Crypto Market Update: Bitcoin Stalls, Ethereum Wobbles, Altcoins Offer Mixed Signals

Crypto market treads water, Bitcoin needs a break, Ethereum eyed for a drop, altcoins see mixed signals.
Bitcoin BTC price Voice of crypto

Bitcoin BTC price Voice of crypto

Key Insights

  • The crypto market is showing a slight improvement but remains largely flat.

  • Bitcoin is struggling at $71,000, and the bulls need to break above this price level for a confirmed bullish trend.

  • Ethereum's prolonged consolidation is starting to raise worries of a possible drop below $3,730.

  • Stacks has surged 40% after a breakout from a falling wedge but is facing resistance at $2.39.

  • SUI is rangebound but is attempting to rally and break above $1.4413.

The crypto market's conditions have slightly improved in the last 24 hours, but Bitcoin continues to stall at around $71,000.

The total crypto market cap has also only moved up around 0.14%, with reds starting to creep into the crypto heatmap once again, as shown below:

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

The crypto market’s heatmap

Bitcoin's dominance continues to climb, while Ethereum's continues to wane, despite Ethereum beating Bitcoin in terms of price performance as shown above.

In terms of liquidations, there has been little resistance to the natural flow of things, considering the lower liquidation figures illustrated below:

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

The crypto market’s liquidation heatmap

In the last 24 hours, the crypto market has only taken around $92 million from the leveraged traders, the majority of them being Bitcoin bears.

The bears in general, have lost around $53 million in the last 24 hours. The bulls on the other hand, only have about $38 million worth of losses, indicating that the market has mostly favoured the bulls over the last day.

This means that despite the consolidation across the market at the time of writing, the bulls still have a slight edge against the bears.

Bitcoin’s Ongoing Struggle

The $71,600 zone is proving itself to be one big problem at this point.

Bitcoin has been testing this price level repeatedly since 23 March—10 days after its previous all-time high.

And in every instance since then, the bears have managed to prevent Bitcoin from closing above this price level.

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

Bitcoin’s price action

The outlook for Bitcoin is largely straightforward at this point.

While the bulls seem to be in control, somewhat, at the time of writing, the only way to solidify Bitcoin’s bullish dominance would be to break and close above the $71,600 zone.

To this end, Bitcoin will only be poised for a bullish continuation if we see this breakout confirmation happen.

When Will We See an Ethereum Rebound?

Ethereum has spent more than two weeks in its post-ETF consolidation above the $3,730 zone as shown below:

<div class="paragraphs"><p>The Ethereum consolidation is ongoing</p></div>

The Ethereum consolidation is ongoing

The bulls have mostly held the fort against the bears from here. However, Etheruem’s continued reluctance to launch a rebound is becoming a worrying trend.

The longer Ethereum stays consolidating at this price level, the more likely that the bears succeed in dragging it down below $3,730.

In sum, Ethereum remains safe—for now—as long as it stays above $3,730.

How is the Breakout Going for Stacks ($STX)?

As shown in the chart below, Stacks has successfully completed a breakout from the descending wedge below.

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

Stacks’ price action

So far, since this breakout, Stacks has moved to the upside by an impressive 40%. However, as shown, the cryptocurrency is also facing a resistance wall around the $2.39 price level.

This means that investors should consider taking profit and watching out for what happens next with this cryptocurrency.

If we see a price rejection around $2.39, Stacks could be in for a post-breakout correction. However, if a break above does occur, the cryptocurrency will be set to travel upwards by another 60% to the $3.85 price level.

SUI Has Been Caught in a Range

According to the charts, SUI has mostly traded within the range shown below, between $0.8829 and $1.4413.

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

SUI’s price action

The cryptocurrency appears to have successfully rebounded off the $0.8829 price level and is now making an attempt at rallying upwards for a retest and possible break above $1.4413.

And for the first time in a while, the cryptocurrency seems poised to continue upward, especially after breaking above the minor ascending trendline shown above.

SUI is expected to consolidate for a while here. However, soon after this consolidation is over, we will be set to see SUI turn green again.

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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