OSL Daily Update - July 16, 2021
$BTC 24 Hour High $33,166
$BTC 24 Hour Low $31,285
$BTC -3.5% past 24 hours; -3.1% past 7 days
Good morning and happy Friday. Continued price weakness as the week draws to a close. The grayscale discount has widened to 15% in anticipation of the unlocks over the weekend. Prepare for what could be a volatile few days as order books tend to be thinner, making quicker price moves in either direction a higher possibility. To the upside, resistance can be found initially around $34K, followed by $36K. Should we reach and stay at that level, we may well see some confidence return as the downward trending resistance line we’ve been trading under since May 15 will finally have been broken.
On the downside, $30K needs to hold. Should it fail, we are looking at $27K and $24K as the next major resistance levels (green boxes in the graph) as both of these areas acted as price consolidations in the run-up back in January.
It would be sensible to have entry / exit strategies in place. Price drops will provide top-up opportunities for the holders, while those hoping to avoid a revisit to the 20s might do well to de-risk some positions.
British banking app Revolut made headlines yesterday -- secured $800M in a new round of funding. The app, which features cryptocurrency investment, has the backing of financial notables such as Softbank and hedge fund Tiger Global. This latest round of fresh funding values Revolut at $33B, registering a six-fold jump from $5.5B back in 2020. The funding will be used for overseas expansion, product development and increased marketing efforts.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $1.35T, -3.6% from yesterday
- $BTC is up 0.2% at time of writing, support / resistance - 31,665 / 33,558
- $BTC liquidations and funding: $157M, -0.0045% average
- $ETH is up 0.3% at time of writing, support / resistance - 1,851 / 2,056
- $ETH liquidations and funding: $54.73M, -0.0099% average
Alts and DeFi watch:
- DeFi TVL: $55.21B
- $XLM up 3.41% in the last 24 hours, up ~6.41% in the past week
- $ALGO down 2.86% in the last 24 hours, up ~0.7% in the past week
- $AXS up 7.66% in the last 24 hours, up ~130.71% in the past week
- $SNX down 6.38% in the last 24 hours, up 5.56% in the past week
More news that caught our eye:
- OSL launches dedicated digital asset prime brokerage in the Americas
- ECB launches digital euro project
- ETH ETF to list on Brazil’s stock exchange
- Visa to approve first Australian card for spending bitcoin
- Crypto derivatives leader Bybit enters spot trading
- NFT platform Sorare closing in on $532M funding round
OSL Trader View is contributed by Emilia Lee, Ethan Fu, Stefan von Haenisch & Jose Reyes
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