$BTC 24 Hour High $39,932 / Low $37,564 | $BTC +4.4% Past 24 hours; +3.8% Past 7 days
Good morning. The digital assets markets were relieved to see the EU Parliament vote against the MiCA, a revised bill that could have banned Proof-of-Work consensus mechanism across the bloc. The committee voted 31-4 in favor of removing a section regarding a de-facto ban on BTC mining but introduced new draft rules to protect consumers and make mining more sustainable. This framework will also make it easier for crypto firms to expand within the EU’s 27 member states. The market reacted positively and recovered back to the level before the news.
After failing to breach the upside resistance at $40,000, $BTC is now settling at $39,000. The trading volume is decreasing slowly, but if we can break the currently neutral RSI level at 47, the bulls may be able to push $BTC beyond $40,000. Should this fail, $BTC may retest $38,000 and $37,225. The No. 1 digital asset is now moving within a tight trading corridor since the beginning of 2022, with 0.618 Fibonacci retracement level forming as a strong support level. Until we start seeing some clearer macro trends, it’s relatively unlikely to see market participants sitting on the edges to take any significant actions.
$ETH has continued to trade within a tight band over the last few weeks and failed to make any major moves in the past 24 hours. With a neutral 14-day RSI neutral level at 45, $ETH is now converging at around $2,600, 0.5 Fibonacci retracement level. We are keen to see $ETH hold above support levels of $2,400 and $2,290. Like $BTC, $ETH requires significant bullish momentum to buck the downtrend and break through the yearly highs and lows. Funding rates are still relatively flat across the board, while spot trading volumes are dropping to a very low level.
Learn more from today’s Trader View video.
Digital Assets Market
- Total crypto market capitalization stands at $1.77T, -2.9% from yesterday
- $BTC is -0.4% at time of writing; 24H liquidations and funding rates: 44.56M, +0.00484% average
- $ETH is +0.0% at time of writing; 24H liquidations and funding rates: 27.57M, +0.01045% average
- Stablecoins market dominance: USDT 43.25%; USDC 28.33%; BUSD 9.71%; UST 7.95%; DAI 5.78%
Alts and DeFi watch:
- DeFi TVL: $199.37B (+1.20% over last 24h)
- $SOL +2.8% in the last 24 hours, -1.2% in the past week
- $SHIB +2.2% in the last 24 hours, -4.1% in the past week
- $SAND +1.0% in the last 24 hours, -1.8% in the past week
- $ENJ +2.0% in the last 24 hours, +0.7% in the past week
More news that caught our eye:
- Crypto funds see their first outflows in 7 Weeks
- BTC launches its first LATAM NFT marketplace
- Jack Dorsey, Block and the perils of making crypto user-friendly
- Elon Musk confirms he won’t sell crypto
- El Salvador’s millennial president launching BTC ‘volcano bond’ in major bet on cryptocurrency craze
- Ukrainian crypto entrepreneur: BTC is a lifeline
OSL Trader View is contributed by Terrance Leung, Andrea Au & Ethan Fu.
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