Bitcoin is consolidating around $62,900, with Ethereum yet to break $3,500.
The losses on leveraged traders have decreased to $81.5 million in the last 24 hours.
Bitcoin is showing stability at around $62,420, with a possible bullish shift if this level holds.
Ethereum's candlestick from yesterday turned out to be a gravestone doji, which indicates a possible bearish reversal if the price falls below $3,330.
BONK and Mantra have led the charge, both experiencing double-digit gains in the last 24 hours.
The crypto market hasn’t moved very far over the last 24 hours.
Bitcoin managed to break above the $63,000 price level yesterday and is still consolidating around $62,900 as of writing.
The crypto market’s heatmap
So far, the market has returned to being mostly red, as the bulls attempt to consolidate their position and the bears attempt to sink prices further.
Ethereum is still yet to break above the $3,500 zone, and Bitcoin’s dominance remains relatively steady around the 53.52% level.
The crypto liquidation heatmap
Despite the market's wave of red, the liquidation figures have calmed down somewhat, with leveraged traders only losing around $81.5 million in the last 24 hours of trading.
Today, however, there appears to be a balance of sorts between the bulls and the bears.
While the bears have lost $32.64 million, the bullish liquidations come in at around $48,85 million.
In essence, we can conclude that the market is stable and currently in consolidation but slightly skewed in favour of the bears.
Although things din’t look the part, Bitcoin is currently working on consolidating, and converting the $62,420 zone into a support.
Bitcoin’s consolidation above $62,420
As shown in the chart above, the cryptocurrency has spent the previous 24 hours preventing a crash below this crucial $62,420 price level. It is suffering from low volatility but is stable nonetheless.
The RSI on the daily chart shows signs of neutrality, which means that Bitcoin's bulls are gaining a slightly more even footing with the bears and should be able to shift the tides soon.
However, the incoming rally on Bitcoin will become invalidated from here if we see a break below the $62,420 price level.
The interesting part of Ethereum’s price action is that yesterday’s candlestick turned out to be a gravestone doji.
Ethereum’s gravestone pattern
The general idea behind gravestone dojis is that when they occur at the top of a rally, they typically signal the end of the bullish trend and the beginning of a bearish takeover.
However, while this candlestick pattern is a powerful indicator, it isn't always an accurate pointer.
However, investors should be wary of any possible trend reversals and note that Ethereum's bears can only take over if we see a break and close below $3,330.
According to the charts, while the rest of the market is currently stuck in a consolidation phase, BONK is currently in a trend reversal and is taking its rebound off the $0.00001833 price level pretty seriously.
BONK’s price action
Over the last two days, BONK broke above its previous local high of $0.00002515 and is now trending upwards, with a 10% price movement in the 24 hours before this writing.
The trends stated above show that BONK is incredibly bullish compared to the rest of the market and is primed to continue further upwards from here to retest $0.00004450 or higher.
Mantra, as shown, is trading in almost the same pattern as BONK and is also up by around 10% in the last 24 hours before writing.
Mantra’s price action
We have a pretty solid rebound off the $0.63 price level once again on the cryptocurrency from last week, as well as a rally that has taken it up to the $0.837 price level where it now sits.
While Mantra has made several attempts in the past to break above this $0.837 price level, this is one of the furthest it has ever been since, which leads us to believe that if the bulls keep up the momentum, we might be seeing a retest of the $1 price level very soon.
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.