The crypto market is in the middle of a minor pullback with a 0.89% decline and a total market cap of $2.25 trillion.
Bitcoin's price dropped below $63,800 indicating that the bulls may be losing momentum.
Ethereum maintained its position above $2,600 in a move that shows relative strength.
The crypto fear and greed index has also declined strongly, indicating uncertainty among investors.
Several smaller altcoins including Sui, Fantom, Helium, Beam and Sei also saw strong price increases in the last 24 hours.
The crypto market has stepped back again today, by another 0.89% and a $2.25 trillion market cap.
Bitcoin is now trading at around $63,800 with more than a 1% price decline in the last 24 hours. Ethereum on the other hand, is still trading above the $2,600 price level.
The crypto heatmap
The market, as shown, has also turned almost completely red with only a few splotches of green in the small-cap altcoin market.
Bitcoin's dominance also appears to have taken another step backward from above 56% to around 55.93% of the market.
Interestingly while the crypto fear and greed index sat at a healthy 56/10 reading yesterday, it is now back at 48/100.
The crypto fear and greed index
This shows that some degree of fear has returned to the market, mostly because of Bitcoin’s inability to stay above the $65,000 zone.
Some of the biggest gainers across the market include Sui, Fantom, Helium, Beam and Sei, all with price increases of between 5.19% to 8.3% over the last 24 hours.
On the other hand, the biggest losers include Conflux, JasmyCoin, Celestia, The Graph and Worldcoin.
All of the above have declined by between 5.5% to 8.75%.
The crypto liquidation heatmap
The liquidation data from the last 24 hours has seen the market's leveraged traders lose $181 million.
Unsurprisingly the bulls have suffered a lot more than the bears, with a total of $145 million taken from them in the last 24 hours.
On the other hand, the bears have been relatively unscathed with $45 million in liquidation.
With all of the above being said, the bears are in control today and traders should approach with caution.
To start things off, there are a few things to know about Bitcoin today.
The first is that there is an ongoing bullish crossover between its 25 and 99-day EMAs.
This indicates that the bulls are gaining strength compared to the bulls.
However, the cryptocurrency still reversed after seemingly breaking out of the descending channel illustrated below.
Bitcoin’s price performance
The second thing to know about Bitcoin is that it has found support on its 25-day EMA (around $62,377)
In essence, the cryptocurrency has a big chance to make a comeback.
However, if we see its price begin to break below these major moving averages, the bears will undoubtedly sink Bitcoin lower and lower.
Bitcoin remains safe if a break below $62,377 doesn’t occur.
Yesterday, the Ethereum bears attempted to pull the cryptocurrency below the $2,500 price level once again.
However as illustrated, the bulls were active around the 25-day EMA and pulled Ethereum back into a recovery.
Ethereum’s price performance
This also means that Ethereum remains stuck between its 25 and 99-day EMAs.
The cryptocurrency’s future direction depends strongly on its performance within this range, and where it goes next depends on which EMA breaks first.
The 25-day EMA sits at around $2,558 around the time of writing, while the 99-day EMA sits at $2,766.
According to the charts, Fantom broke out of the falling wedge illustrated around 9 September.
After its breakout, it began to rally upwards until it hit the $0.66 Fibonacci retracement level and began to consolidate.
Fantom’s price performance
At the time of writing, Fantom appears to be done with its consolidation and is aiming to break above the next resistance around $0.7687.
This means that if we see a break and close above this price level, the cryptocurrency will be poised to continue upwards to the other resistances including $0.8772, $1 and $1.2285.
According to the charts, Helium currently trades within a small ascending trendline as illustrated.
The cryptocurrency is now one of the top gainers across the market's top 100 with a 4.5% price increase in the last 24 hours.
Helium’s price action
So far, the cryptocurrency’s 25-day EMA has served as a major dynamic support for the cryptocurrency and is now leading it upwards towards the upper trendline of the channel.
This means that if the bulls continue to maintain the ongoing momentum, we should see a break out of the channel somewhere around $8.7 to $8.85.
All of the above points towards an incoming break above its previous local high of $11.
Like Bitcoin, we have an ongoing bullish crossover between Sei’s 25 and 99-day EMAs.
This indicates that the bulls are gaining strength compared to the bears.
The charts also show a solid break above the $0.4 resistance as illustrated by the Fibonacci retracement tool.
Sei’s price performance
This means that Sei is now ranging between $0.4 and the next resistance level around $0.5612.
The bullish crossover between these two moving averages means that we should see the bulls continue to apply more pressure from here.
In essence, investors can expect a break, or at least a retest of the $0.5612 zone very soon.
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.