Why Is Crypto Market Bullish Today?

The crypto market rebounds with Bitcoin leading the charge, while Ethereum and some altcoins show potential for further gains.
Why Is Crypto Market Bullish Today?

Key Insights

  • The crypto market saw a bullish price surge over the past 24 hours, with the total market cap rising 3%.

  • Bitcoin is leading the recovery, and must break above the $71,515 resistance is crucial for a possible retest of its previous all-time high.

  • Ethereum's dominance is declining, and despite strong support at $3,720, Ethereum bulls need to regain momentum to avoid being left behind.

  • Floki Inu has made a multi-week comeback and must register a daily close above $0.000315 for a bullish confirmation.

  • Uniswap is experiencing a strong recovery, with a surge above $9.3, and the bulls facing resistance at $11.89

The crypto market’s bulls seem to be back in action over the last 24 hours, considering the ongoing 3% increase in the total market cap.

Bitcoin is now making one of the first real attempts in weeks, to close above the $71,000 mark, and the total crypto market heatmap looks like this:

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

The crypto market’s heatmap

Never mind Bitcoin’s dominance that seems to be rising again, the entire crypto market has turned green over the last day, and almost every cryptocurrency is trading green at the time of writing.

The crypto liquidations from the last 24 hours are almost the same as yesterday’s as shown below:

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

The crypto market’s liquidation heatmap

The only difference between yesterday’s and today’s liquidations is that the tables have turned today, and the bears are taking the worst of it.

In the last 24 hours, while the bulls have lost around $39 million to liquidations, the bears have lost around $74 million, in an apparent bullish takeover.

From all of the above data, we can conclude that the bulls are in control of the market today, and Bitcoin might have a chance at retaking the $73,000 zone once again soon.

Bitcoin: One More Hurdle, and We’re Done

Bitcoin's consolidation from its all-time high has taken more than two months so far.

The cryptocurrency had to spend the first month and a half inside the descending wedge as shown below.

However, sometime in late May, Bitcoin broke out of this formation, and “was” consolidating.

<div class="paragraphs"><p>Bitcoin’s comeback</p></div>

Bitcoin’s comeback

As shown by the chart above, Bitcoin is taking this comeback very seriously and is up by more than 2% over the last 24 hours.

However, there might be one hurdle to cross.

Remember the $71,515 high from 20 May, where the bears caught up to the bulls and pulled Bitcoin down to the $66,000 zone?

Bitcoin has to break above this $71,515 price level again, for its first real chance to retest $73,800 and make a new all-time high, possibly this year.

No Echo on Ethereum?

For some reason, Ethereum hasn’t echoed Bitcoin’s resurgence over the last 24 hours.

The cryptocurrency's dominance has waned so far, from a solid 18% only last week to around $17.33 at the time of writing, giving Bitcoin the chance to rise above the 53% dominance level.

In the chart below, we can see that Ethereum is still trading strongly above its $3,720 price support.

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

Ethereum’s price action

However, there has been no repeat of Bitcoin’s price rally

Ethereum remains stuck in the consolidation above $2,720, and the cryptocurrency's bulls need to get back in the game, or it gets left behind once again.

Floki Needs One More Candlestick

According to the charts, Floki Inu is about to make a new all-time high.

After being rejected from the previous $0.000315 price level on 28 May, Floki reversed for a retest of the ascending trendline shown below and declined by around 25%—before hitting its 25-day moving average.

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

Floki’s price action

This time around, we can see a multi-week comeback on the cryptocurrency, as well as a break above the previous $0.000315 price level.

To this end, we only need a close above $0.000315 with today’s daily candlestick, for the bulls to solidify their footing and convert this resistance into support.

Investors need to watch the daily candlestick for 5 June above, to understand where Floki might be headed, and what might happen next.

Quite a Comeback On Uniswap

According to the charts, Uniswap is doing very well for itself, considering the strong rebound above the $9.3 price level.

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

Uniswap’s price action

We can see an extremely long candlestick from yesterday, right on top of this $9.3 price level, indicating a great deal of bullish activity around this zone.

Uniswap, now, is testing resistance around $11.89, where the bears might attempt to prevent further price increases.

With this being said, investors should keep an eye out for whatever happens at $11.89, because a break and close above would signify continued price movement on Uniswap, while a rejection might mean a retest of $9.3.

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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