August 4, 2021

​​$BTC 24 Hour High $39,760
$BTC 24 Hour Low $37,913
$BTC -3.3% past 24 hours; -1.6% past 7 days

Good morning. The pullback arrived. $BTC is now on its 4th day, with the 36K area as the first level of support. Volumes are looking healthy, suggesting the dump is legitimate and could go on for a few more days. 

$ETH is still trading within the range that has been in place since the middle of June ($1,730 – $2,600). With today’s London hard fork (between 13:00 UTC and 17:00 UTC on August 4, 2021), we could see some volatility, but right now our short-term forecast suggests that a pull back is likely to occur. Initial resistance at $2,400, followed by a target of $2,100, which we could test in the next two weeks. The upward-trending support line in place on the logarithmic chart (grey line on chart) is still holding and crosses the $2,100 on August 22. Could we see a repeat of July 21?

The SEC Chair Gary Gensler revealed no timetable is set for a BTC ETF approval during an interview, although he presented the best chance for investors looking for an easy on-ramp into the crypto space. During his time at MIT, Gensler was mostly positive about ETFs and Blockchain technology, and has been widely touted as a well-meaning supporter of the crypto market. There are at least seven initiatives that the SEC is considering, namely ICOs, trading venues, lending platforms, De-Fi, stable value coins, custody & ETFs.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $1.62T, -2.2% from yesterday
  • $BTC is up 0.2% at time of writing, support / resistance – 37,719 / 38,765
  • $BTC liquidations and funding: $177.8M, 0.0071% average
  • $ETH is down 0.4% at time of writing, support / resistance – 2,442/ 2,644
  • $ETH liquidations and funding: $103.01M, -0.0095% average

Alts and DeFi watch:

  • DeFi TVL: $68.27B
  • $XRP down 2.12% in the last 24 hours, up ~12.80% in the past week 
  • $UNI down 4.77% in the last 24 hours, up ~15.01% in the past week
  • $EOS down 0.82% in the last 24 hours, up ~8.35% in the past week
  • $XTZ down 2.99% in the last 24 hours, up ~8.41% in the past week

More news that caught our eye:

OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.

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.

And be sure not to miss future OSL news and insights by following us on TwitterLinkedinFacebook, and Telegram.

Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.