August 5, 2021

​​$BTC 24 Hour High $39,979
$BTC 24 Hour Low $37,703
$BTC +2.0% past 24 hours; -1.7% past 7 days

Good morning. There was some surprising price action overnight as $ETH blasted through the previous local high of $2,645, and it tested $2,750 before pulling back somewhat throughout the morning. We’ll likely see a re-test of the previous resistance level at $2,600-$2,650. Our view of a possible pull back to $2,350 is also very much still in play.

$BTC also rallied but it seems like it was a passenger in the $ETH hype that has been building. It rallied far less, struggled to break $40K, and is also coming back down this morning. In the short term, it looks like $BTC has found support and resistance in Fib retracement levels defined by April 14 high and the June 22 low. A test of $36K (and this level holding) should still occur to help validate that the market is beginning a new upward trend. 

The world’s largest digital currency manager, Grayscale Investments, has hired David LaValle to spearhead its ETF division. Grayscale’s move towards converting its Trust into an ETF is no secret so this latest hire is part of the planned conversion. Hailing from Alerian, LaValle will be in charge of converting the $25B GBTC into an ETF. One of the first matters at hand would be to convince the SEC to approve what would be the US’s first BTC ETF.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $1.68T, +4.0% from yesterday
  • $BTC is down 1.2% at time of writing, support / resistance – 37,719 / 40,236
  • $BTC liquidations and funding: $96.12M, 0.0128% average
  • $ETH is down 1.7% at time of writing, support / resistance – 2,644/ 2,857
  • $ETH liquidations and funding: $126.86M, 0.0171% average

Alts and DeFi watch:

  • DeFi TVL: $70.95B
  • $TRX up 5.97% in the last 24 hours, up ~14.02% in the past week 
  • $AAVE up 10.76 in the last 24 hours, up ~16.06% in the past week
  • $XMR up 7.77% in the last 24 hours, up ~5.52% in the past week
  • $HT up 2.28% in the last 24 hours, down ~3.03% in the past week

More news that caught our eye:

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

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