Key Insights:
Bitcoin has surged past $60,000, with most cryptocurrencies showing gains.
Despite price increases, liquidations are low at $109 million, indicating that bears were not caught off guard.
Bitcoin is experiencing a breakout rally, but a post-breakout correction or resistance from the descending channel is possible.
Ethereum's price rebounded off $2,850 and is now testing resistance at $3,360.
Pendle and Synthetix are attempting to break out from their descending channels, with Pendle targeting $5.7-$5.9 and Synthetix aiming for $3.2.
The crypto market has kicked off the new week with a wave of fresh action. Bitcoin has not only broken above the $60,000 zone but is now trading strongly around the $62,000 mark. The crypto market's heatmap has turned almost completely green, as shown below, with most cryptocurrencies seeing impressive gains.
Crypto Market Heatmap
Interestingly, the last 24 hours haven't shown significant liquidations despite the heavy price increases across the market. For instance, as shown by the snapshot below, we have seen only around $109 million in liquidations, meaning the market's movements didn't catch the bears unaware.
Crypto Liquidation Heatmap
Out of the $109 million liquidation score, the bears lost around $86 million, leaving the bulls with $22 million in losses. In summary, the market is bullish today. However, we might need to examine the charts more closely to determine whether the ongoing rally is sustainable.
Bitcoin’s Bullish Price Action
The charts show that Bitcoin's price action is bullish due to the break above $59,599 on Sunday, as shown below.
Bitcoin’s Price Action
This indicates a post-breakout rally. However, can Bitcoin continue upwards, or will the bears catch up to the bulls? A post-breakout correction is possible, meaning Bitcoin might retest $59,599 before continuing upwards. Furthermore, the cryptocurrency is trading within a short-to-medium-term descending channel, suggesting that the upper trendline of this formation might be problematic. Ultimately, a break above $67,600 would indicate a significant breakout from the descending channel shown above.
Ethereum’s Valid Rebound Off $2,850
According to the charts, Ethereum’s rebound off the $2,850 zone is valid, and the cryptocurrency is close to making a new higher high—without testing the ascending trendline shown below:
Ethereum’s Price Action
Ethereum is one of the most bullish altcoins among the top 10 but is now testing resistance at around $3,360. This is where the bulls might want to put in the most effort. If Ethereum fails to break above this price level, the resulting drop might force it into a retest of the aforementioned ascending trendline.
Pendle’s Recovery Efforts
According to the chart below, Pendle is trading within a descending channel, much like Bitcoin.
Pendle’s Price Action
After retesting the base of this channel around $3.3, the cryptocurrency is attempting to move upwards and will soon retest the $4.9 resistance. Pendle offers a prime long opportunity between its current price level and $4.9 and will be even more bullish if it breaks above this price level. Ultimately, the major price target for the cryptocurrency sits between $5.7 and $5.9.
A Comeback on Synthetix (SNX)
According to the charts, Synthetix is currently trading on a descending trendline due to the general market conditions over the last few weeks. However, the charts also show a strong rebound on the cryptocurrency’s chart, leading it up to a retest of the $1.92 price level:
Synthetix’s Price Action
This trendline retest presents a significant opportunity for the cryptocurrency's bulls to initiate a breakout to the upside and push the cryptocurrency upwards to $3.2, at least. Investors should keep an eye on what happens around $1.92 because a break above would undoubtedly be a bullish development for Synthetix.
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.
Meta Description:
The crypto market is off to a hot start this week, with Bitcoin now above $60,000 and most altcoins experiencing significant gains. Here are technical analyses of Bitcoin, Ethereum, Pendle, and Synthetix.
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