Beware of higher volatility during Easter break

​​$BTC 24 Hour High $41,558 / Low $39,585  |   $BTC +2.9% Past 24 hours; -4.7% Past 7 days

Good morning. The digital assets markets moved higher with the overall asset market in the past 24 hours – $BTC and other major altcoins are licking their wounds after a two-week slump. We expect higher volatility across the crypto markets as the trading volume has been at considerably low levels, and the upcoming Easter holiday may take it another notch lower. Nevertheless, the short-term movement will likely remain range-bound between this year’s high and low.

$BTC is now trading at $41,300, topping at the 200D MA and 2022’s ATH of $47,000 subsequently. While $BTC sees relatively strong support at $40,000 and $38,000, if the bulls fail to overcome the upside hurdles at $42,500 and $43,700, we might see prices retrace to these levels in the next few weeks. RSL is returned to the low 40s level, indicating that there is still room for $BTC to slide further. Bitcoin’s dominance remains to show strength and pushes higher into the mid-40s.  

$3,000 remains to be held as strong support for $ETH, protecting its long-term bull trend. If this fails, there is a likelihood for the No. 2 digital asset to dip towards $2,700. RSI remains neutral at 45, but volatility and volumes are on the decline across exchanges. Funding rates are relatively flat as well. Should $ETH be able to push higher, our upside targets are $3,220 and $3,370. ETH/BTC is currently at 0.075, with both pairs moving in lockstep for the last two weeks. The Crypto’s Fear and Greed Index climbed back to 25 after hitting April’s low two days ago. Long-term holders might see these levels as decent entry points to accumulate their positions in the crypto markets.

In a recent CNBC interview, Tether CTO Paolo Ardoino yesterday revealed that the company significantly reduced its exposure to commercial debt holdings. He reminded viewers that Tether reports quarterly to the New York Attorney General’s office, and the U.S. Treasury bonds will replace the reduction in exposure to commercial paper. Last October, Tether paid a $41 million fine over misleading claims that USDT was backed entirely by U.S. dollars.

Learn more from today’s Trader View video

Digital Assets Market

  • Total crypto market capitalization stands at $2.01T, +2.3% from yesterday
  • $BTC is -6.3% at time of writing; 24H liquidations and funding rates: 57.35M, +0.00263% average
  • $ETH is -7% at time of writing; 24H liquidations and funding rates: 40.44M, +0.00276% average 
  • Stablecoins market dominance: USDT 44.30%; USDC 26.96%; BUSD 9.37%; UST 9.10%; DAI 4.68%

Alts and DeFi watch:

  • DeFi TVL: $213.65B (+0.83% over last 24h)
  • $SOL +1.6% in the last 24 hours, -6.7% in the past week
  • $SHIB -0.3% in the last 24 hours, +9.9% in the past week
  • $SAND +4.2% in the last 24 hours, -2.8% in the past week
  • $ENJ +2.3% in the last 24 hours, +4.6% in the past week

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OSL Trader View is contributed by Hans-Stefan Vonhaenisch & Ethan Fu.

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