Key Insights
The crypto market is showing encouraging signs of improvement, with Bitcoin nearing $62,000 and the total market cap rising by 0.65%.
Liquidations in the crypto market have dropped to $84 million, with bullish liquidations lower than bearish ones for a change.
Bitcoin must break above $62,500 to avoid revisiting May's $56,000 low.
Ethereum is struggling to stay above $3,660; another drop below this level could trigger a steeper decline.
Notcoin appears bullish and might see a 40% upswing if it holds above the $0.01533 support.
Ethereum Name Service (ENS) might be gearing up for a massive rebound. A break above $28 could lead to a surge towards $37.
The crypto market has shown modest recovery efforts today. Bitcoin, for instance, is back above the $61,000 mark and is approaching $62,000. Overall, the market’s total cap has risen by 0.65%, as reflected in the crypto heatmap below.
Crypto Heatmap
The heatmap displays the market's modest gains, with less than 1% price movements in either direction for most top cryptocurrencies, including Bitcoin, Ethereum, Solana, and BNB. According to Coinglass data, the crypto market's liquidations have decreased in the last 24 hours, dropping from over $300 million to around $84 million.
Liquidation Heatmap
Interestingly, bullish liquidations have been milder than bearish ones, contrary to what has been observed over the last two weeks. This time, bulls lost $34.98 million, while bears lost around $48 million, suggesting a slight favor towards bulls over the past 24 hours.
Can Bitcoin Break Through $62k?
The chart below illustrates Bitcoin's recovery from its slump to $58,000, reaching a high of around $62,500. However, instead of breaking above this level, Bitcoin seems to be consolidating, with a potential drop towards $58,000 or lower.
Bitcoin Price Performance
Bitcoin must break above the $62,500 zone to avoid further decline. Failure to do so could result in revisiting May’s $56,000 level.
Ethereum: One Mistake, And It’s Over
Ethereum bulls have managed to keep the cryptocurrency from closing below $3,660. Despite some stability, Ethereum is not out of danger yet.
Ethereum Price Action
Currently trading at around $3,381, Ethereum is uncomfortably close to the $3,660 level. Another slip could lead to a drop below and a close underneath this level, emphasizing the need for caution.
What Comes Next for Notcoin?
Notcoin's hourly chart shows a breakout from the descending trendline, with the price gradually moving upward.
Notcoin Chart
If Notcoin holds above the $0.01533 support, it could rally another 40% before hitting the $0.217 high.
Incoming Rebound for Ethereum Name Service?
ENS seems to be rebounding from the ascending trendline and recently bounced from the $21.22 level.
ENS Chart
Trading at around $25, ENS is nearing a break above $28. If this happens, a rally towards $37 is likely.
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 before making financial decisions.
Featured Image
Meta Descriptions
Is the market recovering, or is a steeper crash incoming? Bitcoin is attempting to break above $62,000, while Ethereum faces bearish risks. Notcoin and ENS show potential for breakouts.