The bulls have taken another step further back today, allowing the bears to take control.
The total crypto market cap has declined some more by 2.42% to $1.61 trillion over the last 24 hours, and the crypto market’s heatmap now looks like this:
The crypto market’s liquidations have become more severe today, and now affect the bulls mostly.
Traders have lost around $208 million to liquidations over the last 24 hours, with $172.5 million of the total coming from the bulls alone.
Overall, we can conclude that today is bearish and that the bears are in control of the market.
Bitcoin Breaks Below $43,000
Bitcoin has now declined under $43,000 according to the charts, and is on the verge of forming a head and shoulders pattern as shown below;
This presents a case for a Bitcoin decline to $38,500 again, or even lower.
Investors should watch the $40,498 zone for any signs of a breakdown, and then the $38,500 zone.
If a break below these two zones occurs, Bitcoin will inevitably enter a freefall towards $35,700 at least.
Ethereum Threatens A Breakdown
Ethereum trades at around $2,272 at the time of writing and is currently down by 2.6% over the last day.
This 24-hour decline has brought Ethereum into a retest of the ascending trendline shown above, and a possible decline wouldn't be far-fetched by any means.
$2,172 is the zone to watch on Ethereum because a break below would form a lower low against 25 January's bottom and signal a possible decline to anywhere between $2,100 - $2,000 at least.
ORDI Is Back
For some reason, ORDI has woken up once again.
After a mild rejection from $92, the bears pulled ORDI straight down into a retest of the ascending trendline shown below.
ORDI appears to have found support somewhere along $55 and is now attempting a rebound from here.
So far, ORDI is doing well and has even spiked by about 4% over the last day. However, the cryptocurrency has a long road ahead. First, we need to see a break above 15 December's $67.5 resistance to confirm that this formation isn't a head and shoulders pattern as we have seen with Bitcoin.
Secondly, we need to see a break above the cryptocurrency’s ATH of $92, to confirm that the bulls indeed have all the control.
Keep An Eye Out For SATS
According to the charts, SATS may have found some support around $0.00036, and has done a good job at recovering from here, as shown below:
According to the chart above, SATS now has the $0.000535 resistance to contend with and has tested it severally.
Over the next few days, we will either see a break above this resistance and a rally to as high as $0.00061, or a rejection and a retest of $0.00036.
Could This Be It For VITE?
According to the chart below, Vite broke successfully above the $0.01775 resistance in early December last year and has been consolidating ever since above this level.
Vite attempted a rally on 25 December but was rejected from the $0.022 zone. At the time of writing, VITE is trying to initiate a similar rally as shown above and is even up by 5% over the last day.
If the cryptocurrency is successful, we might see a revisit of $0.022 or even higher.
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