The crypto market hasn't moved much with major cryptos over the last day but is still under bullish control.
This is shown by the 1.49% increase in the market’s total market cap, putting this metric at around $1.74 trillion.
The market’s heatmap looks like this:
We can see a great deal of bullish dominance in the market, as shown by the heatmap above.
The last 24 hours have seen about $220 million taken from the general crypto market. However, the interesting aspect of this is how the bulls and bears have almost similar liquidation scores.
While $110.1 million has been taken from the bulls, the bears have lost about $110.5 million.
Overall, we can conclude that the bulls are in control of the market. Even though the market’s liquidations have been neutrally harsh towards both sides over the last day.
Bitcoin: Bull Trap Of The Year?
Yesterday, Bitcoin rallied straight up to $49,000 yesterday, in what seemed to be answered prayers for the bulls. However, the bullish boat soon capsized when Bitcoin began to decline heavily, eventually hitting a daily close of $46,300.
At the end of the day, the bulls were liquidated to the tune of $41.97 million as Bitcoin continued to plummet downwards.
This week’s ETF approval being a “sell the news” event is still under speculation. However, this possibility is still not out of the question. Investors are advised to approach with caution.
More Upside For Ethereum
Ethereum appears to have successfully converted the $2,450 zone into support, and continues going further upwards as shown below:
Ethereum currently trades at around $2,617 and is about to convert $2,500 to support.
If Ethereum is successful at this point, the bulls only need a small bit of momentum to spark a rally to $3,000 or even higher.
The Return Of Jito
Jito, one of the most famous Solana-based cryptocurrencies, appears to be in a price recovery.
After falling straight down to $1.46 in the initial slump that affected Solana and all its other minor cryptocurrencies like Bonk and Pyth, Jito appears to be waking up again.
Jito is up by 13% today, starting what seems like a rebound move from here. If this setup is valid, Jito can rally all the way up, to anywhere between $2.9 and $4.46 in 39% and 113% price movements respectively
FTT: Could This Be The Biggest Long Opportunity?
Keep in mind that this is not financial advice and that the FTX token (FTT) is marked as "monitoring" on Binance for a reason.
However, after a severe decline that has lasted since November 2022, FTT appears to be in a rebound from the $2.3 support. If this setup turns out to be valid, FTT has about a 90% rally to make towards its previous local high of $6.1.
And if this turns out to be THE recovery, FTT’s next resistance after $6.1 is around $22, in what appears to be a possible 609% rally.
The Recovery On Constitution DAO ($PEOPLE)
The ascending trendline on PEOPLE below has been valid for most of 2024.
The cryptocurrency has now rebounded from this trendline and is aiming for a break above its previous local high of around $0.05789.
If PEOPLE successfully breaks above this resistance, the bulls will have confirmed their standing, and PEOPLE will be poised to continue further upwards to $0.073 or higher.