Bitcoin's price surge above $65,000 indicates that we might see a possible move towards $70,000.
Despite the crypto market showing overall gains, both bullish and bearish leveraged traders saw almost the same value of liquidations.
Bitcoin might hit resistance around $68,600, risking a drop to $50,000 if a breakout from its current descending channel fails.
Ethereum is testing resistance at $3,500, and a daily close above this level is crucial for further upward movement towards $4,000.
Worldcoin has rebounded from $1.75 and is testing resistance at $2.885, with a possible upswing towards $10 brewing.
Arweave also broke above a descending triangle, with a clear path towards the $46.7 resistance. However, a retest around $29 is possible before the major rally.
The bulls have been very active this week in particular, given Bitcoin’s steady ascent from below $60,000 to where it now stands.
Bitcoin now trades strongly above the $65,000 zone and is making its way upwards, likely towards the $70,000 mark.
The crypto market’s performance
The crypto market is now almost completely green, an apparent display of strength from the bulls.
The crypto liquidation figures , on the other hand, show something exciting.
The crypto liquidation heatmap
In the last 24 hours, we have seen around $200 million inn liquidations across the market, on both bullish and bearish leveraged traders.
However, despite the apparent green of the market, the bullish liquidations are not too far off from the bearish ones.
For example, while the bears have lost around $101 million in the last 24 hours, the bulls aren’t much better off, and have lost an almost equal $99 million.
What is going on with the market today?
According to the charts, Bitcoin trades within a descending channel, as shown below:
Bitcoin’s price action
While the cryptocurrency’s price action has been impressive so far within the channel this week, it is also approaching the upper trendline of the formation, where the bears are likely laying in wait.
Bitcoin should find resistance somewhere around $68,600, and investors should keepn an eye out for this price level.
If Bitcoin is unable to break out of this formation, it risks another bearish price rejection, this time closer to the $50,000 zone.
Ethereum is currently testing resistance around the $3,500 price level, as shown below.
While the bullish momentum so far makes Ethereum more than poised to break above this price level, investors should know that $3,500 is an incredibly strong psychological resistance.
Ethereum’s price action
In this case, what to watch for isn't a break above $3,500 but a daily candle close above.
Ethereum must break and close above $3,500 before completing a post-breakout consolidation and moving further upwards towards the $4,000 mark.
Worldcoin is by far the best-performing cryptocurrency on the market.
At least among the top 100, according to CoinMarketCap.
Worldcoin’s price action
The cryptocurrency has successfully rebounded, using the $1.75 price level as a base.
We are now looking at a retest of the $2.885 resistance, beyond which the cryptocurrency is expected to test the crucial $3.676 resistance and either break out or enter a price reversal to the underside.
Arweave made the cut yesterday, based on its highly impressive price action, following its rebound from the $20 price level.
Arweave’s price performance
Late yesterday, however, the cryptocurrency managed to break above the mini descending triangle formation and now has a clear-cut path towards the $46.7 price resistance.
Investors should be aware, however, that while this path is "clear-cut," we might possibly see a post-breakout retest of this formation's upper trendline.
This means that we might see a possible retest of the $29 price level, before the real “Arweave rally” begins.
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.