Crypto markets holding strong despite global market selloff

​​$BTC 24 Hour High $39,900 / Low $38,135   |   $BTC -0.8% Past 24 hours; +1.3% Past 7 days

Good morning. The main coins are still moving sideways with no clear direction over the past 24 hours. Given the lack of major macro catalysts, some market participants are turning to selected altcoins and NFTs. At this stage, we will need to keep an eye on the digital assets markets – whether they can stay resilient as we edge towards a possible U.S. rate hike compared to equities markets.

$BTC climbed up to $41,000 in the past 24 hours and is holding steady for now. Volatility remains relatively low as the No. 1 digital asset has been trading within the $36,000-$44,000 zone for several weeks already, the exact levels of the 0.618 and 0.5 Fibonacci levels. That said, we would like $BTC to gather its strength to test the upside hurdle at $40,500 while holding support at $38,000 and $36,225. RSI is currently holding in the neutral zone of 47, but $BTC is still trading below the 200D MA. Bitcoin’s dominance is standing at 43.5% while attempting to push higher to the mid-40%s.

$ETH is now trading at $2,600 at a price level similar to yesterday’s. It is now moving between the 0.618 and 0.5 Fibonacci levels, $2,900 and $2,300 respectively. With range-bound trading at these levels since March, we expect prices to continue chopping sideways in the next few days.

With a neutral RSI level at 47, $ETH continues to see a decline in volatility and trading volumes across the board. Funding rates are relatively flat as well. It’s worth noting that $ETH options show significant open interest on the December 31, 2022 expiry around the $5,000 and $6,000 levels.

Mark Zuckerburg announced at the SXSW conference that NFTs are coming to Instagram without sharing any solid launch details. Instagram isn’t the first social network with an NFT integration. Earlier this year, Twitter introduced a feature, allowing some users to set an NFT they own as their profile picture.  

Learn more from today’s Trader View video

Digital Assets Market

  • Total crypto market capitalization stands at $1.8T, -2.9% from yesterday
  • $BTC is -0.3% at time of writing; 24H liquidations and funding rates: 35.69M, +0.00419% average
  • $ETH is -0.2% at time of writing; 24H liquidations and funding rates: 25.53M, +0.01623% 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: $199.64B (+0.05% over last 24h)
  • $SOL +2.5% in the last 24 hours, +1.2% in the past week
  • $SHIB -1.7% in the last 24 hours, -5.6% in the past week
  • $SAND -0.6% in the last 24 hours, -2.9% in the past week
  • $ENJ -0.3% in the last 24 hours, -0.9% in the past week

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