Key Insights
The crypto market is down by 0.85% today, with Bitcoin nearing a critical support level at $57,000.
Ethereum is struggling around $3,100 after being rejected at $3,800 yesterday.
Near Protocol shows signs of a rebound off a descending trendline, needing to break above a key support for further upside.
Maker (MKR) similarly shows potential to break above $3,000 if the bulls continue to exert pressure.
The crypto market has remained relatively stagnant this week, down by approximately 0.85% in terms of market cap today. Bitcoin is dangerously close to dropping below $57,000, with the overall market heatmap persistently red, as shown below:
Crypto Market Heatmap
Despite the overall downturn, Ethereum has managed to stay relatively stable and is still trying to break above the $3,100 resistance level. According to Coinglass data, crypto liquidations have intensified today, primarily affecting bullish traders.
Crypto Liquidation Heatmap
The snapshot above reveals that leveraged traders have lost around $150 million over the last 24 hours, with bulls losing $111 million of the total and bears losing $37 million. This data suggests that bears are currently in control of the market, and unless the bulls take decisive action, bearish sentiment may escalate.
Bitcoin's Worrisome Signs
As shown in the chart below, Bitcoin is exhibiting concerning signs of rejection from $59,800. The longer upper wicks of the candlesticks for June 10 and 11 indicate significant bearish action around this price level, causing Bitcoin to trend lower.
Bitcoin Trending Lower
If this bearish trend continues, Bitcoin is likely to retest the base of the descending channel shown. A break below this level could lead to a significant drop, potentially dipping below $50,000.
Ethereum's Rejection from $3,200
Yesterday, Ethereum briefly broke above $3,100 and reached $3,217. However, bears quickly pushed the price back down, as indicated by the long upper wick of yesterday’s candlestick.
Ethereum's Price Performance
Without strong bullish action, Ethereum may continue to decline and retest the ascending trendline above.
Upside Potential for $NEAR
Near Protocol shows signs of bullish momentum, as seen in the chart below. The cryptocurrency rebounded off a descending trendline and broke above the $4.9 resistance yesterday.
Near's Price Action
The chart shows consolidation above $4.9. If the bulls maintain this level until a daily candlestick closes above it, Near Protocol could continue to rise, potentially reaching between $6 and $6.7.
Maker (MKR) Shows Similar Potential
Maker’s chart is similar to Near’s, showing a medium-term descending trendline.
Maker's Price Action
The cryptocurrency’s rebound off the descending trendline has been impressive. Confirmation of a bullish trend would require a break above the previous local high of around $2,700. Achieving this would constitute a higher high and increase the chances of rallying to at least $3,234.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccuracies. Cryptocurrencies are highly volatile financial assets, so conduct your own research and make informed financial decisions.
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Meta Description: The crypto market continues to show sluggishness as of July 12, with Bitcoin on the verge of dropping below $57,000. Bearish sentiment seems stronger as Ethereum faces resistance at $3,100. However, Near Protocol and Maker (MKR) hint at possible breakouts from current price levels.
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