OSL Daily Update - July 21, 2021
$BTC 24 Hour High $30,682
$BTC 24 Hour Low $29,527
$BTC -2.6% past 24 hours; -8.6% past 7 days
Good morning. The support area of 30-32K has finally broken. The next immediate area of support is at 27K, followed by 24K. We anticipated a sudden move lower, which has yet to materialize. It’s not all doom and gloom, however. Those who have been active in this market for a long time will see the benefit in taking a step back and looking at the bigger picture.
The similarities to the bull run of 2014-2018 are striking. Back then, prices reached a local top of around 3x the previous ATH, before correcting to a level about 50% higher than the ATH ($BTC actually bottomed on 17 July 2017). We all know what happened next. Now, of course, past performance is no indicator of future performance, but the similarities are also very evident in the ETH’s chart.
Learn more from today’s Trader View video.
Digital assets market:
Total crypto market capitalization stands at $1.242T, -3.7% from yesterday
$BTC is down 0.9% at time of writing, support / resistance - 28,600 / 31,665
$BTC liquidations and funding: $231.163M, -0.009% average
$ETH is down 0.7% at time of writing, support / resistance - 1,8651 / 1,700
$ETH liquidations and funding: $106.96M, -0.011% average
Alts and DeFi watch:
DeFi TVL: $53.48B
$FTX up 2.56% in the last 24 hours, down ~12.24% in the past week
$NEM down 7.18% in the last 24 hours, up ~7.19% in the past week
$QNT up 2.54% in the last 24 hours, down ~5.45% in the past week
$RVN down 3.67% in the last 24 hours, up ~2.63% in the past week
More news that caught our eye:
- Mastercard creates simplified payments card offering for cryptocurrency companies
- Rothschild Investment Corp more than tripled its BTC position
- Alibaba’s Taobao brings NFT real estate to Chinese Entrepreneur Festival
- DeFi protocol Aave to launch ETH-based alternative to Twitter
- Vitalik Buterin’s new ETH documentary raises $1.9M within 3 days
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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