$BTC 24 Hour High $19,180 / Low $18,620 | $BTC -0.2% Past 24 hours; -2.9% Past 7 days
Crypto markets have been uneventful with no momentum to support the price. DBS is expanding its crypto trading services to over 100k clients. Expect volume at Asia hours will be quieter than usual this week as industry players travelling for Token 2049 and other events in Singapore.
Equities, Commodities & Macro
Weak sentiments continue in equity markets as Asia markets look to open lower. The US markets hit intraday low for the year last Friday. Analysts warned of capital outflow from Japan and China as Yen and Yuan continue to tumble. Meanwhile cable rate is at its lowest in 37 years, and many expect the pound to fall to parity with the US dollar.
Technical Analysis: Traditional financials markets flashing warning signs
Tradfi markets testing support, VIX pushing to the highest level since June, DXY also exploding higher. All these factors are having a negative impact on crypto prices. Correlation to tradfi actually dropping off somewhat for Bitcoin which is interesting.
Bitcoin is still diligently holding support at $18,700, but we saw price hunt for liquidity down at $18,165 at the end of last week.
Neutral RSIs on the daily and 4H timeframe. Also seeing Funding Rates flat across the board, implying evenly distributed leverage among longs and shorts
BTC Key levels
- Resistance / $23,000
- Resistance / $21,875
- Resistance / $20,100
- We are here – $18,880
- Support / $18,700
- Support / $17,765
- Support / $16,200
Eth is sitting on key support at $1,280. Also seen prices drop below for short periods of time, at which point buyers have stepped in in good numbers to lift prices higher.
The 200W SMA coming in, providing additional support at these levels. Correlation to tradfi markets picking up and is moving higher.
Desk view remains neutral for the next 24 hours, with a view to turning more bearish if this key support level is broken.
ETH Key levels
- Resistance / $1,577
- Resistance / $1,517
- Resistance / $1,421
- We are here – $1,308
- Support / $1,280
- Support / $1,072
- Support / $875
Digital Assets Market
- Total crypto market capitalization stands at $967B, -0.6% from yesterday
- $BTC is +0.12% at time of writing; 24H liquidations and funding rates: 14.20M, 0.02166%
- $ETH is +0.45% at time of writing; 24H liquidations and funding rates: 22.85M, 0.012734%
- Stablecoins market dominance: USDT 45.01%; USDC 32.90%; BUSD 13.60%; DAI 4.29%
Alts and DeFi watch
- DeFi TVL: $54.37B (+0.01% over last 24 hours)
- $SOL -3.1% in the last 24 hours, +4.6% in the past week
- $SHIB -2.3% in the last 24 hours, +4.4% in the past week
- $ADA -1.4% in the last 24 hours, +0.1% in the past week
- $ENJ -2.3% in the last 24 hours, -2.1% in the past week
More news that caught our eye
- Brazilian Federal Police Raids 6 Crypto Exchanges in Money Laundering Investigation
- Tether’s USDT stablecoin goes live on Polkadot
- Crypto Exchange Coinbase Sued Over Patent Infringement
- Apple Will Allow NFT Sales In Apps, But Will Apply 30% Commission Fees
- LUNC investors react to CZ’s 1.2% trading tax recommendation on Binance
OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam & Kevin Lee.
OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.
Home to one of the world’s largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.
Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.
Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.