$BTC 24 Hour High $46,168
$BTC 24 Hour Low $43,955
$BTC -2.6% past 24 hours; 9.1% past 7 days
Prices headed lower as weekend is nearing
Good morning and happy Friday. Previously we spoke about BTC’s rally, this time it was marginally less leverage-driven. We notice that the low levels of short liquidations are far lower than the run up at the beginning of the year, but the liquidation levels have been very contained over the past few days despite the rally. $BTC had repeatedly refused to drop below 44.9K over the last few days, but it finally broke overnight. $BTC’s trading volumes have picked up a touch, suggesting the move lower has some weight behind it.
$BTC is likely to be tested at 42.5K. If the price then moves higher, it would be a great confirmation of support. Should $BTC break this support, 40K will be our next target. Our take is keeping an eye on the big picture as the S2F model currently values BTC at $101,871.
Compared to $BTC, $ETH is still more bullish as it is testing new highs and higher lows on the four-hour chart. $2,900 has been tested once already, will it be tested again? That being said, an upward trending resistance line has reasonably formed and might act as support above $2,900.
With $BTC and $ETH taking a breather from their recent rally, the focus has shifted towards the DeFi sector. Sky-rocketing token prices, a consistent inflow of new registrants and Total Value Locked (TCL) heading to all time highs are the three metrics signaling a potential “DeFi Summer”. The majority of the top 10 DeFi tokens have seen a more than 20% rally in prices with TVL approaching its previous $155B ATH (now at $141B). DEX activity has been slowly increasing since the end of July according to data from Dune Analytics as well, despite raising “gas” fees.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $1.93T, -1.9% from yesterday
- $BTC is up 0.1% at time of writing, support / resistance – 43,160 / 46,790
- $BTC liquidations and funding: $147.51M, 0.0042% average
- $ETH is up 0.1% at time of writing, support / resistance – 2,890 / 3,270
- $ETH liquidations and funding: $96.62M, 0.0081% average
Alts and DeFi watch:
- DeFi TVL: $78.5B
- $ADA up 2.66% in the last 24 hours, up ~36.32% in the past week
- $SOL down 1.49% in the last 24 hours, up ~14.13% in the past week
- $COMP down 4.24% in the last 24 hours, down ~3.62% in the past week
- $SNX down 3.39% in the last 24 hours, up ~2.31% in the past week
More news that caught our eye:
- China Tonghai Securities initiates research coverage on BC Group with a buy rating
- DBS Vickers gets nod to provide trading services for digital payment tokens
- $400 billion investment manager Neuberger Berman expands fund strategy to include BTC & ETH exposure
- Velo Labs, TEMPO Payments, and Bitazza open up a $17Bn remittance corridor between Europe and Thailand with the Stellar blockchain
- Samsung plans to test mobile phone functionality with South Korea’s CBDC pilot
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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