Bitcoin has reclaimed the $60,000 level and pulled the general market upwards.
The crypto fear and greed index has moved towards a more neutral position, showing a market sentiment shift.
Fantom, Bittorrent, Polygon, Beam and FET are the biggest gainers in the past 24 hours.
Despite the overall market rise, traders have suffered liquidations, with the bulls losing more than the bears.
Bitcoin and Ethereum still need to make headway with breaking out, while Fantom and Polygon are showing massively bullish signs.
While the market is currently flashing bullish signals, caution is still much advised.
Bitcoin is once again above the $60,000 zone today, with a total market cap increase of around 1.8%.
This figure now sits at around $2.14 trillion, has Ethereum back above $2,600 and sees the crypto heatmap looking like this:
The crypto market’s heatmap
As shown by the heatmap, the bulls seem to have retaken control and are now influencing the entire market.
In the last 24 hours, the crypto fear and greed index has gravitated more from a “fearful neutral” reading to a more balanced neutral of 50/100.
The crypto fear and greed index
So far, we have some of the best gainers on the market being Fantom, Bittorrent, Polygon, Beam and Artificial Superintelligence Alliance (FET).
All of these have gains of around 10% to 16.32% from FET to Fantom.
On the flip side, the worst losers are Helium, Tron, ZCash, Sui, and Kaspa, with Helium losing the most at around 7.78%.
The crypto liquidation heatmap
Over the last 24 hours, around $126 million has been taken from traders. Interestingly, despite the market turning green, the bulls have still lost more money to liquidations than the bears.
Coinglass data shows that the bulls lost around $69 million, which is more than the bearish $57 million within the same timeframe.
Overall, while the market has turned green and the fear and greed index shows neutrality, it is still advisable to approach the market with caution.
Bitcoin’s 50-day moving average has kept the cryptocurrency under since it first broke below on 2 August.
Bitcoin’s price performance
This moving average now sits at a current price level of $61,360, and Bitcoin has repeatedly attempted to break above.
Now that we are seeing the bulls push up against the bears, we just might see this breakout happen.
This means that investors should watch out for what happens around $61,360 before making any decisions.
According to the charts, Ethereum is still trading underneath the resistance block between $2,685 and $2,800.
Ethereum’s consolidation
The cryptocurrency is now consolidating underneath, with no sign of influence from the bulls.
Ethereum did manage to avoid a bearish crossover in the RSI yesterday, which means that the bulls are actively defending $2,530.
With this being said, if we see a break below $2,530 from here, Ethereum is likely to test $2,300.
According to the charts, Fantom trades in a descending wedge and actively aims for a breakout.
Fantom’s price action
Within this wedge, we can see that the cryptocurrency is facing resistance around $0.46.
This means that if we see a breakout, Fantom will finally test the upper trendline of this formation and attempt to breakout.
If all goes well, we should be seeing the cryptocurrency jump by a staggering 160% to $1.27.
Polygon was temporarily bearish and even traded within a descending wedge, much like Fantom.
However, the cryptocurrency's breakout is here already and has delivered around 13% in price gains for MATIC over the last 24 hours.
Polygon’s price action
As shown, we have a nice post-breakout rally, with Polygon now trading at around $0.053.
Investors should be aware, though, that a post-breakout correction is entirely possible, and Polygon might reverse course from here before retesting the wedge one last time.
However, from here on out, Polygon has broken the bearish spell and should be poised to more than double up towards the $1.3 local high.
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.