The crypto market is slightly bullish today, with a 2% increase in market cap and a mostly green heatmap.
The crypto fear and greed index is moving towards optimism, showing market sentiment is improving.
Bitcoin's price action is sluggish, with the cryptocurrency showing signs of weakness.
Ethereum is no better off and is at risk of further decline.
Ordi and SATS, on the other hand, are showing bullish breakout signals, but investors must wait for triggers before jumping in.
The crypto market has remained steady over the last day and has even managed to gain around 2% of its value with its total market cap.
We now have a total crypto market cap of around $2.0 trillion, along with a crypto heatmap that is mostly green, as shown below:
The crypto market heatmap
The crypto fear and greed index is also moving further into the optimum zone. It is displaying a neutral reading of around 52%, with some of the biggest gainers being SATS, Helium, Ordi, Starknet, and Celestia—all with 10%—19% price gains in the last 24 hours.
The crypto fear and greed index
On the flipside, some of the biggest losers include Mantra, Hedera, Tron and Bittensor, with relatively minor losses ranging from -1% to -2.3%.
The crypto liquidation heatmap
The liquidations from the last 24 hours remain as harsh as ever, with around $176 million taken from the leveraged traders across the market.
However, despite the change in the market tide, the difference in liquidations between the bulls and the bears hasn't been very pronounced. The bulls lost $85 million, and the bears lost slightly more, around $90 million.
Today, the bulls seem to be showing a great deal of strength. However, it is still sensible to approach the market cautiously.
Despite the ongoing greens across the market, Bitcoin is still not showing any strong signs of a bullish recovery.
The candlestick for Monday, 12 August, was a relatively green one. Still, Tuesday's candlestick is turning red, with the RSI on the daily chart seemingly being rejected from the neutral zone and trending towards the bears.
Bitcoin’s price action
In summary, the $58,350 remains the most important support on Bitcoin’s chart at the moment.
If we see a break below, Bitcoin has a solid chance of continuing downwards towards the base of the channel above, around $50,000.
As shown in the charts, Ethereum is also showing signs of rejection from the resistance block between $2,685 and $2,800.
Ethereum’s price performance
This puts further bearish pressure on the cryptocurrency and increases the likelihood of retesting the channel's base.
The $2,650 zone where Ethereum is currently testing can provide some degree of comfort, though. If the bears are unable to push the cryptocurrency below, a rebound is possible.
According to the charts, Ordi appears to be trading within an almost perfect descending wedge and is now aiming for a break above the upper trendline.
Ordi in a descending wedge
The cryptocurrency currently trades at around $31.35 at the time of writing, which is one of the resistances to overcome before a confirmed break and close above the psychological $35 resistance.
Ordi is not quite there yet, but it is on its way to breaking out, as shown, and investors might consider waiting for the trigger breakout above $35.
According to the charts, SATS has been stuck under this massive resistance block between $0.00003191 and $0.00003606 since April.
Resistance block on SATS
SATS now appears to be testing this resistance block and is attempting to break out to the upside.
The RSI seems far enough into bullish territory, and the cryptocurrency might have a chance at this break.
However, investors should also look out for the ultimate bullish trigger, which would be a break above 20 April’s high of $0.00003911.
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.