OSL Daily Update - June 8, 2021
$BTC 24 Hour High $36,808
$BTC 24 Hour Low $33,321
$BTC -7% past 24 hours
One continues to drum fingers waiting for $BTC and other majors to “wake up” and start pushing in either direction. Price action remains in a tight range. $BTC remains range-bound between 33,000 - 36,800 with $ETH establishing a holding pattern between 2,500 - 2,850. Strong sell signal across all EMA 10 -200 trading periods for $BTC, with $ETH faring slightly better with only a “sell” signal across the shorter term EMAs with the 100 - 200 days showing a buy.
A first in more than a month, one sees an emerging MA50/MA100 bullish cross on a 4H time frame. Typically a formation like this portends a strong move for $BTC and with trading conforming to a triangle (lower highs and higher lows) since the May 19 market dump. It could break either way so watch this space!
Looking across notable headlines, an article featuring smaller economies punching above their weight in terms of realised Bitcoin gains once again echoed the sentiments of Bitcoin adopters - that this new asset class levels the playing field for all economies and not just the traditional wealthier G7, high-GDP countries, that traditionally benefit from being able to access high performing asset classes.
And, in case you missed it late last week, OSL Digital Securities began trading BCAP Token, the first security token to be traded on a licensed exchange in Hong Kong. OSL Digital Securities serves professional investors, corporates, and institutional investors.
Digital assets market:
- Total crypto market capitalization stands at $1.54T, -7.46% decrease from yesterday
- $BTC is down 0.20% currently, support/resistance - $33,305/$39,500
- $BTC liquidations and funding: $321.23M, -0.03% average
- $ETH is down 0.38% currently, support/resistance - $2,560/$2,850
- $ETH liquidations and funding: $150.2M, -0.01% average
Alts and DeFi watch:
- DeFi TVL: $59.79 billion
- $BNB down 10.73% in the last 24 hours, +2.76% over the past week
- $DOGE down 9.67% in the last 24 hours, +0.96% over the past week
- $STRK down 18.60% in the last 24 hours, +28.17% over the past week
More news that caught our eye:
- A record $141M flowed out of BTC products signalling weakened institutional demand
- U.S. investors collectively made over $4 billion in realized Bitcoin gains in 2020, more than 3x the next highest country, China
- CoinShares Lists Crypto ETPs for Bitcoin, Ethereum, and Litecoin on Börse Xetra Exchange
OSL Trader View is contributed by Emilia Lee, Ethan Fu and Jose Reyes
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