August 6, 2021

​​$BTC 24 Hour High $41,380
$BTC 24 Hour Low $37,600
$BTC +0.9% past 24 hours; 0.2% past 7 days

Good morning and happy Friday. The roll-out of the London hard fork has had a positive impact on $ETH so far. Its price is trading at the highest level since the beginning of June, currently testing resistance at $2,800. So far, the death cross seen the previous weekend has been a good signal for continued price appreciation, as was the case the last three times the cross happened. If we break above the local high at $2,914, we’ll be entering into uncharted territory; $ETH has only been above this level for less than three weeks of its entire lifespan. 

BTC also continues to ride on $ETH’s run, with $BTC once again testing the resistance at $41K. We are now at the stage where we are meeting the downward trending resistance line we have repeatedly highlighted, as well as the 111d MA. Should $BTC find the strength to break higher, the next resistance level will be at $45K, followed by $48K.

An on-chain analytics firm remarked in early August that a total of $131B worth of BTCs were transacted, with only 1% of this flow being deposits and withdrawals into crypto exchanges. A logical conclusion is that the bulk of this flow was captured via OTC desks which are off-exchange. The outflow could be read as either positive news where big investors are buying via OTC to hold, or negative news where they are purchasing via OTC to sell later on an exchange.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $1.71T, +1.9% from yesterday
  • $BTC is down 1.9% at time of writing, support / resistance – 37,480 / 41,550
  • $BTC liquidations and funding: $204M, 0.0172% average
  • $ETH is down 1.6% at time of writing, support / resistance – 2,640/ 2,860
  • $ETH liquidations and funding: $164M, 0.0047% average

Alts and DeFi watch:

  • DeFi TVL: $73.18B
  • $KSM up 1.57% in the last 24 hours, up ~10.99% in the past week 
  • $DOGE down 0.14% in the last 24 hours, down ~2.83% in the past week
  • $DOT down 0.05% in the last 24 hours, up ~23.82% in the past week
  • $FTT up 5.93% in the last 24 hours, up ~21.25% 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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