OSL Daily Update - June 4, 2021
$BTC 24 Hour High $39,470
$BTC 24 Hour Low $37,150
$BTC +3.00% past 24 hours
Bitcoin gave us that sweet volatility we’ve been waiting for since Monday. After a 6% rise from Thursday’s open, $BTC took the rest of the day to consolidate above descending resistance - seemingly without any issue. However, an immediate drop on Friday’s opening (>4%) brought $BTC back below the descending resistance. There are few signs of recovery going into the weekend, as many factors pile up: upside break failure, generally quiet weekend trading action, and the trap presented during daily open, where minutes before, the market pushed, just to get completely shut down after close. None of these point to a good weekend ahead, but as always, you never know what the market might do or what may be said (by whom).
Intriguing news coming out of China today. Following the strong opposition to trading in crypto in recent news, new commentary paints a less than bleak scenario - suggesting trading in crypto was not illegal although it remains laden with risk factors. This seems more like the calm after the storm, remembering how China was a large part of the circulating FUD during our most recent market crashes; now, we find out crypto was all right all along. Maybe this is the sort of commentary that can brighten sentiment and improve the weekend trading prospects.
Digital assets market:
- $BTC is down 4.18% on the day, support/resistance - $35,500/38,500
- $BTC liquidations and funding: $145M, 0.009% average
- $ETH is down 5.12% on the day, support/resistance - $2,520/$2,900
- $ETH liquidations and funding: $117M, 0.007% average
Alts and DeFi watch:
- DeFi TVL: $68.38 billion
- Total crypto market capitalization dropped what it gained yesterday: $86 billion
- $FIL up 35% in the last 24 hours
- $ALPHA down 11% on the day
More news that caught our eye:
- Paxful launches ecommerce tool for ease of Bitcoin payments
- Ecoinometrics report compares asset drawdowns to Bitcoin
- Norton Antivirus now let’s you mine Ether
OSL Trader View is contributed by Jose Reyes and Ethan Fu
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