The crypto market is relatively stable today, with a slight increase in the total market cap.
Meanwhile, Bitcoin's dominance increased while Ethereum's declined.
The fear and greed index shows a slightly fearful reading despite the market's stability.
Several coins like Bittensor and Avalanche gained, while others like Aave and BitTorrent lost value.
The market appears to be in favour of the crypto bulls today.
The crypto market is relatively steady today, with the total market cap up by around 1% in the last 24 hours.
Bitcoin is back above the $60,000 mark and currently trades very close to the $61,000 price level, with the crypto heatmap looking like this.
The crypto heatmap
The greens on the heatmap shown above are from minimal price movements but are still green nonetheless.
One thing to note, though, is how Bitcoin's dominance sits at a high of around 55.59%, while Ethereum's appears to be plummeting.
Despite the greens, the crypto fear and greed index has moved from a neutral 50 level to a slightly fearful 48.
The current fear and greed index
Through it all, some of the market’s top gainers include Bittensor, Avalanche, Artificial Superintelligence Alliance (FET), Worldcoin, Immutable X, Lido and so much more.
All of the above have between 7%—10% price increases over the last 24 hours.
On the other hand, losers like Aave, Bittorrent, and SATS have all experienced declines of 3% -4% in the last 24 hours.
The crypto market’s liquidation
According to Coinglass, the liquidation figure has been relatively mild over the last day, with $59.5 million taken from traders overall.
As indicated by the liquidations, while the bears lost around $35.45 million, the bulls lost a relatively smaller amount, around $24 million.
This indicates that the market favours the bulls today.
One core indicator of a Bitcoin comeback is a break above its previous local high of around $62,745 on 8 August.
A break above this price level would count as a new higher high and give the cryptocurrency a chance to rally further upwards to hit $70,000 once again.
Bitcoin’s price action
As shown, Bitcoin now trades at around $60,900 and needs a little more push to break above this price level and confirm a return to action.
So far, the RSI on the daily chart has avoided a bearish crossover, which is a good sign.
Investors need to be patient from this point and should wait to see what the bulls make of the $62,745 mark.
As shown, Ethereum is making a determined effort to break above the $2,685 price level, which has kept it down since its break below 5 August.
Ethereum’s price action
The cryptocurrency now trades at around $2,671 and is incredibly close to a breakout.
The bulls only need to continue pushing slightly harder to break above $2,685 and then $2,800, launching Ethereum straight into its full ascent towards the top of the channel above, around $3,500.
According to the charts, we have a full breakout from a descending triangle on Bittensor.
Bittensor’s price action
This breakout comes after nearly four months of TAO trading underneath the upper trendline of the formation above.
As it turns out, this gives TAO a chance to double towards its 12 April local high from $327 to $647.
According to the charts, Avalanche trades in a descending wedge formation, and has been rallying steadily upwards for the last week, as shown.
Avalanche’s price action
This rally has brought the cryptocurrency upwards to a retest of this formation’s upper trendline, which means that a breakout could be imminent.
Investors should watch for what happens around $26.5 because if a break above occurs, Avalanche might become poised for a 150% price increase towards $65.
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.