Crypto Market Up 1.2%, Bitcoin Eyes $62K Breakout as Akash & BOME Surge

The crypto market cap grew by 1.2%, with Bitcoin showing stability above $61,000 and Ethereum at $3,320. Akash and BOME exhibit strong intraday gains, signaling a positive market trend.
Crypto Market Up 1.2%, Bitcoin Eyes $62K Breakout as Akash & BOME Surge

Key Insights

  • The crypto market saw a 1.2% increase in total market cap, with Bitcoin stabilizing above $61,000.

  • Bitcoin might be aiming to break above $62,000 again, with its daily RSI indicating possible recovery.

  • Ethereum's price stabilized around $3,320 and is attempting to retest $3,670.

  • Akash bounced back above $3 and might soon challenge the $3.69 resistance.

  • BOME surged by 17% on the intraday timeframe and might continue rising with the rest of the memecoin market.

The crypto market's conditions have improved over the last day, with a 1.2% increase in the market cap.

Bitcoin is back above $61,000 and appears stable—for now. The crypto heatmap is also healthy, with a healthy amount of green, which is a good sign of recovery overall.

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

The crypto market's heatmap

Bitcoin's dominance appears to have dipped significantly over the last two weeks, from well over 55% to 53.12% and is even supported by an increase in Ethereum's dominance to 18.14%.

In terms of liquidations, the market has managed to maintain its liquidation figure around the $80 million score, with $81 million taken from leveraged traders overall in the last 24 hours.

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

The crypto liquidation heatmap

However, compared to yesterday, when we had more bullish than bearish liquidations, the bears took the worst hit, with a $49 million loss, compared to the bullish $32 million.

Overall, the crypto market is still in its consolidation phase.

However, compared to yesterday, the market seems skewed in favour of the bulls today.

Bitcoin Continues Against $62,000

Today is another day for Bitcoin to continuously retest the $62,000 zone in the hopes of a breakout to the upside.

As shown by the chart below, the cryptocurrency's price action has mostly favoured the bulls, considering its current price of $61,600 and daily RSI reading that appears to be in the middle of a recovery from oversold conditions.

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

Bitcoin’s price action

The RSI on the daily chart shows an incoming crossover between the MACD and the signal line, which, if successful, should see Bitcoin break above $62,000 once again and attempt to continue its rally towards the upside.

Is This Recovery For Ethereum?

Ethereum's price appears to have found stability around the $3,320 price level, as shown below, and has been moving upwards ever since.

<div class="paragraphs"><p>Ethereum’s recovery attempt</p></div>

Ethereum’s recovery attempt

Yesterday's candlestick showed considerable bullish strength, leading the cryptocurrency up from around $3,360 to around $3,450.

Suppose the bulls continue to apply this much pressure. In that case, the bullishness is expected to continue, taking the cryptocurrency up for another retest and possibly breaking above the $3,670 price level again.

Recovery For Akash?

Akash Network ($AKT) turned towards the bearish side when it crashed below the $3 mark on 18 June.

This break underneath this important psychological resistance formed a new lower low, resulting in the descending trendline shown below:

<div class="paragraphs"><p>Akash in the charts</p></div>

Akash in the charts

However, Akash also appears to be in the middle of a robust recovery and has even retaken the $3 price level.

The cryptocurrency is now looking to test resistance around the $3.69 price level and should be poised to continue further upward if we see a break above.

Similar recovery On $BOME?

Just like Akash, we have something similar going on with Book of Meme ($BOME).

The memecoin lost its footing around the $0.01 price level and plunged deeper down until it tested the $0.077 price level.

After a double test of this support line, BOME has entered a rebound and is now leading the market with an intraday 17% price increase.

<div class="paragraphs"><p>BOME in the charts</p></div>

BOME in the charts

From the look of things, we can expect the bullishness on this memecoin to continue. Considering the ongoing recovery in the memecoin market at the time of writing, BOME will likely remain among BONK and BRETT, leading this market sector further upwards.

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.

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