OSL Daily Update - July 15, 2021
$BTC 24 Hour High $33,156
$BTC 24 Hour Low $31,514
$BTC +2.0% past 24 hours; -2.8% past 7 days
Good morning. For those in Asia, you might be surprised to see that we ended the day up in both BTC and ETH after the market got lifted during the European and American trading hours.
ETH, having lost support at $1,950, remained above the crucial $1,850 level and is now working its way back up above $2,000. The mood remains relatively muted, but expect this to change with a renewed attack towards the $2,412 local top set on 7 July. Reaching this level could invalidate the downward trending channel we have been trading in since May. If the trading pattern from yesterday’s newly created bottom repeats, we could see prices attempt to breach this local top by the end of July.
Following the lower prices over the last week and a half, the death cross, where the 50d MA crosses down through the 200d MA, is still on the cards, currently projected to happen around 24 July. Historically, prices have experienced short-term rallies following this cross.
Yesterday saw BlackRock CEO Larry Fink giving a somber assessment of the current interest in BTC and crypto in general. During an interview with CNBC, he remarked that he did not see much investor demand nor chatter from retirees or long-term investors during his recent two weeks of business travel. Meanwhile, BlackRock owns a major 14.56% stake (circa $750M worth) in MicroStrategy who is the first publicly-traded company to invest a significant amount of its treasury assets into BTC. One should not view this as a contradiction though as it was merely an expression of ground sentiments of a certain investment class at this point in time.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $1.39T, +0.7% from yesterday
- $BTC is up 0.3% at time of writing, support / resistance - 32,102 / 34,018
- $BTC liquidations and funding: $144.75M, -0.0115% average
- $ETH is up 0.9% at time of writing, support / resistance - 1,828 / 2,187
- $ETH liquidations and funding: $94.28M, 0.0084% average
Alts and DeFi watch:
- DeFi TVL: $57.18B
- $DOT up 3.39% in the last 24 hours, down ~14.09% in the past week
- $KSM up 4.51% in the last 24 hours, down ~15.50% in the past week
- $CRV up 7.17% in the last 24 hours, down ~14.94% in the past week
- $FLOW up 5.11% in the last 24 hours, up 2.88% in the past week
More news that caught our eye:
- Thales raises $2.5M for binary options platform in Synthetix ecosystem
- Paysafe’s Skrill adds 20 cryptocurrencies to its digital wallet services
- Blockchain security firm CertiK raises $37M to combat DeFi and crypto risks
- Dolce and Gabbana launch exclusive NFT collection in collaboration with UNXD
OSL Trader View is contributed by Emilia Lee, Ethan Fu, Stefan von Haenisch & Jose Reyes
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