$BTC 24 Hour High $50,828
$BTC 24 Hour Low $48,665
$BTC +1.3% past 24 hours; +1.7% past 7 days
$BTC flashes buy signals. Price bottom reached?
Good morning. While fear is still prevalent in the crypto markets, we have gradually recovered from the 10-20 levels of the Crypto Fear and Greed Index which represent historic market bottoms. Our indicators show that the bear market has not started yet, meaning have your cash ready as the markets still have plenty of room to grow.
$BTC reattempted to break into the 50s following a weekend of price consolidation. $51K is the first target to reclaim as $BTC failed to hold at this level a week ago. The 200-Day MA (green line) and 50-Week MA (yellow line) continue to act as the first support line below us at $47K. Look out for a potential bullish divergence playout on the daily price chart as a move towards $53K would be the first step towards validation of the trend reversal. MACD is also close to flashing a buy signal. $BTC’s funding rates are flat and even negative, despite rising prices. $BTC seems to be bought on the spot markets, or if leveraged is being used, it’s being used equally in both ways.
$ETH dropped to $3,800 over the weekend, testing the upward-sloping support in place since August, as well as the 111D MA. Since then, we have rebounded towards $4,150 where we are looking to break a shorter-term downward-trending resistance line again. Funding rates remain flat, and with $BTC finding some strength of its own, the overall strength of the crypto industry seems to be returning. $ETH broke out of the logarithmic trading corridor in which it has been for the majority of the run since March 20. To avoid retracing further, $ETH needs to enter this corridor as soon as possible and trade within it. We are not out of the woods yet, but we are not at the end of the bull run yet either. Expect $ETH to rebound and continue to trend higher in the next few months.
Another crypto exchange was in the limelight after being hacked — AscendEX, formerly BitMax, was the third major attack in under two weeks. The hackers made away with ERC-20, $BSC and $POLY tokens totaling $77M (estimates by blockchain security firm Peckshield Inc.) out of AscendEX’s hot wallets. AscendEx assured its users that all funds lost will be replaced, and they can gradually resume deposits and withdrawals. It is still unclear how the hack occurred and AscendEX has yet to release official figures regarding the losses incurred.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.43T, +2.3% from yesterday
- $BTC is +1.34% at time of writing; 24H liquidations and funding rates: $40.63M, +0.00737% average
- $ETH is +1.12% at time of writing; 24H liquidations and funding rates: $30.46M, +0.01439% average
- Stablecoins market dominance: USDT 48.10%; USDC 25.99%; BUSD 8.60%; DAI 5.56%
Alts and DeFi watch:
- DeFi TVL: $102B
- $SOL -0.2% in the last 24 hours, -0.2% in the past week
- $SHIB +6.9% in the last 24 hours, +0.3% in the past week
- $SAND +8.7% in the last 24 hours, -9.2% in the past week
- $ENJ +6.1% in the last 24 hours, -10.5% in the past week
More news that caught our eye:
- Polygon announces nearly $500M deal in effort to lead ETH-scaling solution race
- The Sandbox Partners with Metaverse platform BlockchainSpace
- Number of addresses sending $BTC to exchanges hit 1-year low
- $BTC bounces back to $50K in weekend consolidation
- ETH co-founder Joe Lubin: High gas fees are a ‘Measure of success’
- SOL co-founder believes NFTs will eradicate ‘external poison marketplaces’
OSL Trader View is contributed by Stefan von Haenisch, Ethan Fu, Kevin Lee & Terrance Leung.
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.
And be sure not to miss future OSL news and insights by following us on Twitter, Linkedin, Facebook, and Telegram.Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.