The crypto market experienced a minor correction of 1.5%, with Bitcoin falling below $65,000.
Despite a minor correction, Bitcoin aims to close above yesterday's price and might face resistance at $66,700.
Ethereum attempted to break the $3,500 barrier but faced rejection. However, investors should watch for another attempt at a breakout.
Lido bounced from support at $1.49 and is climbing. The $2.58 zone would be a key resistance level to watch.
THORChain is looking to recover after dipping below its trendline in June. We might see a retest or break above the $5.9 trendline soon.
The crypto market has slid downwards slightly today after about three days of consistent greens.
The total market cap has declined by around 1.5%, and Bitcoin is now back below the $65,000 price level.
The crypto heatmap
As shown in the snapshot above, the crypto heatmap has also turned red again, with Ethereum now trading at around $3,400.
The crypto liquidations from the last 24 hours sit at around $130 million, affecting the bulls mostly.
The crypto liquidation heatmap
In the last 24 hours, the leveraged bulls lost around $88 million, followed by the bears, who lost around $42 million.
Overall, the market has tilted slightly in favour of the bears today, and we might either be looking at a typical small-scale correction or a sign of a bigger disaster waiting to happen.
Let’s see which it is.
Bitcoin's 1% correction in the last 24 hours came because of the $66,700 resistance.
The bears likely waited for the bulls and caused a bump in the road, leading to a slight 1.5% correction on the 17 July candlestick.
Bitcoin's price action
However, the candlestick for 18 July is green and aims to close above the $66,128 daily close from yesterday's candlestick.
Bitcoin is bound to face further resistance at the top of the ascending trendline shown above. However, today is not the day we see a rejection.
The Ethereum train is still very much on track, as shown in the chart below.
Like Bitcoin, we saw a rejection from the $3,500 price level. However, today's candlestick is already showing signs of a recovery, and it should be retesting the $3,513 resistance soon.
Ethereum’s rejection from $3,500
However, Ethereum's last attempt at breaking through this resistance in the previous three days was unsuccessful.
This means that investors might have to keep an eye out for this price level once again.
The sign to look out for would be a close above $3,500 and a possible post-breakout consolidation.
Lido (LDO) hit solid support around the $1.49 price level and has been trending upwards since 5 July, using this price level as a base.
Lido’s price action
So far, we have seen a price increase of 35% from this 5 July rebound, and Lido is set to continue further upwards.
The key price level to watch on Lido is the $2.58 range high, where the bears are likely waiting for the bulls.
However, a retest of this price level would give Lido another fresh chance to redeem itself, especially after failing to break above twice since 12 April.
According to the charts, THORChain broke below the ascending trendline shown below on 10 June for the first time since October 2023.
THORChain’s price action
This break below caused a 40% dip to the underside, causing THORChain to drop from $5.2 to $3.1.
However, the cryptocurrency is attempting a rebound from here and is aiming for a retest or even a break above this trendline once again.
We will likely see THORChain rally further upwards and hit the trendline around $5.9.
Its price trajectory from here will then depend on how quickly the bulls can push against the bears and cause a breakout.
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.