Bulls or Bears after A Quiet Weekend?

$BTC 24 Hour High $23,400 / Low $22,850 | $BTC +1.2% Past 24 hours; -2.0% Past 7 days

Crypto markets enjoyed a relatively quiet and flattish weekend, with trading volume reached its lowest since March.

Equities, Commodities & Macro

US futures pointing lower with Asian markets look to have a cautious start after a jump in US dollar and Treasury yields. In the US, the Senate passed a $430 billion landmark bill on tax, climate and health-care to help fight against inflation. Tension between China and Taiwan continues as China is planning more military drills around the island, yet it is not expected to escalate to real military conflicts for now.

Technical Analysis

Bitcoin (Support / Resistance at $23,000 / $24,000)

  • BTC stuck below $24K, several attempts to push through this major resistance but failed. Immediate support overlays 200W MA which is sitting close to $23K now.
  • Need to see a clean breakthrough and daily close above $24K in order to see slightly bullish structure back, 1M EMA ($25,600) act as next key resistance level.
  • Failing that might see prices pulling further back to 50DMA around $21,500 level. Daily RSI oscillating around neutral level and weekly RSI still in the oversold zone, no clear domination of bulls vs bears.
  • Correlation with tradFi still at high levels, performance of equities today likely to indicate direction for cryptos.

Learn more from today’s Trader View video.

Digital Assets Market

  • Total crypto market capitalization stands at $1.15T, +1.4% from yesterday
  • $BTC is +0.31% at time of writing; 24H liquidations and funding rates: 10.29M, +0.00443%
  • $ETH is +0.35% at time of writing; 24H liquidations and funding rates: 21.79M, +0.01863%
  • Stablecoins market dominance: USDT 43.64%; USDC 35.63%; BUSD 11.77%; DAI 4.60%

Alts and DeFi watch

  • DeFi TVL: $68.06B (+0.02% over last 24 hours)
  • $SOL +2.0% in the last 24 hours, -7.2% in the past week
  • $SHIB +0.8% in the last 24 hours, +0.9% in the past week
  • $ADA +3.2% in the last 24 hours, +0.4% in the past week
  • $ENJ +0.5% in the last 24 hours, ++8.6% in the past week

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OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam, Kevin Lee & Charmaine Tam.


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