- Crypto market down by 1%, Bitcoin at $61,000.
- Liquidations stable; bulls experiencing larger losses.
- Bitcoin could drop if $61,000 support fails.
- Ethereum holding above $2,950; needs $3,100 for bullish move.
- THORChain needs $6 for $15 rally; Render targets $14 rally.
- PEPE poised for 55% increase post recent breakout.
The cryptocurrency market has experienced a slight decline of about 1% in the last day, with Bitcoin's price hovering just above $61,000 and the total crypto market cap reaching $2.28 trillion.
The decline is clearly visible in the crypto market's heatmap, where most large-cap cryptocurrencies are depicted in red, interspersed with a few patches of green from the altcoins.
Regarding liquidations, figures have remained consistent over the past 24 hours, with leveraged traders losing approximately $141 million overall. Notably, bulls account for a significant portion of these losses, totaling around $95 million, while bears have lost about $35 million. This suggests a challenging 24 hours for bullish traders.
The current focus is on whether Bitcoin can rebound from the $61,000 level, a critical support point that has held on three separate occasions since March 5th. There's concern about a potential drop below $57,300 if this level isn't maintained.
Bitcoin's price action isn't particularly promising at the moment, but signs point to better days ahead. The RSI (Relative Strength Index) indicates a notable effort to climb back into the neutral zone, where bullish momentum could gain traction. However, a rebound from $61,000 is necessary to validate any bullish movement.
Meanwhile, Ethereum appears resilient, aiming to rebound above $2,950. Ethereum's RSI, although slightly bearish compared to Bitcoin's, suggests stability above $2,893, potentially signaling a new upward trend upon surpassing $3,100.
THORChain (RUNE) is showing signs of recovery, rebounding from the $4.3 support and eyeing a breakout above the $6 mark. Investors should monitor the situation closely, as a successful breach of $6 could propel RUNE towards $11.4.
Render is another standout performer, rebounding from $9.4 and attempting to break above $11. If successful, Render could target the $15 zone.
PEPE has surged above a descending trendline, indicating a potential 55% rally towards $0.000014. The RSI for PEPE suggests a bullish sentiment.
Disclaimer: Voice of Crypto provides information for educational purposes only. Cryptocurrencies are volatile assets, and investors should conduct thorough research and make informed decisions. Voice of Crypto is not liable for any inaccuracies or omissions in the provided information.
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