- The crypto market experienced a bullish surge in the last 24 hours, with the total market cap increasing by 3%.
- Bitcoin is spearheading the recovery. Breaking above the $71,515 resistance is essential for a potential retest of its previous all-time high.
- Ethereum's dominance is decreasing. Despite solid support at $3,720, Ethereum bulls need to gain momentum to stay competitive.
- Floki Inu has made a comeback over several weeks and needs to close above $0.000315 daily to confirm a bullish trend.
- Uniswap is recovering strongly, surpassing $9.3. Bulls are facing resistance at $11.89.
In the past 24 hours, the crypto market has shown significant bullish activity, with the total market capitalization increasing by 3%. Bitcoin, in particular, is making a notable effort to surpass the $71,000 mark, an event that hasn't occurred in weeks. The overall market heatmap reflects this positive trend, as nearly every cryptocurrency is trading in the green at present.
Bitcoin's dominance appears to be on the rise once again. Over the past day, almost every cryptocurrency has experienced gains, signaling a strong market-wide recovery. The heatmap of crypto liquidations from the past 24 hours mirrors the previous day’s data, with a crucial difference: today, the bears are bearing the brunt of losses.
In the last 24 hours, bulls have incurred losses of around $39 million due to liquidations, while bears have lost approximately $74 million, indicating a decisive bullish shift. From these observations, it's clear that bulls currently dominate the market, and Bitcoin seems poised to attempt reclaiming the $73,000 zone soon.
Bitcoin: Nearing a Crucial Breakthrough
Bitcoin's consolidation period, lasting over two months, is showing signs of ending. Initially trapped in a descending wedge for a month and a half, Bitcoin managed to break out in late May and has since been consolidating. Recent movements indicate a serious comeback, with Bitcoin rising more than 2% in the past 24 hours.
However, Bitcoin faces a key resistance level at $71,515, a high reached on May 20, before being pushed back down to the $66,000 zone. Surpassing this level is essential for Bitcoin to attempt retesting $73,800 and possibly setting a new all-time high this year.
Ethereum’s Stagnation
In contrast to Bitcoin’s resurgence, Ethereum has not mirrored this momentum. Ethereum's market dominance has decreased from 18% last week to around 17.33% currently, allowing Bitcoin's dominance to climb above 53%. Although Ethereum remains above its $3,720 support level, it has not participated in the recent rally. The cryptocurrency is stuck in a consolidation phase above $2,720, needing a bullish push to avoid being left behind.
Floki Inu Eyes New Highs
Floki Inu is on the verge of a new all-time high. After being rejected at the $0.000315 level on May 28 and experiencing a 25% decline, Floki has since rebounded. The cryptocurrency needs to close above $0.000315 with today’s daily candlestick to confirm a bullish breakout and convert this resistance into support. Investors should monitor today’s candlestick to gauge Floki’s future direction.
Uniswap's Strong Performance
Uniswap has shown impressive performance, rebounding strongly above the $9.3 price level. A significant candlestick from yesterday highlights substantial bullish activity. Currently, Uniswap is testing resistance at $11.89, where bears might attempt to halt further price increases. Investors should watch the $11.89 level closely; a break above could signal continued upward movement, while a rejection might lead to a retest of $9.3.
Disclaimer: Voice of Crypto strives to provide accurate and up-to-date information but is not responsible for any inaccuracies. Cryptocurrencies are highly volatile financial assets. Conduct thorough research and make informed financial decisions.