The bulls are in control of the market today. Not by a wide margin, but control is control. This is shown by the 0.36% increase in the crypto market’s total market cap, from $1.67 trillion yesterday to $1.68 trillion.
Just like yesterday, more larger-cap cryptocurrencies are turning red, with the bears backing the bulls into a corner and forcing them to exert control with the smaller altcoins.
Over the last 24 hours, the total crypto liquidations have remained almost the same, this time, with the bulls taking the worst beatings overall from the $174 million in total liquidations. Overall, we can conclude that the bulls may have control over the market, but they are currently grasping at straws to keep it.
Bitcoin Holds Well Above $41,900
According to the chart below, Bitcoin has spent yet another day, preventing a drop below $41,900.
This is a good sign because a BItcoin break below this support zone might present a stronger decline to $40,400. The price action of Bitcoin at the start of 2024 is largely dependent on the yearly candle close from the previous year.
If Bitcoin were to end the year under a crucial resistance point, say, $40,000, it doesn’t paint a very bullish outlook for its price action in 2024.
Could This Be “IT” For Ethereum?
Ethereum is down by about 0.7% over the last day. Same bearishness as all of the other cryptocurrencies. However, in the charts, Ethereum is demonstrating signs of a possible rebound, after retesting its former resistance point.
Judging by the outlook on the chart above, Ethereum does have a chance at a rebound and a break above $2,500. If this break occurs, analysts say that the next stops could be anywhere between $3,000 - $4,000.
BONK May Be Waking Up
BONK is now one of the top gainers on Binance at the time of writing, ranking at 3rd overall. After a long phase of profit-taking from investors, BONK is now showing signs of green, after hitting the $0.0000124 support.
This price movement presents a lot of bullish potential for the cryptocurrency, considering its history of bullishness over most of the year.
Benqi ($QI) Has Just Rebounded
According to the chart below, $QI was trading under a descending trendline for most of December.
However, the cryptocurrency has now broken above this trendline and has formed a rebound from this zone.
QI currently trades at around $0.02, and could possibly rally up to anywhere between $0.032 to $0.037, both of which would be between 50% - 70% price movements.
MoonRiver ($MOVR) Makes A Comeback
According to the chart below, MoonRiver has been in decline since 24 December. However, the cryptocurrency has just hit the $20 resistance, and is showing signs of a comeback.
This presents a lot of bullish potential for the cryptocurrency and may turn out to be a chance at a 120% price increase for MOVR, as illustrated above.