Key Insights:

  • The overall crypto market cap has decreased by about 1% compared to yesterday.

  • Bitcoin's price is back in the $58,000 range after failing to reclaim $60,000.

  • The amount of money lost by leveraged traders due to liquidations has also decreased compared to yesterday.

  • Bitcoin's consolidation around $58,000 might be premature. If the bulls can't push it above $60,000 soon, the price could drop.

  • Ethereum is consolidating around $3,100, while Stacks and Jasmy show promise for upward trends if they break certain resistance levels.

Market Overview:

Yesterday, Bitcoin attempted to reclaim the $60,000 mark, averaging around $59,000 intraday. However, the crypto market has dipped again, with a 1% decrease in market cap.

Bitcoin is back at $58,000, and the crypto heatmap looks like this:

Crypto Heatmap

Most cryptocurrencies have turned red again, with only BNB and a few other Layer 1s managing to stay green.

Crypto Liquidations:

Crypto liquidations have decreased today. Compared to yesterday’s $100 million in liquidations, leveraged traders have lost around $87 million over the last 24 hours.

Crypto Liquidation Heatmap

Today, the bulls are on the receiving end of the liquidation wave, losing around $62 million compared to the bearish $25 million. The bears have regained control, shifting the market dynamics in their favor.

Is Bitcoin Consolidating Too Soon?

The chart below shows Bitcoin's rebound off the base of the descending trendline. Despite this rebound, Bitcoin faces resistance around $58,000 and is consolidating underneath.

Bitcoin's Consolidation

While consolidations are normal in financial markets, Bitcoin's current consolidation may have come too soon. It needs to break and close above the $58,000 - $60,000 zone quickly. Otherwise, the bears might cause a price rejection, leading to a retest and possible break below $53,500.

Ethereum Is Doing Much Better:

According to the charts, Ethereum is rebounding from the $2,800 zone and is moving slowly but steadily upwards.

Ethereum’s Price Action

Ethereum is entering its own consolidation phase due to strong resistance around $3,100. Investors should monitor its price action around this level. A break above could see Ethereum retesting the $3,300 - $3,500 resistance range.

Stacks (STX) Shows Promise:

Stacks has rebounded strongly off the $1.19 price level and is moving upwards. However, it faces a minor descending trendline, indicating resistance around $1.6.

Stacks In The Charts

What happens next with Stacks depends on whether it can break and close above the $1.6 level. If it succeeds, Stacks could rally up to $3, representing a potential 96% increase.

Watch Out For Jasmy:

Jasmy is trending within an ascending triangle after rebounding off the $0.0222 price level.

Jasmy’s Price Action

Jasmy is now trying to break above the $0.025 - $0.027 range and out of the ascending triangle formation. A break above this range could see Jasmy doubling in price, reaching up to the $0.044 resistance level.

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.

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Meta Descriptions:
The crypto market has dipped after Bitcoin's failed attempt to reclaim $60,000, leaving Bitcoin to consolidate around $58,000 and raising concerns of a possible price drop. Ethereum is also showing slow but promising upward movement, while Stacks and Jasmy eye potential rallies if they break above certain resistance levels.

#cryptocurrency #Bitcoin #Ethereum #JASMY #MarketAnalysis