Key Insights:
The crypto market has slightly recovered after yesterday's sharp decline.
Bitcoin is expected to consolidate between $62,400 and $58,400 for now, with a possible drop if the bulls don't take action.
Ethereum is showing signs of a rebound after holding above $3,366.
WIF leads the top 100 altcoin gains with a 23% increase over the last day.
FET's price has also jumped 22% and could continue its uptrend.
Market volatility will likely continue, and investors should use proper risk management.
Monitor Bitcoin's $56,500 low and Ethereum's $3,366 support for future direction.
Watch DogWifHat's $1.96 resistance and Fetch.ai's potential move towards $3.114.
Market Overview
The crypto market experienced a harsh decline yesterday, with Bitcoin hitting a low of $58,400. Since then, prices have slightly recovered, with Bitcoin back above $61,000 and the total crypto market cap correcting to a 24-hour decline of only 0.3%.
The crypto heatmap reveals that while Bitcoin’s dominance has declined over the last day, the altcoin market is showing considerable strength.
Market Volatility and Liquidation
Data from Coinglass indicates a spike in liquidations across several cryptocurrencies due to market volatility. Most of the liquidations have been in Bitcoin, with bulls suffering around $197 million in losses. Overall, $320 million has been liquidated from leveraged traders, with bulls taking the brunt of the losses ($237 million) and bears losing $82.51 million. This shift indicates a transition between bullish and bearish hands, suggesting that volatility spikes are likely, and proper risk management is essential.
Bitcoin: A Possible Recovery?
Yesterday's candlestick shows a long lower wick, indicating that bulls acted to prevent further declines and pushed Bitcoin into the green. Today’s candlestick is also showing some green. However, Bitcoin is expected to consolidate between $62,400 and $58,400, with potential dips towards the $56,500 low from May. After this consolidation, Bitcoin will likely trend either upwards to the $70,000 zone or downwards to new lows.
Ethereum Outpacing Bitcoin
Ethereum also declined yesterday, hitting a low of $3,240. However, the bulls prevented a daily candle close below $3,366, and Ethereum is showing signs of a rebound. Despite this, a further decline from this price level is still possible. Investors should watch the $3,366 support level to gauge the future direction of Ethereum.
DogWifHat (WIF) Leading the Pack
DogWifHat (WIF) is leading the altcoin market with a 23% daily price increase. The cryptocurrency rebounded strongly off the $1.47 price level and is now approaching higher highs. A significant resistance level exists around $1.96, and WIF may struggle to break through it. Investors should monitor this resistance level to determine the next move for this emerging memecoin.
Fetch.ai (FET) on the Rise
Fetch.ai (FET) is also leading the top 100 cryptocurrencies with a 22% daily price increase. The charts show that FET has been bullish for weeks, with a fresh rebound on 19 June from $1.1 and a retest and consolidation below the $1.623 price level. Amid the marketwide bearishness, FET has broken and closed above the $1.623 resistance, promising further upside. We might see some consolidation from here, but ultimately, FET could continue rising to $3.114 or higher.
Disclaimer: Voice of Crypto aims to provide accurate and up-to-date information but is not 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 Descriptions:
The crypto market appears to have rebounded after yesterday's dip, with Bitcoin now consolidating, Ethereum eyeing a breakout, and DogWifHat plus Fetch.ai leading altcoin gains.