Why Is the Crypto Market Up Today?

Crypto Market Rallies: Bitcoin Eyes Bull Run, Ethereum Above $3.9k, PEPE Hits ATH, and ORDI Poised for Rebound
Why Is the Crypto Market Up Today?

Key Insights

  • The crypto market is up 2.7% with a total market cap of $2.29 trillion, Bitcoin at $62,700 plus Ethereum at $3,950.

  • Total liquidations were $143 million, with bears losing slightly more than bulls ($82 million vs $62 million).

  • Bitcoin has rebounded from the $60,000 zone but needs to break above $65,500 for a confirmed bull run.

  • Ethereum is holding above the crucial $2,800-$2,900 support, and a break below could lead to a drop to $2,450.

  • PEPE has reached a new all-time high, and ORDI might be entering a rebound and recovery phase.

The crypto market is doing much better than it was at the start of the week, considering its 2.7% increase in total market cap, as well as a $2.29 trillion figure today.

Bitcoin now trades at around $62,700 and Ethereum sits at $3,950 in an attempt to reclaim the $3,000 zone.

Overall, the crypto heatmap looks like this:

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

The crypto market's heatmap

The liquidation score between the bulls and bears is evening out as shown by data from Coinglass.

Over the last day, leveraged traders have lost around $143 million to liquidations, illustrated below:

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

The crypto market’s liquidations

While the bulls lost around $62 million, the bearish liquidations were slightly larger, with an $82 million figure.

Overall, we can say today, that the crypto market is transitioning from the hands of the bears to the bulls, and the bulls only need to struggle to keep this newfound control.

Bitcoin’s Ongoing Rebound

According to the charts, Bitcoin is in the middle of a rebound off the $60,000 zone as shown below:

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

BItcoin’s price action

The charts also show that Bitcoin’s daily RSI is attempting to hit the neutral point, which would be a valid sign that the bulls are indeed gaining strength against the bears.

However, the Bitcoin bulls aren’t quite out of the woods yet.

We still need to see the cryptocurrency make a new high above the $65,500 peak from 6 May to confirm a bullish takeover.

Can Ethereum Maintain Its Standing?

According to the charts, the  bulls are doing a good job of defending Ethereum's standing above the $2,900 - $2,800 range as shown below:

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

Ethereum’s price action

The cryptocurrency trades at around $2,891 at the time of writing and seems to be on the verge of a rebound from this price level, considering the sheer strength of this support range.

The outlook on Ethereum remains the same: the cryptocurrency remains safe as long as it trades above this range.

However, if we do see a break below the $2,800 zone, the resulting plunge would take the cryptocurrency straight down to $2,450.

New All-Time High on PEPE:

 Over the last day, PEPE has made a new all-time high, and has even hit the $0.00001113 resistance outlined by the Fibonacci retracement tool as shown below:

<div class="paragraphs"><p>PEPE’S new ATH</p></div>


However, the bears were lying in wait at this price level and wasted no time in pushing PEPE down into a rejection.

We can see the memecoin reattempting a rally from here. And, who knows, if we see a decisive break and close above the previous $0.00001113 level, we just might be seeing PEPE rally further up to the next resistance at around $0.00001140.

Can ORDI Make Its Way up From Here?

According to the charts, ORDI Is trading right on top of an ascending trendline and seems poised to enter a recovery phase from here.

In addition to trading on top of this trendline, the cryptocurrency is also sitting beneath the $38.68 resistance, and is showing a consolidation that might turn out to be a massive rally to the upside:

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

ORDI’S price action

Keeping in mind that a plunge further down to $27 is entirely possible, we should see the cryptocurrency rally by as much as 165% to the previous $97 high if ORDI's price action results in a rebound from the $37 price level.

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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