The cryptocurrency market started showing a revival over the past 24 hours. The cryptocurrency market cap increased by 1.8%, now valued at around $2.25 trillion.
This comes on the back of renewed confidence among Bitcoin buyers who are now trying to push the price to the $60K trading level. Most large-cap altcoins are giving mixed signals, but some emerging cryptocurrencies are showing impressive gains.
Bulls have seen a resurgence on the charts in recent days, pushing the price of Bitcoin towards $59K and looking poised to push to the coveted $60K level. As can be seen on the chart, buyers managed to break through the resistance around $58,200, pushing the cryptocurrency to an intraday high of $59,450.
It is worth noting that the price has reversed direction in the past few hours and is now heading to retest the resistance mentioned above. A positive reaction in this area may set the tone for a push towards $60K. BTC is currently trading at $57,538 where it is below the support level.
Likewise, market volatility has decreased significantly, resulting in less liquid derivatives positions. Total liquidity now stands at around $103 million, according to CoinGlass. Naturally, Bitcoin contributes around 30% of the total liquidity with 63% of the total liquidity being 'short sellers'.
Altcoins from the top 20 cryptocurrencies by total market capitalization give mixed signals. Some of them could not take advantage of this latest increase.
For example, DOGE traded with a 2% loss, same for MATIC, NEAR, BCH, and UNI. Ethereum managed to hold above $3K, but it was down 0.8% on the day. Currently trading at $3,100.
This uncertainty is also reflected in overall market sentiment. Based on the popular Fear and Greed Index, the latter is currently in the fear phase, although slightly better than yesterday.
Of course, this does not apply to all altcoins. Bittensor's TAO has increased in the last 24 hours, increasing by 11% and becoming the best actor of the day. At the other end of the spectrum, the cryptocurrency that suffered the most losses was Ethereum Name Service (ENS), which fell by 7.1%.
