The bears have continued to tighten their grip on the market’s steering wheel.
The total crypto market cap has declined further today, by another 0.10% to $1.57 trillion.
The crypto market is red today, as shown below. All except the low-cap altcoins are green, leading to a mixed outlook on the market.
The green on everything else except Bitcoin and a few others only signifies one thing: An altcoin bull run is coming. In terms of liquidations, it appears that the market’s traders have learned a lesson or two, leading the total liquidations today, declining from over $400 million to around $186 million.
Just like yesterday, the bulls were the most liquidated traders on the crypto market over the last day, with a $123 million hit.
Bitcoin Declines Further To $41,500
Today is day 2 of Bitcoin’s rejection from $45,000.
Bitcoin today has now declined to $41,500 after an additional 0.95% pullback over the last day. There are no glaring indications that Bitcoin’s decline won’t continue, and a market decline may very well take us down to $38,000.
However, the market correction is a healthy one, and the rally that results when this pullback is over, may be Bitcoin’s one-stop ticket to $50,000.
Can Ethereum Break Below $2,150
Ethereum’s decline, similar to Bitcoin’s, brought it into a retest of the $2,150 resistance. However, the bulls swung into action, and have since held Ethereum from going under.
Ethereum’s RSI has normalized, and is now almost at the neutral zone, indicating that we may (possibly) see a rebound from $2,150 sometime soon. However, as far as bullish outlooks are concerned, Ethereum remains on the safe side, as long as it stays above the $2,150 zone.
Stronger Bullishness On Avalanche
Avalanche has been bullish for several weeks in a row now, and today is no exception.
According to the chart, AVAX has moved up by another 17.49% over the last day at the time of writing and currently trades at around $41.33.
Benqi (QI) Is Still Bullish
Benqi, like Avalanche, has been bullish for a long time.
After nearly doubling in price yesterday (a 133% rally), QI is up by another 21% today and currently trades at about $0.03114 at the time of writing.
There might be signs of slowing bullish influence on QI at the time of writing, considering how the cryptocurrency is currently highly overbought. However, $0.03694 is an important price level to watch. If not as a breakout point, then as a resistance zone.
Watch Out For Celestia (TIA)
Celestia has been one of the most popular altcoins over the last few weeks, considering its Twitter mentions and its consistent bullishness.
Celestia is poised for a lot more bullishness, considering its recent breakout from the $11.5 zone as shown above (blue line). Yesterday, Celestia successfully closed above this line with a daily candle and is now aiming for a stronger rally upwards, possibly to the next resistance point around $14.3.