$BTC 24 Hour High $46,150
$BTC 24 Hour Low $44,685
$BTC -0.8% past 24 hours; 19.1% past 7 days
Small correction but key supporting levels are holding
$BTC has followed Fibonacci retracements levels almost perfectly during the most recent run up. We are currently at the support resistance area at 45K, with 200d MA acting as the support. From a technical perspective, the 42.5K area looks like an ever-increasingly important short-term support area which may lead to two possible scenarios.
Scenario 1: Over the next week or so, we may see a correction to 42.5K, before again attempting a move higher. The short-term upward sloping support line is still in play, crossing the 42.5K area in four days. If 42.5K fails to hold, we would consider 41K and 37K as the next main support areas before moving higher again.
Scenario 2: $BTC may explode higher similar to the way it rallied back in February. The boost at that time was primarily driven by the news that Tesla had purchased $BTC on its balance sheet. Similarly, it would now also require some very bullish and unexpected news to see a repeat. In our opinion, it is less likely to occur this time around as we are not in price discovery mode and have already established resistance at higher levels.
If you look at the crypto market as a whole, it was in a stupor earlier this year. Over the past three weeks, it has surged over $700B in market cap, though it is still lower than the all-time high of $2.5T reached on May 11. Yet, it is regaining signs of life with market cap breaking $1.9T for the first time since May. The two most dominant coins remain so with ETH, slightly gaining at the expense of BTC (BTC 46%, ETH 20% today vs. BTC 50%, ETH 15% back at the start of May).
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $1.94T, +1.5% from yesterday
- $BTC is up 0.8% at time of writing, support / resistance – 44,526 / 46,759
- $BTC liquidations and funding: $68.39M, 0.0053% average
- $ETH is up 0.4% at time of writing, support / resistance – 2,904 / 3,190
- $ETH liquidations and funding: $70.49M, 0.0227% average
Alts and DeFi watch:
- DeFi TVL: $78.65B
- $OKB down 1.89% in the last 24 hours, up ~35.26% in the past week
- $SHIB down 0.40% in the last 24 hours, up ~23.08% in the past week
- $UNI up 0.9% in the last 24 hours, up ~37.39% in the past week
- $CRO down 0.47% in the last 24 hours, up ~19.92% in the past week
More news that caught our eye:
- FTX and Kevin O’Leary announce long-term investment and spokesperson relationship
- BitMEX resolves CFTC, FinCEN probes with $100M deal
- Andreessen-backed 5G blockchain network raises $111M
- Audi set to release limited edition NFTs on xNFT Protocol
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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