December 16, 2021

​​$BTC 24 Hour High $49,500
$BTC 24 Hour Low $46,500
$BTC +1.0% past 24 hours; -4.9% past 7 days

$BTC attempts to flip the downtrend

Good morning. Market fear has started to recede as the Crypto Fear & Greed Index finally rose to 29 today – leaving the “Extreme Fear” territory we were in over the past seven days. 

$BTC held support at the $46K level and attempted to reverse the short-term downward trend. If $BTC successfully breaks the resistance at $50K, $52K will be our immediate upside target, midway through the 20% sell-off earlier this month. If the bulls continue their buying momentum, $54K will be the next key resistance, the 111D MA and the convergent point of the downward and upward trendlines. While the annualized funding rates are fairly stable throughout the week (-3% to 3%), RSI suggests that $BTC is ramping up to break the downward trendline. 

$ETH flirted with the critical level at $4,000 – it is not only a psychological level but also the convergent point of both downward and upward trendlines. With a combination of market indecisiveness and a neutral RSI at 40 since early December, $ETH can move either way, as mentioned last week. Expect aggressive moves once volatility returns. The annualized funding rates currently stand at -1.6% to -2.6%. To confirm a short-term upside trend towards the $4,230-$4,400 area, $ETH needs to defend the bears and firmly hold above the $4,000 area. If $ETH fails to hold, $3,700 will be the first immediate support with the 0.618 Fibonacci retracement level from November’s ATH to June-low.

Coinciding with the “meteoric rise” of NFTs, the “Sotheby’s Metaverse” platform launched in October not only created new revenue streams but also widened the centuries-old auction house’s customer base – more than 50% of NFT bidders were under 40, and 78% of bidders were new to Sotheby’s. The consolidated sales of the world’s largest art brokerage for 2021 reached $7.3B, with the sales of NFT achieving over $100M. A single CryptoPunk was auctioned off for $11.8M and a single Bored Ape for $3.4M at the Sotheby’s Metaverse launch.  

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.3T, +2.3% from yesterday
  • $BTC is -0.23% at time of writing; 24H liquidations and funding rates: $83.05M, +0.00706% average
  • $ETH is -0.03% at time of writing; 24H liquidations and funding rates: $65.37M, +0.00776% average
  • Stablecoins market dominance: USDT 48.27%; USDC 25.89%; BUSD 8.58%; DAI 5.51%

Alts and DeFi watch:

  • DeFi TVL: $98.3B
  • $SOL +10.7% in the last 24 hours, -6.40% in the past week 
  • $SHIB -0.5% in the last 24 hours, -8.5% in the past week
  • $SAND +9.0% in the last 24 hours, -5.8% in the past week
  • $ENJ +5.6% in the last 24 hours, -14.2% in the past week

More news that caught our eye:

OSL Trader View is contributed by Charmaine Tam, Stefan von Haenisch & Ethan Fu.

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