Crypto Market Update: Bitcoin Nears Support, Uniswap Leads Gains

The crypto market is stagnant with Bitcoin nearing a support level, while Ethereum holds steady and Uniswap leads gains among the top 100.
crypto market, Voice of Crypto 

Key Insights

  • The crypto market has remained flat over the last day, with Bitcoin coming closer to breaking below the $67,000 support level.

  • Bitcoin is trapped between $71,600 and $66,250, with a possible breakout in either direction.

  • Ethereum also appears stable around $3,420, consolidating between $3,420 and $3,650.

  • Uniswap is leading the top 100 gainers with an 8% increase, targeting a retest and possible break above $11.9.

  • Toncoin is struggling to break above $8 and should be testing $10 soon.

The crypto market is no better than it was yesterday, considering how Bitcoin is now closer than ever to a break below $67,000, and the rest of the market is down by around 0.7% in terms of total market cap.

The crypto heatmap illustrates this properly, with Ethereum alone being the major green shown below.

Ethereum is only up by around 0.33% over the last 24 hours.

<div class="paragraphs"><p>Bitcoin</p></div>


Bitcoin’s dominance has remained steady over the last day, indicating that the flagship cryptocurrency still controls most of the market.

In terms of liquidations, we have seen around $111 million worth of liquidity taken from leveraged traders—a major improvement from yesterday but still heavily on the bears' side.

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

The crypto market’s liquidations

While the bears have only had to lose around 27%, the bulls have taken a staggering 85% in losses over the last day, indicating that the market is heavily skewed in the favour of the bears.

To this end, if trading must be done, it must be done with caution, considering the warning signs of incoming volatility that Bitcoin and most of the others are showing.

Does Bitcoin Have A Chance?

The Bitcoin bulls have managed to keep the cryptocurrency stable above the $66,250 zone for one more day, which says a lot about stability.

<div class="paragraphs"><p>Bitcoin’s possible trajectory</p></div>

Bitcoin’s possible trajectory

As shown in the chart above, Bitcoin is officially consolidating between $71,600 and $66,250, with enough tendency for prices to go either way.

The RSI on the daily chart has normalized, though, indicating that both bulls and bears have nearly equal chances of influencing prices in either direction.

However, we must also warn that if the bears win and we see a decisive price drop below the $66,700 zone, Bitcoin is likely to drop heavily, dragging the rest of the crypto market down with it.

Can Ethereum Make a Comeback?

Ethereum, just like Bitcoin, has managed to stay stable this week, according to the charts.

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

Ethereum’s price action

We can see from the chart above, that the cryptocurrency remains stable around $3,420 and is even attempting to rebound from this price level.

Ethereum is currently consolidating between this $3,420 zone and $3,650 and should provide enough clarity on its direction if we see a decisive break and close above either.

Overall, Ethereum might be great for scalping opportunities from current price levels. However, long-term trades are best avoided for now, at least until Ethereum shows proof that it has a proper sense of direction.

You Should Look Out For Uniswap

Uniswap is currently leading the market—by market, we mean the top 100 cryptocurrencies by market cap.

CoinMarketCap data shows that the cryptocurrency has increased by 8% over the last 24 hours, edging out Toncoin from the top-gainer spot. It is currently trading at $10.65 at the time of writing.

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

Toncoin’s price action

In the charts, we can see that this price increase resulted from the cryptocurrency's rebound from range lows of around $10.4.

The chart also shows that UNI has been bullish for the last three days and is now targeting a retest of the $11.9 range high.

At this point, investors need to do little except wait for whatever happens around $11.9 - $12.

Something Interesting Happened with TON

Yesterday, Toncoin made a new all-time high. However, this feat didn't make the news because the bears are attempting to drag the cryptocurrency back into the ascending triangle shown below:

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

Toncoin’s price action

Toncoin, after hitting an $8 all-time high and escaping a multi-month resistance for the first time since mid-April, has now been dragged back down to $7.8.

However, with any luck, this short-term bearish price action might be shortlived.

We should see Toncoin attempt a new all-time high between today and the next few days, with a likely target of $10, give or take $0.5.

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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