$BTC 24 Hour High $49,640
$BTC 24 Hour Low $48,030
$BTC -2.3% past 24 hours; -1.6% past 7 days
Sideways actions over the weekend as Alts continue to rally
Good morning. Surprisingly enough, Alts outperformed, especially SAND and XTZ in the past few days. $BTC and $ETH are now trading at a 7% premium to the June 2022 futures expiry. Their futures’ curves are still very narrow and compact, suggesting futures are not being used as much and gaining exposure in these markets.
Looking at the options, BTCs expiring on Friday saw the largest amount of trading volume at 49K and 50K. An interesting development on the put side is that considerable numbers of put options were written at 35K. However, no indication in the charts, suggesting that the prices will move aggressively in either direction in the next few days.
$BTC is currently trading higher. The initial resistance at 48K has been flipped and now acting as a support level. To the upside, 49.5K continues to be the level of immediate resistance. $BTC’s Fib extension level has still been holding at 47K (see the chart). Looking at price development over the last few weeks, we expect a move lower may be challenging if 47K continues to hold. Also, the shorter time frame Fib retracement, from the market high in April mapped out against the low we saw in June, is coming in at 46,790, lending additional support at this level.
Similar to $BTC, $ETH traded sideways, with a pronounced decrease in trading activity and the RSI trending downwards. We see immediate support at 3125-3150 while, above us, 3300 is the level of resistance for a breakthrough that we need to keep an eye on.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.17T, -0.6% from yesterday
- $BTC is down 0.9% at time of writing, support / resistance – 48,000 / 49,670
- $BTC liquidations and funding: $118M, 0.0084% average
- $ETH is down 1.2% at time of writing, support / resistance – 3,170 / 3,290
- $ETH liquidations and funding: $38M, 0.0133% average
Alts and DeFi watch:
- DeFi TVL: $82.09B
- $LINK down 3.1% in the last 24 hours, down ~9.2% in the past week
- $MATIC down 5.4% in the last 24 hours, down ~13.8% in the past week
- $THETA down 2.7% in the last 24 hours, down ~7.1% in the past week
- $STX up 2.9% in the last 24 hours, up ~0.8% in the past week
More news that caught our eye:
- Microsoft Is awarded US patent for crypto token-creation service
- Global crypto assets AUM back at $50B but outflows continue
- Cardano to launch ERC-20 converter on Testnet next week
- Billionaire Mark Cuban gives further push to Dogecoin adoption
- Nomura offers customers token subscription service for a luxury Italian restaurant
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