The crypto market experienced a massive 3.3% decline today, with Bitcoin nearing $64,250.
Ethereum is also facing a steep drop approaching the $3,000 mark.
Liquidations in the crypto market were strong, with bulls losing a lot more than bears.
Bitcoin is testing crucial support at $64,450, and a break below this level could lead to a sharp drop.
If all goes well, we can expect a valid rebound on Pyth and an incoming breakout on Tron.
The crypto market has slid further down again today by a semi-severe 3.3%. Bitcoin now trades at around $64,250, and the crypto heatmap has turned red, as illustrated:
Ethereum, on the other hand, is now closer than ever to the $3,000 mark and the other cryptocurrencies have declined fairly seriously as well.
As expected, the crypto market has seen fairly harsh liquidations over the last 24 hours, with $291 in total taken collectively from the bulls and bears.
While the bears lost a little over $33 million, the bulls lost an even harsher $258 million, leading to the conclusion that the crypto market is tilted today in the favour of the bears.
According to the charts, the bears are pulling Bitcoin further down than ever, with the cryptocurrency now testing the $64,450 price level and risking a steep drop if the bears have their way.
Investors should be looking for Bitcoin's behaviour around $64,450 because a sustained break and close below could put the cryptocurrency at risk of entering a freefall.
If it happens, this freefall will push the cryptocurrency down below the $60,000 price level again, settling it around the $59,760 price level.
Ethereum's drop is even steeper than Bitcoin's, as shown in the charts.
So far, Ethereum's price decline in its ongoing freefall has been 7.5%, and a retest of the $2,850 price level isn’t out of the question.
Ethereum’s price action is especially interesting, considering the ongoing hype around its spot ETF launches in the US.
Investors should consider taking a step back on this cryptocurrency until it presents a clearer bullish signal about its direction.
As shown in the charts, PYTH has been bearish for most of the year.
However, the idea behind bearish trends is that they often turn bullish sooner or later.
According to the chart below, Pyth has hit bottom and may now be trading within an ascending channel, at least in the medium term.
In the charts, we can clearly see a rebound from the $0.2349 price level and a slow but steady grind to the upside since hitting this bottom.
We can expect the cryptocurrency to explode upwards from here and even hit the top of the channel somewhere between the crucial $0.5 resistance and $0.58.
From here, the bulls versus the bears can further decide whether we get a rejection or breakout.
However, from now until then, Pyth looks poised for an incoming 45% - 70% rally.
Tron hit the upper trendline of the ascending channel shown above around $0.1415 and was rejected by the bears.
However, the bulls quickly found support around $0.1311 and have so far prevented further decline.
We are now looking at a rebound attempt from this price level and the potential for another retest and breakout from this channel.
Since price reversals are very common in the crypto market, investors should consider a “wait and see” approach, and only enter if we see a valid break and close on tron, above $0.1415.
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.