- The cryptocurrency market cap experienced a notable surge of 5.52%, reaching $2.38 trillion, while Bitcoin's dominance stood at an unexpected 54%.
- Bitcoin's upward momentum encounters a hurdle at the $66,666 mark, necessitating a surpassing of $67,000 for further advancement.
- Ethereum's path to bullish dominance requires a decisive breach and closure above the $3,050 and $3,221 thresholds, confirming a breakout from a descending wedge pattern.
- Despite breaking out from an ascending triangle formation, Arweave's progress appears sluggish as it consolidates within the $43.5-$44 range, awaiting a potential rally or reversal.
- THORChain (RUNE) finds itself testing resistance levels at $6.47-$7, signaling a possible breakout leading to a rally targeting $11.4 or beyond.
The cryptocurrency market's capitalization surged by an impressive 5.52% in the past day, reaching $2.38 trillion from yesterday's $2.26 trillion.
Additionally, the market's heatmap displays predominantly green, with only Tron, Toncoin, and PEPE in red due to various factors such as the Notcoin launch and yesterday's bullish trends.
Regarding liquidations, leveraged traders faced slightly more losses than the previous day, totaling around $158 million.
Among them, bears suffered the most, losing approximately $114 million compared to bulls' $44.8 million losses.
Overall, it's evident that bulls have dominated the market in the last 12 hours.
Now, let's delve into Bitcoin's performance. Recent charts depict Bitcoin approaching the upper trendline of a descending channel, approximately at $66,666. However, it appears to be facing resistance or consolidating beneath this level.
While Bitcoin's Relative Strength Index (RSI) suggests bullish strength, further upside movement depends on breaching and closing above $67,000. Investors eyeing entry may consider waiting to assess the market's reaction around this crucial level.
Shifting focus to Ethereum, it encounters resistance around the $3,050 mark, represented by its 25-day exponential moving average. A breakout above this level is necessary for upward movement, potentially indicating bullish dominance.
Meanwhile, Arweave exhibits signs of a breakout from an ascending triangle formation. Despite sluggishness around $43.5 - $44, monitoring its behavior could provide insights into future price action.
Lastly, THORChain (RUNE) tests the waters for a breakout above the $6.47 - $7 range. With a bullish daily RSI, a decisive breach and closure above $7 may pave the way for a rally towards $11.4 or higher.
Please note that while Voice of Crypto aims for accuracy, it doesn't accept liability for any missing or inaccurate information. Given the high volatility of cryptocurrencies, conduct thorough research and make informed financial decisions.
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