The crypto market is doing well at maintaining yesterday's gains, as shown by the mere 0.05% decline in the total market cap.
The crypto market's heatmap is more red than green today, but only because it is cooling off from a relatively strong price rally recently.
The crypto heatmap for today looks like this:
The amount of liquidations over the last day, for some reason, has also skyrocketed, with the bulls taking the lion’s share of the losses.
This may be due to how investors began to bet on the price of Bitcoin continuing upwards. Over the last 24 hours, a total of $254 million has been taken from traders, with the bulls walking away with a $143 million share of the total.
Bitcoin Price Update
Bitcoin, in the charts, appears as bullish as can be, with a bullish close to yesterday’s candlestick.
Bitcoin currently trades at around $41,700, and experts have argued that a continued rally to $45,000 might be possible.
However, the RSI on on the daily chart appears to be attempting a break away from the overbought zone, into more stable territory.
Investors can expect Bitcoin to consolidate for a while under $42,000, before breaking upwards from here.
Can Ethereum Continue Upwards?
Despite the bullishness on Ethereum over the last week, the RSI on the daily chart sits firmly in the bull territory and has not crossed over into the overbought zone.
Ethereum has successfully converted the $2,150 zone into support and is expected to exhibit some degree of strength as long as it stays above this line.
We can expect a consolidation, or at least a retest of $2,150 from here, before we see further upside.
Ordinals Token Makes The List… Again
In terms of sustained bullishness, Ordinals is among the best-performing in the market. The cryptocurrency has been bullish for days on end and has made the Binance top-gainer list for days on end.
The only obstacle holding ORDI back from here is the $54 resistance. The cryptocurrency continues to make higher highs from here and has established $45.3 as its most recent support.
We can expect to see a price retest of $45.3 from here, before renewed momentum that takes the cryptocurrency further up above $54.
The Return Of $MEME
According to the 4H chart, MEME has been bullish for months now.
However, the cryptocurrency has only now found the strength to rally upwards to the $0.4 resistance, and may be about to break above.
MEME is up by 21% over the last day, and can possibly rally further upwards if a break and close above this zone occurs.
What Next For IOTX
IOTX is currently the most bullish cryptocurrency on Binance and is up by about 50% over the last day.
The cryptocurrency achieved this feat after breaking about $0.022 sometime around late October. IOTX had also been bearish throughout the year (as shown above), up until breaking above this resistance. The cryptocurrency's 50% move to the upside is only a result of this break. And if the bulls continue to apply this amount of pressure, we may see further price increases on IOTX over the coming days.
