$BTC 24 Hour High $39,953 / Low $38,987 | $BTC -0.7% Past 24 hours; -1.7% Past 7 days
Good morning. The risk-off sentiments have continued to put risk assets under pressure – especially when crypto’s ties to the TradFi assets have increased significantly instead of linking with safety assets like gold. Despite the mildly volatile digital assets market, crypto has remained in the “extreme fear” zone in the past two weeks, according to the Crypto’s Fear & Greed Index zone.
After range-trading over the weekend, $BTC finally fell through the $39,300 support and is now trading at $38,900. $39,300 is crucial area as it has acted as a major support and resistance level and seen a high level of activity taking place according to the VPVR. $39,300 now turned into immediate resistance, but prices could dip to the $37,500 area before more support comes in. The bears are now in control in the short term as $BTC’s correlation with equities remains high above 0.9 for both Nasdaq and S&P 500, and US stocks had the longest run of weekly losses since January. In addition, $BTC’s weekly close was down for the fourth time in a row, and we will need some major positive news for a trend reversal.
Like $BTC, $ETH’s implied volatility and volumes remain low. $ETH was more compressed over the weekend and hovered below the 111D and 50D MA, with $2,910 turning into immediate resistance. As advised earlier, the support and resistance levels are defined by the Fibonacci retracement between March 14’s low and April 5’s high. There is a likelihood for $ETH to see an accelerated dip to $2,750 before more investors come back to the markets again in the short term. Should this support fails to hold, the No. 2 digital asset could slide toward $2,620 or even $2,490.
According to Santiment’s weighted social sentiment metric, positive sentiments towards Cardano (ADA) have been the highest since mid-November 2021. After seeing a moderate wave this week, the markets anticipate a potential breakout for $ADA. The Cardano blockchain network has had consistent achievements, with 100,000 new wallets added since March 24 and a whopping 3.2 million wallets on their network. Its Vasil hard fork is set to be launched on June 29 tentatively, aiming to increase capacity and pipelining to ADA to encourage movements amid its volatile price.
Learn more from today’s Trader View video.
Digital Assets Market
- Total crypto market capitalization stands at $1.96T, +0.3% from yesterday
- $BTC is -1.16% at time of writing; 24H liquidations and funding rates: 29.15M, +0.00024% average
- $ETH is -1.52% at time of writing; 24H liquidations and funding rates: 27.69M, -0.00341% average
- Stablecoins market dominance: USDT 44.24%; USDC 26.55%; UST 9.67%; BUSD 9.32%; DAI 4.64%
Alts and DeFi watch:
- DeFi TVL: $209.62B (-0.09% over last 24 hours)
- $SOL -3.9% in the last 24 hours, +0.7% in the past week
- $SHIB -4.3% in the last 24 hours, -5.2% in the past week
- $SAND -1.5% in the last 24 hours, -2.5% in the past week
- $ENJ -6.3% in the last 24 hours, -6.2% in the past week
More news that caught our eye:
- Microstrategy CEO dismisses rumors about the company selling its BTC holding
- Grayscale makes fresh push for SEC approval to become BTC ETF
- Fidelity exec on $BTC: ‘Boring is good if you want institutional adoption’
- Criminalizing rug pulls: Senator Kevin Thomas proposes new regulations
- The Metaverse is subject to earth’s boring old rules
- Crypto experts bet on $BTC to peak at $81K this year
- You can now burn SHIB to generate passive income
OSL Trader View is contributed by Hans-Stefan Vonhaenisch, Tiffany Wee & Ethan Fu.
OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.
Home to one of the world’s largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.
Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.
Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.