The bearish influence on the market is strong today.
The total crypto market cap has declined by an additional 2% over the last day, bringing this figure to about $1.55 trillion (from yesterday’s 1.60 trillion).
The crypto market is also almost completely red today, save for a few stablecoins like USDT, USDC and DAI.
Despite the bearishness, however, the amount of liquidations only rose from about $105 million yesterday to $158 million today.
This time around, the bulls took the worst hits and contributed about $129 million to the total We can conclude today, that the bears are in control.
Consolidations Stiffen On Bitcoin
According to the charts, Bitcoin remains in a bearish consolidation, after its rejection from $44,700.
Bitcoin currently trades at $41,100 and is only a few inches from breaking below this crucial support. In terms of how low Bitcoin can go, analysts have varying opinions from $40,000 to $38,000 and even $31,000.
However, Bitcoin so far, has normalized on the RSI and currently sits at about 54. This points towards neutrality in the market and the possibility of the bulls retaking control soon.
Only A Few Inches More For Ethereum
According to the charts, Ethereum is only a few more dollars away from breaking below the crucial $2,150 support.
So far, nothing seems to be holding Ethereum back from this fate, and investors need to brace up for a possible decline to $2,000 at least if this breakdown occurs.
Like Bitcoin, however, Ethereum is showing signs of normalization on the RSI, leading us to believe that a bullish intervention is still entirely possible.
Stacks (STX) IS Bullish, But There Could Be More
Stacks is one of the most bullish cryptocurrencies on Binance at the time of writing. According to the stats, Stacks is trading at about $1.16 and is the second-largest gainer on Binance after moving up by about 13%.
According to the charts, Stacks has been trying to break through the $1.14 resistance sustainably for most of the year and has failed so far.
This time around (as shown above, Stacks is making another attempt at this feat and may turn out to be successful this time around.
Bluzelle (BLZ) Could Be Poised For Better Gains
Bluzelle has just broken through the $0.3348 resistance today and may be aiming for higher highs as shown below.
This is similar to the price action of Stacks and puts the price targets for Bluzelle at anywhere between $0.419 and $0.666.
Polkastarter (POLS) Is Attempting A Break Above $1.04
Polkastarter appears to be attempting a break above $1.04 for the first time since May 2022.
POLS currently trades at around $1.04 and is up by 9% over the last day. This ranks the cryptocurrency as the 6th largest gainer on Binance. There are no guarantees of a breakout from $1.04, but if a breakout does happen from here, we can expect a 40% rally from here to around $1.4.
