Key Insights:

  • The crypto market is experiencing a strong rebound, with a 2.6% increase in total market cap and Bitcoin back above $59,000.

  • Crypto liquidations are down, with leveraged bears taking the biggest hit.

  • Bitcoin is attempting to break above $58,970, a crucial level for its future direction.

  • Ethereum is also rebounding, aiming to break above $3,100 for a sustained rally.

  • Celestia is the top performer, up 17.76%, with potential to reach $8.8 if it breaks the $7 resistance.

The market conditions have improved significantly compared to yesterday, with a 2.6% increase in the total market cap. Bitcoin is back above the $59,000 mark, and the market is showing signs of recovery, as illustrated in the heatmap below:

Crypto Heatmap

Ethereum is also back above $3,100, with only a few stablecoins and L1 cryptocurrencies showing declines. Crypto liquidations have decreased over the past day, with around $107 million taken from traders, compared to over $200 million yesterday and more than $600 million the day before.

Crypto Liquidation Heatmap

Leveraged bears have been most affected, with $67.96 million in liquidations, compared to $39.79 million from the bulls. Overall, the bulls have the upper hand today, marking a significant improvement from earlier in the week.

Bitcoin's Rebound
As shown in the chart below, Bitcoin is establishing its position after rebounding from the base of the descending channel. The cryptocurrency is now retesting the $58,970 price level and attempting to break through to the upside.

Bitcoin’s Price Performance

Investors should monitor the $58,970 level closely, as it will determine Bitcoin's next move. A breakthrough to the upside could see Bitcoin reaching the $70,000 zone soon. However, a rejection could lead to a retest of the descending channel's base.

Ethereum’s Potential Rebound
The chart below shows Ethereum rebounding strongly after hitting the $2,850 level. Ethereum has avoided retesting the ascending trendline and is now attempting to break above the $3,100 level.

Ethereum’s Price Action

If Ethereum breaks above $3,100 and sustains it, further gains are likely. However, a rejection could see Ethereum reversing to retest the ascending trendline around $2,660.

Celestia Making Waves!
Celestia is the best-performing cryptocurrency among the top 100, with a 17.76% increase in the last 24 hours.

Celestia's Price Action

Celestia appears poised for further gains and could test the upper boundary of the descending channel. However, resistance at $7 remains a key level to watch. A break above could see Celestia rising to $8.8 or higher, while a rejection might lead to a retest of the channel's base.

SUI's Progress
Sui has rebounded successfully above the $0.58 level and is now testing the $0.76 resistance level.

Sui’s Price Action

Sui is pushing this resistance, and given the market's current tone, a break to the upside seems likely. However, SUI still faces the $0.9 resistance before aiming for a rally to $1.4-$1.5. The immediate focus is on breaking above $0.76.

Disclaimer: Voice of Crypto aims to deliver 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 has rebounded strongly, with Bitcoin back above $59,000. Ethereum is currently attempting to break $3,100; Celestia has emerged as the top gainer, while Sui is eyeing a breakout above $0.76.

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