Key Insights
Crypto Market Decline: Bitcoin is nearing $60,000 amidst a broader market downturn.
Critical Support Zone: Bitcoin’s crucial support lies between $62,400 and $59,800.
Ethereum's Risk: Ethereum may fall below $3,365 if support fails, warranting caution from investors.
Cream Finance ($CREAM): Defying the trend with an 8% gain, it could rally another 25%.
Hive ($HIVE): Signs of recovery with a potential 15% upswing.
Market Overview
The cryptocurrency market has continued its decline over the past month, with Bitcoin approaching the $60,000 mark. The total crypto market cap has dropped by approximately 2.74%, with Bitcoin currently trading around $62,818. The market heatmap, sourced from CoinMarketCap, shows an overwhelming presence of red.
Market Liquidations
According to Coinglass data, the last 24 hours saw liquidations totaling around $105 million, with Bitcoin and Ethereum bulls suffering the most significant losses. Of the total liquidations, leveraged bulls accounted for approximately $97 million, leaving around $8 million for the bears. The market is clearly skewed in favor of the bears, and investors should exercise caution when considering bullish positions
Bitcoin : A Potential Freefall
Bitcoin's price action has been discouraging, with a steady downward trend over the past few weeks. The last line of defense lies between $62,400 and $59,800, a critical support zone that has previously held Bitcoin’s price through turbulent times.
However, Bitcoin is now teetering close to breaking below the $62,400 mark. If this support fails, the next defense for the bulls is around $59,800. Losing this level could see Bitcoin dropping to levels last seen at the beginning of the year.
Can Ethereum Recover
Similar to Bitcoin, Ethereum is in a consolidation phase between $3,620 and $3,365. The price action suggests a potential drop below $3,365, with the RSI on the daily chart favoring the bears. A break below this support could lead to a decline towards the $3,200 zone or even lower, necessitating caution from investors.
Cream Finance: The Outlier
Amidst the market-wide bearish sentiment, Cream Finance ($CREAM) is bucking the trend with an 8% gain over the last 24 hours. The cryptocurrency has rebounded off the $68.7 price level and appears poised for a further 26% rise towards its $98 all-time high, provided there is no break below $68.7.
Hive: Signs of Recovery
Similarly, Hive ($HIVE) is showing early signs of recovery despite the bearish market. The cryptocurrency has rebounded off the $0.2 price level, aiming for a 15% rally towards the next resistance level at $0.267. If Hive can sustain above $0.2, it may reach $0.267 and potentially break higher to $0.3 or beyond.
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; conduct thorough research and make your own financial decisions.
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Meta Descriptions
The crypto market has declined further, with Bitcoin nearing $60k and Ethereum facing a potential drop below $3,365. Cream Finance and Hive are defying the trend and may be poised for potential gains.
#cryptocurrencyearn #Bitcoin #Ethereum #liquidation #Hive
