The crypto market is now stagnant after Bitcoin's rejection of $70,000.
Liquidations have affected both bulls and bears, with Bitcoin and Ethereum leading the losses.
Bitcoin is struggling to break above $70,000 and needs a solid bullish push.
Ethereum is trying to recover but is facing resistance at the 25-day EMA.
XRP is showing strength with a rally towards $0.75, while Book of Meme (BOME) is on the verge of a $0.012 retest.
The crypto market has remained relatively unchanged in the last 24 hours, especially after Bitcoin’s rejection from $70,000 on Monday and Tuesday.
As illustrated, the crypto market is mostly red, with the only green cryptocurrencies being BNB, Solana and a handful of other L1s.
Liquidation data from the market shows that leveraged traders have lost around $120 million over the last 24 hours, with around $93 million coming from the bulls and the remaining $26 million coming from the bears.
The liquidation figures from Bitcoin and Ethereum are almost on par, affecting the bulls mostly and showing that these traders were betting on improved conditions.
Overall, according to current market data, the bears have the bulls in a chokehold, and unless the bulls initiate a push-back, the market remains at risk of further decline.
Bitcoin is still playing within its rejection from the $70,000 zone and has not shown convincingly bullish price action since.
The RSI on the daily chart shows that the cryptocurrency is currently in bullish territory.
However, it continues to risk a decline between the $6,300 and $64,400 range.
The bulls need to initiate a valid rebound and break above the $70,000 mark soon, or the current price action remains invalid.
Ethereum appears to still be on track for its ascension and retest of the $3,500 zone despite the ongoing sluggishness in its price action.
The cryptocurrency is attempting to correct yesterday's losses with today's price action. It is mostly held down by its 25-day EMA, which has actively kept the cryptocurrency below $3,350 since 25 July.
Ethereum’s bulls need slightly more fuel to break above this moving average, beyond which the rally to $3,500 will continue.
After breaking above the $0.55 resistance on 16 July, XRP rallied by another 20% to $0.63 before being pulled down into a retest of this new support.
This time around, however, XRP has been working on a rebound from $0.55 for the last two weeks and is now back on track.
XRP’s price action
Source: TradingView
The cryptocurrency is now the best-performing among the top 100 cryptocurrencies on the market, with an intra-day price increase of 7.5% and another clear path ahead towards the $0.75 resistance in a 15% rally.
Book of Meme (BOME) has been bullish throughout the weekend and even further into this week.
The cryptocurrency has an ongoing intra-day price increase of 6.3%, as shown below.
BOME’s price action
Source: TradingView
Furthermore, BOME has now broken above the crucial $0.01 price resistance, and is looking towards a massive spike to the upside.
Investors should be aware, though, that the memecoin is likely to face resistance somewhere around $0.012, with a possible reversal to $0.01.
In the event that this happens, the reversal towards $0.01 for a second time might prove to be a valid re-entry condition.
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