Key Insights
The crypto market is experiencing a significant downturn, with Bitcoin falling below $60,000.
Heavy liquidations are occurring, with bears dominating the market.
Bitcoin could face a further decline if the support at $56,552 breaks.
Ethereum might see a trend reversal if bulls maintain the $3,231 support.
Worldcoin stands out from the top 100 with a 9% gain and potential for further growth.
Bittensor ($TAO) shows signs of recovery with shorter red candlesticks and a possible 50% upswing soon.
The bears have regained control of the market, with a 4% decline in the total crypto market cap and Bitcoin dropping below $60,000 in the last 24 hours. The crypto heatmap shows Bitcoin trading around $58,000, and Ethereum just above $3,200.
Crypto Heatmap
The market is predominantly red, indicating a strong bearish presence. In terms of liquidations, the derivatives market has seen significant losses, with leveraged traders losing around $261 million in the last 24 hours.
Crypto Liquidation Heatmap
While bears lost a modest $30 million the previous day, bullish liquidations amounted to $231 million, indicating strong bearish dominance today. Investors are advised to approach the market with caution.
Will Bitcoin's Decline Continue?
As shown in the chart below, Bitcoin is in the midst of a freefall with no relief in sight.
Bitcoin Freefall
Bitcoin is currently hovering over the $56,552 price support from early May. The closer it gets to this level, the more likely a further decline becomes. Investors are strongly advised to approach Bitcoin with caution going forward.
A Crucial Ethereum Support
Ethereum has joined Bitcoin and the rest of the crypto market in the crash over the last day. However, Ethereum shows comparative strength in terms of price action, considering its retest of the ascending trendline shown below:
Ethereum Price Action
Ethereum is currently above the $3,231 support, and the bulls can turn the tide in their favor from here. If the bulls act quickly enough, a trend reversal could take Ethereum towards $4,000. However, if the $3,231 support breaks, the resulting crash could be severe, and Ethereum's position above $3,000 is not guaranteed.
Worldcoin Defies the Market
In the midst of the market downturn, Worldcoin is the only cryptocurrency among the top 100 showing gains. The cryptocurrency has risen by around 9% in the last 24 hours, indicating active and decisive bullish action.
Worldcoin Price Action
Worldcoin's bullish trend is due to its retest of the $2.1 price level. The cryptocurrency has declined by about 82% from its March 9th high of around $12. As long as it does not break below the $2.1 or the psychological $2 price support, Worldcoin can continue to rise.
Potential Recovery for Bittensor ($TAO)
TAO shows promising signs of recovery, as indicated in the chart below.
TAO in the Charts
TAO has a chance of rebounding from the $223 price level. The daily candlesticks are getting shorter, suggesting that the bears might be losing steam and that the bulls have an opportunity to shift the momentum in their favor. If TAO holds above $223, it presents an excellent long opportunity with a potential 50% climb to its next major resistance around $341.
Disclaimer: Voice of Crypto aims to provide accurate and up-to-date information but will not be responsible for any missing facts or inaccuracies. Cryptocurrencies are highly volatile financial assets; please conduct your own research and make informed financial decisions.
Meta Descriptions:
The market on July 4th shows a significant crypto market correction. Bitcoin is back below $60,000, with heavy liquidations favoring the bears and Ethereum's trend reversal hinging on the $3,231 support. Worldcoin, however, is bucking the trend with a 9% gain, while Bittensor ($TAO) hints at a possible recovery.