.7 local high from 11 April.

If we see this happen, Toncoin would have become fully poised to make a new higher high in preparation for its bull run.

The Graph Is About to Explode

The Graph (GRT) has performed well with its rebound off the $0.225 support.

However, a certain price level has kept it under twice now and has been active since 12 April.

This price level is in the range between $0.3 and $0.318.

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

The Graph’s price action

As it stands, the cryptocurrency is attempting to break above this price level and seems pretty poised to break above this time around.

Because of this, if we see a break above $0.318 and maybe a small consolidation, the cryptocurrency will be set to rally further up by another 65% to the $0.5 local high, or even further up from here.

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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