$BTC 24 Hour High $22,949 / Low $20,196 | $BTC -9.8% Past 24 hours; -32.1% Past 7 day
Good morning and happy Friday. While Celsius Network’s saga continues to unfold, contagion spreads into equities with crypto exposure – short-sellers betting big with a short interest for top crypto stocks peaked this month.
The pioneering digital asset found a new base in the $20,000 zone, but the markets have become slightly more volatile as this level is being tested. If the bulls lose this major support, it will trigger a larger market sell-off and multi-month capitulation. The weekly (14 periods) RSI indicated that $BTC is currently in the oversold area and at one of the lowest levels of all time. The 50D MA and 200D MA also exhibited a steep decline; there is a likelihood for both trendlines to cross over in several months. Multiple on-chain metrics also flashed signs of a rebound, including a low BTC-adjusted dormancy rate. In a typical bear market, investors tend to move the funds and sell at a loss, but a low dormancy rate may indicate we might start seeing the light at the end of the tunnel. Investors should keep an eye on BTC’s logarithmic regression bands, indicating that the No. 1 digital asset is entering a consolidation stage before an uptrend.
Learn more from today’s Trader View video.
Digital Assets Market:
- Total crypto market capitalization stands at $921B, -9.0% from yesterday
- $BTC is +0.56% at time of writing; 24H liquidations and funding rates: 67.29M, -0.01393%
- $ETH is +0.86% at time of writing; 24H liquidations and funding rates: 69.34M, +0.02201%
- Stablecoins market dominance: USDT 44.86%; USDC 35.36%; BUSD 11.37%; DAI 4.05%
Alts and DeFi watch:
DeFi TVL: $73.87B (-0.01% over last 24 hours)
- $SOL -14.6% in the last 24 hours, -25.0% in the past week
- $SHIB -7.3% in the last 24 hours, -23.4% in the past week
- $SAND -11.9% in the last 24 hours, -34.2% in the past week
- $ENJ -10.8% in the last 24 hours, -30.6% in the past week
More news that caught our eye:
- Tesla CEO Elon Musk accused of DOGE Ponzi scheme in new class action lawsuit
- Panama’s President vetoes law that would give regulated BTC, legalized DAOs
- Bank of America: Consumer interest in crypto remains strong
- Spain’s largest airline Vueling adopts BTC as a payment method for tickets
- Inverse Finance drained for $1.2M in a flash loan attack
- Banking uses 56 times more energy than BTC: Valuechain report
- MetaMask and Phantom crypto wallets fix browser extension vulnerability
OSL Trader View is contributed by Hans-Stefan Vonhaenisch, Tiffany Wee & Ethan Fu.
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