Crypto Price Today: Bitcoin Eyes Breakout, Altcoins Like ORDI Show Promise

Crypto market sees slight gains, Bitcoin eyes breakout, altcoins like ORDI show promise despite mixed signals.
Crypto Price Today: Bitcoin Eyes Breakout, Altcoins Like ORDI Show Promise

Key Insights

  • The total market cap is up 0.16%, with Bitcoin managing to stay above $71,000.

  • The crypto heatmap shows a balance between the bullish and bearish influences.

  • The total liquidations are over $100 million, with bulls losing more than bears in the last 24 hours.

  • Consolidation suggests Bitcoin may be preparing to break above $71,500 soon.

  • This is good for altcoins, because Ethereum has managed to stay above $3,800, and an altcoin season could be inbound

  • Wormhole will likely rally to between $0.799 and $0.9, and ORDI is currently up 13%, with a lot of potential for further gains.

The crypto market is green again today, but only by a little bit. We have had a 0.16% increase in the total market cap, with Bitcoin managing to stay above the $71,000 mark for one more day.

We also have the crypto market's heatmap looking like this—which isn't very green but is a healthy mix of influence from both sides.

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

The crypto market’s heatmap

The liquidations from the last 24 hours haven’t been very harsh, but are still above the $100 million mark.

In the last 24 hours, leveraged traders across the market have lost around $108 million.

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

The crypto liquidation heatmap

However, as shown above, the bulls have the worst of this arrangement, losing $83 million in total, which is a lot more than the bears’ $24.65 million.

Today, we can say that the market is still in consolidation today, without dominance from either bulls or bears.

However, the bulls still need to solidify their positions soon, to avoid being kicked off by the bears.

Bitcoin is Poised for a Breakout

Unlike the other times when Bitcoin got rejected sharply from the $71,500 zone, the cryptocurrency seems to be consolidating underneath this price level.

Almost like the Bitcoin bulls are looking for the right opening to launch a breakout attack.

<div class="paragraphs"><p>An incoming Bitcoin breakout</p></div>

An incoming Bitcoin breakout

The Bitcoin RSI shows that we are still in bearish territory, which indicates that despite the stagnation, the bulls still hold the reins.

The safer gamble would be to expect Bitcoin to break above this $71,500 price level before getting into the market. However, judging by the looks of things, a Bitcoin breakout from here, would only be a matter of time.

Another Day for Ethereum

Ethereum has managed to spend another day above the $3,730 price support, without giving in to the bears.

At the time of writing, the cryptocurrency is well above the $3,800 zone, and trades at around $3,816.

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

Ethereum’s price action

Ethereum, as shown in the charts, is still in bullish territory, as indicated by the RSI on the daily chart.

Moreover, we saw this $3,730 zone act as resistance to the price of Ethereum between 16 March and 23 May, indicating that it is a strong price level indeed.

As long as a break below this price level doesn't occur, Ethereum's bullish outlook remains intact.

A Steady, Ongoing Grind Upwards on Wormhole

As shown by the chart below, Wormhole has been grinding upwards steadily since 14 May and is only a few inches away from the $0.779 price resistance.

<div class="paragraphs"><p>A price increase on Wormhole</p></div>

A price increase on Wormhole

Considering the momentum the bulls have managed to gather so far, we can expect the cryptocurrency to continue further upwards like this.

Wormhole will likely break above $0.799 and even target the $0.9 resistance or even higher, between now and the next few weeks as shown below.

This price increase to the upside will take $W up by anywhere between 30% or even higher, depending on how much of a punch the bulls can pack.

Further Price Increase for ORDI

According to the charts, ORDI has successfully broken above the $51.5 price resistance and is trending upwards with every passing hour.

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

ORDI’s price action

The cryptocurrency is up by around 13% over the last day at the time of writing, making it the second-best performer among the top 100 cryptocurrencies, aside from Wormhole.

ORDI is poised to continue upwards from here, even though we might see a consolidation sooner or later.

In sum, we can expect ORDI to hit the $97 local high or higher, as long as the bulls keep up the momentum.

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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