$BTC 24 Hour High $19,557.23 / Low $19,328.71 | $BTC +0.7 Past 24 hours; +2.3% Past 7 days
Lack of price actions in crypto markets continues, while Ethereum continues to underperform other tokens as Kraken described that “the honeymoon period is over” after the merge. Visa has partnered with FTX to offer crypto debit cards in 40 countries. Over 12,000 crypto projects have ceased trading this year according to Nomics.
Macro, Equities & Commodities
Asia markets are looking to trade lower today amid tightening of monetary policies across the globe and the worsening of the situation in Ukraine. China markets resume trading after its golden week, while the Japan market is closed today. The 20th National Congress of CCP will take place in Beijing this Sunday.
Technical Analysis
Crypto sideways as tradfi continues to show weakness
BTC
Same price, different week. Bitcoin trading just below 20k for what feels like an eternity, failing to break through $20k, but also holding up better than tradfi that is pushing towards new lows.
Bitcoin has been the safer bet compared to tradfi over the last month, as noted by considerably better Sharpe and Sortino Ratios over the last 30 days. That said, cash is king. CPI print this week on Wednesday (Asia Thursday early morning), keep an eye on that.
$18,500 is key support, if we fail to hold and bulls fail to step in as we have seen over last few weeks, expect $17,765 to be tested pretty quickly.
BTC Key levels
Resistance / $23,000
Resistance / $21,875
Resistance / $20,100
We are here – $19,425
Support / $18,700
Support / $17,765
Support / $16,200
ETH
Eth also resting on the 200W MA at $1,325. This area is no mans-land, between two previously identified short-term ranges. Break into the one above us (clear $1,421), and we look towards price testing $1,550. Break below $1,282, and we look to move towards $1,075.
Funding rates remain flat and correlation to tradfi still higher for Eth than for Bitcoin. Indeed, Eth has been the worst investment choice over the last 30 days.
ETH Key levels
Resistance / $1,577
Resistance / $1,517
Resistance / $1,421
We are here – $1,325
Support / $1,280
Support / $1,072
Support / $875
Digital Assets Market
- Total crypto market capitalization stands at $988 Billion, +0.9% from yesterday
- $BTC is +0.58% at time of writing; 24H liquidations and funding rates: 3.18M, +0.00340%
- $ETH is+1.48% at time of writing; 24H liquidations and funding rates:5.49M, +0.15316%
- Stablecoins market dominance: USDT 45.96%; USDC 30.97%; BUSD 14.54%; DAI 4.2%
Alts and DeFi watch
- DeFi TVL: $54.92B (+0.19% over last 24 hours)
- $SOL +2.0% in the last 24 hours, +3.5% in the past week
- $SHIB +0.8% in the last 24 hours, +1.1% in the past week
- $ADA +1.0% in the last 24 hours, +1.3% in the past week
- $ENJ +1.9% in the last 24 hours, +4.2% in the past week
More news that caught our eye
- Crypto Exchange Huobi Global to be Acquired by About Capital
- An Ethereum team has warped Uniswap onto StarkNet
- Bitcoin Buys By Whales Gathers Pace With Almost $1 Billion Worth Of BTC Accumulated In 9 Days
- McDonald’s Accepts Bitcoin in the Swiss City of Lugano
- India’s Central Bank RBI To Soon Launch CBDC Pilot
OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam & Kevin Lee.
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