$BTC closes 7th consecutive week in the red

​​$BTC 24 Hour High $31,347.52  / Low $29,572.01 |   $BTC +2.0% Past 24 hours; -10.% Past 7 day

Good morning. Over the weekend, the crypto markets saw a relief bounce from last week’s bloodbath, despite the Fear & Greed Index remaining in the ‘Extreme Fear’ zone. UST de-peg turmoil caused contagion in the USDT market last week, pushing the trading volumes to the highest in a year. On Friday, Luna CEO Do Kwon proposed a ‘revival plan’ to save LUNA and its native stablecoin UST from the meltdown.

$BTC reclaimed $31,000 and is trading at 23% higher than the lows experienced last Wednesday, with a confluence of support factors building up at $25,000. Though this level might not be the ultimate bottom yet, it certainly shows signs of capitulation taking place. Nevertheless, $BTC closed the week in the red for the seventh consecutive week. It is likely that $BTC will see a positive trading week ahead, with the first upside hurdle at $33,040. The macro sentiment is dominating the markets, and it is unlikely that we see any continued run to the upside, at least not until the Tradfi markets have bottomed out.

In the past 24 hours, $ETH attempted to break back into the range it has been in for the most time of 2022. We are currently knocking on the door of the real upside resistance at $2,163, the previous local bottom from January 24. After hitting our support level of $1,718 during the sell-off last week, $ETH has recovered nicely. If it breaks back into the range mentioned above, we expect the No. 2 digital asset to push higher towards $2,468 before finding resistance. $ETH is bullish in the short term but will flip bearish at key resistance levels. Markets are yet to hit the oversold levels on the weekly RSI, so there is still more room to retrace. Investors should keep an eye on this to understand when an actual trend reversal may start to take shape. 

Learn more from today’s Trader View video.

Digital Assets Market

  • Total crypto market capitalization stands at $1.37T, +2.1% from yesterday
  • $BTC is -1.6% at time of writing; 24H liquidations and funding rates: 47.87M, -0.01108% average
  • $ETH is +2.3% at time of writing; 24H liquidations and funding rates: 29.86M, +0.02098% average 
  • Stablecoins market dominance: USDT 47.21%; USDC 31.93%; BUSD 11.06%; DAI 3.77%,UST 1.15%

Alts and DeFi watch:

  • DeFi TVL: $113.77B (+1.63% over last 24 hours)
  • $SOL +12.3% in the last 24 hours, -24.5% in the past week
  • $SHIB -3.1% in the last 24 hours, -31.9% in the past week
  • $SAND -2.3.1% in the last 24 hours, -30.6% in the past week
  • $ENJ -2.7% in the last 24 hours, -22.9% in the past week

More news that caught our eye:

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

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