Bitcoin and the overall market declined, dropping the cap below $2.1 trillion.
The fear and greed index remains in the "fear" zone, showing a bearish sentiment.
While some coins like Tron and Avalanche saw gains, others like Bittensor and Sei are seeing losses.
Liquidations were relatively mild, but the bears had a slight advantage over the bulls.
Bitcoin and Ethereum are currently not in the most bullish of places, but Tron and Avalanche have massive price action, just waiting to yield gains for investors.
Bitcoin is back underwater again, even after breaking above the $60,000 mark and hitting $61,000 yesterday.
The total market cap declined 2.3%, bringing it down to $2.1 trillion.
This is without mentioning the overwhelming amount of red across the market.
The crypto market’s heatmap
So far, Bitcoin is back to the $59,000 zone, Ethereum is below $2,600, and more than half of the entire market is red, with a fear and greed index showing a slightly fearful reading of 45.
45 on the fear and greed index
During the slide back into bearishness, some of the best gainers across the market include Tron, BitTorrent, Brett, Avalanche, Arweave, and Polygon—all of them with rallies of between 5.5% and 10% in the last 24 hours.
On the flip side, some of the worst losers include Bittensor, Sei, Sui, Jasmy Coin, THORChain, and Litecoin, all of which have experienced declines of between 4.4% and 5.4% in the last 24 hours.
The crypto liquidation heatmap
We have a relatively mild liquidation figure of $108 million, according to Coinglass.
However, compared to yesterday, the margin between the bulls and bears is much wider today, with the bears losing around $29 million and the bulls losing a lot more, around $78 million.
This would mean that the bears have the upper hand today, so caution is advised.
According to the charts, Bitcoin hit a high of $61,400 yesterday before declining straight down once again.
This rejection is even clearer, considering the long upper wick of Tuesday’s candlestick.
Bitcoin’s price action
According to the charts, Bitcoin is attempting to close the gap left by this wick and is now trading at around $59,592.
So far, to consider the bulls back in control to some degree, we might need to see a break above the 8 August high of $62,745.
Bitcoin’s price action before this happens should not be taken as full bullish influence by any means.
According to the charts, Ethereum was unable to break above the $2,695 price level yesterday and is now in the middle of a rejection.
Ethereum’s price action
The incoming bearish crossover between the RSI signal line and the MACD is also worth mentioning.
All of these factors mean that if Ethereum breaks below the $2,500 zone (the low from 12 August), the bears might take control once again and push the cryptocurrency straight down towards $2,300 or even lower.
The charts show that Tron is strongly bullish, especially after breaking out of the ascending channel shown below:
Tron’s ongoing price action
Normally, the outlook for Tron would be to stay away—at least until the bulls take their profits and the market cools down.
However, there might be an opportunity here.
To start with, the Fibonacci retracement tool shows some resistance around $0.16—the high from yesterday before today’s red candlestick.
If the decline from this price level continues, it might present some great shorting opportunities, with targets of $0.15, $0.1415 and $0.1329.
However, if Tron's rally isn't over yet and we see a break above $0.16, the next viable target would be $0.1782, which, on its own, is a nice 15% continuation rally.
After a false breakout from the descending wedge shown below on 21 July, Avalanche appears to be ready for some fresh new action.
Avalanche’s price performance
As shown, the cryptocurrency is approaching the upper trendline of this formation and will likely attempt a break above soon.
The optimal price level to watch out for would be around $27.40, beyond which we can be assured that the bulls are back in business.
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.