The crypto market is taking a break today, as shown by the 4.51% decline in its total market cap (currently at $1.57 trillion).
Several cryptocurrencies are now in the red, and the market looks like this:
The 24-hour liquidations also reflect the strength of the bulls over the last day. It turns out that traders mostly expected Bitcoin to continue going further up, seeing a whopping $411 million taken from them over the last day.
Out of this $411 million, the bulls took a $356 million hit in 24 hours.
Is Bitcoin Going To $41,000?
According to the charts, Bitcoin has declined by 3.8% over the last day and at the time of writing, dragging the rest of the market down with it.
In the charts, there is a glaring price rejection from the $45,000 resistance, leading to an intra-day drop to $40,400. The Bitcoin bulls appear to be pushing back against the bears and have managed to push the cryptocurrency back to $42,250.
The longer-term ascending trendline, however, is still intact. This means that Bitcoin is still very bullish, and the worst-case scenario from here is the $31,250 zone.
Ethereum Revisits $2,150
The previous day’s bearishness pushed Ethereum down into a retest of $2,150. The bulls have pushed the cryptocurrency back towards $2,240, as Ethereum continues to consolidate.
We can expect consolidation for a while from here, as ETH continues trying to find its footing.
Ethereum will likely range between $2,150 and $2,430 over the next few days/weeks, before confirming either bullishness or bearishness.
Avalanche Lives To See Another Day
Avalanche, arguably the best-performing cryptocurrency among the top 10 this quarter, is bullish again, for yet another day.
AVAX suffered a slight drawback due to yesterday's drawback on the market. However, the cryptocurrency is still up by 8.9% over the last day and is ranked the 10th best-performing cryptocurrency on Binance.
We Should Probably Mention BenQi (QI)
Qi is not only up by more than 130% over the last day. At the time of writing, it is also the #1 top gainer on Binance.
Qi appears to have been attempting a bullish rally for quite a while but only became successful late last week. The cryptocurrency continues to rally at the time of writing, with no signs of weakness.
However, it currently trades at about $0.0319 and is about to hit the $0.03965 - $0.0433 zone, where the bears are likely laying in wait.
Injective (INJ) Seems Unbothered
Cryptocurrencies like Injective (INJ) seem unbothered by the market’s recent downturn.
The cryptocurrency, after breaking through $18.69 on Saturday, continues to defy the odds and rally further upwards. At the time of writing, INJ is up by about 15% over the last day and currently trades at about $21.9.
