$BTC reclaims $44K, rising to 3-week high

​​$BTC 24 Hour High $43,915 / Low $42,655   |   $BTC +2.4% Past 24 hours; +7.0% Past 7 days

Good morning and happy Friday! The market capitalization of the crypto market rallied to $2 trillion today after Russian lawmakers suggested accepting BTC for oil payments. The market sentiment has also improved significantly as the Crypto’s Fear & Greed Index has escaped the “extreme fear” zone from last week and finally trading at the “neutral” zone at 40 now. However, investors should beware of the volatility ahead due to today’s options expiry, and how the EU officials finalize their position in MiCA.

$BTC is inching towards $44,000 and continues to perform reasonably – green candles have been shown on the daily charts for several consecutive days already. RSI has just crossed 60, suggesting that there is still room for $BTC to move higher before a pullback occurs. If the No. 1 digital asset fails to overcome the resistance levels at $44,500 and $45,200, we could see prices pull back towards relatively strong support levels at $42,000 and $40,000. Bitcoin’s dominance is still showing strength, pushing higher into the mid 40%s. Other bullish signs include the decline of 200D MA, and a flip of the price could occur in the coming weeks.

$ETH broke out to $3,100 overnight and has held support at $3,000 for over 36 hours already, indicating more investors have accumulated ETH over the past few days. Like $BTC, $ETH’s daily RSI continues to rise in a very healthy fashion. The bulls should be able to push the prices up slightly further before a pullback occurs in the next few days. When it occurs, $ETH could retrace towards key support levels at $2,800 and $2,690. ETH/BTC pair is now stalling at 0.07 as price momentum gained on $BTC. However, there is still a likelihood for $ETH to continue outperforming $BTC. RSI is still at 60, and the 200D MA is about to flip the price line.

ExxonMobil caught a lot of media attention yesterday as the giant was said to be utilizing excess natural gas that would have been flared due to a pipeline shortage to mine $BTC. Although the project was launched in January and expanded in July 2021, its success meant that Exxon is now looking to bring this emerging technology to multiple countries. This gas-to-BTC technology, if rolled out successfully to others, will be a step in the right direction for reducing energy waste and the carbon footprint of oil and gas companies.

Learn more from today’s Trader View video

Digital Assets Market

  • Total crypto market capitalization stands at $2.07T, +2.0% from yesterday
  • $BTC is +0.0% at time of writing; 24H liquidations and funding rates: 50.58M, +0.00474% average
  • $ETH is -0.3% at time of writing; 24H liquidations and funding rates: 22.58M, +0.00954% average
  • Stablecoins market dominance: USDT 43.41%; USDC 28.10%; BUSD 9.44%; UST 8.49%; DAI 4.99%

Alts and DeFi watch:

  • DeFi TVL: $199.61B (+0.24% over last 24h)
  • $SOL +7.55% in the last 24 hours, +15.76% in the past week
  • $SHIB +0.54% in the last 24 hours, +10.43% in the past week
  • $SAND -1.54% in the last 24 hours, +7.54% in the past week
  • $ENJ -1.52% in the last 24 hours, +17.53% in the past week

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OSL Trader View is contributed by Terrance Leung, Andrea Au & Ethan Fu.

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