The crypto market dipped again by 0.8%, with Bitcoin falling below $66,000 and Ethereum under $3,000.
Bitcoin dominance is rising, squeezing gains for altcoins. Over $121 million was liquidated in the last 24 hours, with bulls taking the bigger hit.
Bitcoin is struggling to break out of a descending channel. Overall, the bulls need a decisive close above $67,600 for a possible upswing.
Ethereum is facing bearish pressure after being rejected from the 25-day moving average. A break below $2,819 could trigger a further decline.
PEPE is defying expectations and holding just under its newest all-time high. More bullish momentum could push it even higher.
Arweave is showing potential for a breakout after a 5% surge. It could reach the $51 zone if the bullish momentum continues.
The crypto market has slid downwards again today, by another 0.8%, bringing the total market cap to a $2.36 trillion figure.
Bitcoin lost its standing above $66,000, Ethereum now trades underneath the $3,000 zone, and the crypto market’s heatmap looks like this:
The crypto market's heatmap
As shown above, the crypto market is almost completely red, save a few cryptocurrencies on the list.
Meanwhile, Bitcoin’s dominance continues to skyrocket, leaving less and less room for the altcoins to shine.
The crypto market’s liquidation heatmap
Over the last 24 hours, around $121 million has been lost by leveraged traders to liquidations, with most of it coming from the bulls at $82 million.
The remaining $38 million comes from the bears, leading us to believe that after holding dominance for a few days, the bears seem to have taken the reins from the bulls over the last 24 hours.
As shown in the chart below, Bitcoin is showing a bit of reluctance to break out of the descending channel over the short to medium terms:
Bitcoin’s price action
As shown, BItcoin's sluggishness and consolidation phase is based almost entirely on this reluctance to break out.
To see Bitcoin continue further upwards and retake the $73,800 zone or even a higher price target (like $75,000), we need to see a break above this formation, as well as a decisive close above the crucial $67,600 price resistance.
According to the charts, the Ethereum bears seem to have successfully rejected the cryptocurrency from the 25-day moving average (around $3,040), and Ethereum is now facing some bearish price action as shown:
Ethereum’s price action
This price action now shows that Ethereum has reversed, and is now about to retest the $2,891 - $2,819 range.
This range is a crucial one because if the bears continue to push Ethereum downwards and we see a break below, the cryptocurrency might rally further down and hit the descending wedge above around $2,609.
According to the charts, the bears haven't pushed PEPE into a massive price rejection from its new all-time high yet, for some reason.
One of the likely reasons we haven't seen a PEPE rejection from the $0.00001161 all-time high may be because of sheer strength from the bulls.
PEPE’s price action
We can see from the above that while a price rejection from the $0.00001161 resistance/all-time high is still possible, the memecoin seems to be pushing against this price level, and could even be making a new all-time high soon if the bulls continue this way.
The RSI on the daily chart shows that we are still strongly in bullish territory, lending some optimism to the bulls' ability to push PEPE further up to $0.00001430.
According to the charts, compared to yesterday’s price action, Arweave seems to be doing a great job at making this look like a proper breakout.
As illustrated below, $AR is up by around 5% in the last 24 hours, and is now about to break above the minor $46.74 resistance to finalize a post-breakout rally:
ARweave’s price action
This means that we might possibly see Arweave travel further upwards from here and hit the $51 zone or even higher, depending on how well the bulls push from here.
Like it is with PEPE, we have the RSI on the daily chart in strongly bullish territory, meaning that this rally to $51 just might happen soon enough.
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.