The bulls are in control today, and the total crypto market cap for today, is up by some 0.69%, at $1.68 trillion.
However, the bulls' influence remains restricted to the lower-cap altcoins, leaving the higher-cap cryptocurrencies like Bitcoin and Ethereum under full bearish control, as shown by the heatmap below:
In terms of liquidations, the bears have taken a worse hit than the bulls, bringing the total amount taken from traders to around $145 million, as shown below:
Overall, we can conclude that the bears and bulls have control over specific aspects of the market and are each strong in their own rights. However, the bulls may have a stronger hold than the bears over the altcoins, and overall.
Bitcoin: Price Reversal or Breakout Soon?
Bitcoin’s consolidation between $40,400 and $44,700 is starting to look prolonged and tedious. Bitcoin has failed to initiate a break above $45,000 or a break below $40,400. At the time of writing, Bitcoin currently trades at around $42,400.
Through the year, Bitcoin usually spends no less than a month in consolidation, before breaking past important price levels. Take the break above $38,000 between October and early December for example, or the break above $32,000.
This means that it may not be far-fetched to expect some more consolidation from Bitcoin before we finally see a break in either direction.
Ethereum Aims For The Bottomside
Just like Bitcoin, Ethereum has been in a consolidation between two key price levels.
However, Ethereum has formed a double-top formation around $2,345, cementing this zone as an area with strong bearish activity.
Ethereum, unfortunately, appears to be starting what looks like a freefall to $2,150. Overall, Ethereum has no chance of rallying to $2,500 if it doesn’t first break past $2,345.
Will Solana Retest $92?
Despite beating investors' expectations by a wide margin of around $100, Solana has held its ground high above this support.
Solana currently trades at around $115 and is experiencing a slight pullback. However, according to the chart above, Solana also appears to be consolidating and may retest $92.
This means that investors must watch this price level and understand that if Solana breaks below $92 and closes there, its next stop would be $107.
ORDI Turns Bullish
Bitcoin may be having some trouble wallowing through bearish mud. But not ORDI. The Bitcoin-based cryptocurrency has instead capitalized on Bitcoin’s weakness, is up by 20% over the last day, and is ranked the 4th largest gainer over the last day.
ORDI’s bullishness, however, did not start today. It started yesterday, when the cryptocurrency rallied all the way from $52, broke through the $68 resistance and hit $78.
As of today, ORDI has reversed for a retest of this $68 resistance and is at a crucial decision point. If a break below this level occurs, we are bound to see ORDI reverse and retest $52 or lower.
If not, ORDI has enough potential to hit $100, just like Solana.
Get Ready For The Sandbox (SAND)
According to charts, the Sandbox has been bullish since October. However, unlike the rest of the crypto market showing weakness on Bitcoin’s account, The Sandbox is steadily green.
According to the charts, The Sandbox is currently displaying some interesting price action around the $0.63 resistance, and a break-and-close seems likely.
If SAND behaves as expected, its price target can be anywhere between $0.7 to $0.94.
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