OSL Daily Update - April 27, 2021
$BTC 24 Hour High $54,400
$BTC 24 Hour Low $47,044
$BTC +10.40% in past 24 hours
Bitcoin consolidates above the $53,000 level for half the day after rising more than 15% off the lows of the weekend (~$47,044). Funding has been relatively neutral during this rise, an indication that most of the recent downside was fueled by overleveraged longs and not short selling. Price action is looking very active and primed to keep moving.
The positive sentiment continued even amid news that Tesla was selling part of their $BTC stake, to the tune of $272 million, which they announced during their earnings call. Elon Musk took to Twitter to clear up that Tesla did not sell all its Bitcoin, and that the selling was done to “prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.” This was 10% of their holdings, and it seems the market reacted with more resilience and maturity to the news than previous large sale announcements.
Digital assets market:
- $BTC down 0.11% on the day, support/resistance - $51,300/$56,300
- $BTC liquidations and funding: $364M, 0.029% average
- $ETH is down 0.52% on the day, support/resistance - $2,305/$2,645
- $ETH liquidations and funding: $75M, 0.025% average
Alts and DeFi watch:
- DeFi TVL: $60.08 billion
- $SRM up 16% since daily open, up 58% since yesterday
- $WAVES up more than 40% since yesterday
- Total crypto market cap up 15% since yesterday
More news that caught our eye:
- JP Morgan to offer Bitcoin funds as soon as this summer
- Paypal says crypto demand is higher than expected
OSL Trader View is contributed by Santiago Nazaretti and Jose Reyes
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