$BTC 24 Hour High $49,317
$BTC 24 Hour Low $46,645
$BTC +4.3% past 24 hours; +0.9% past 7 days
$ETH spiked above $4K once again
Good morning. $BTC saw a 5% bounce to $49.3K, from a low of $47K yesterday. The ETH/BTC pair is still trading in the 0.08-0.09 region but look out for a possible breakout in the coming weeks.
$BTC continued to trade within the $45-50K corridor with $50K serving as a strong resistance level. Prices were close to or touching the 200D MA, which has acted as a guide for the last two weeks. The RSI jumped back up to 45 after being stuck in the 35-40 range, suggesting small bullish momentum is coming back, although the short-term trend on the hourly chart is still unclear. That said, there’s still a good bit of distance between where $BTC is trading and the 200D MA on the weekly chart. $BTC annualized funding rates are still hovering around the same levels of 3 to -3%.
$ETH showed some signs of life at long last, after breaking through the $4,000 resistance level, with a high of $4,050 at one point. Historically these levels have only been broken this year and any further upside could be difficult. Before we see any significant upside momentum, $ETH needs to break the next resistance area at $4,200-4,400, while holding support at the $3,500-3,700 region formed during the December lows. The 200D MA is still trending upwards fairly nicely, along a rising 14 period RSI to 47, which signals a return of some uptrend momentum.
Former Twitter CEO Jack Dorsey reiterated on Twitter yesterday that it was important to him that BTC succeeds – he would leave both Twitter and Square to work on the cryptocurrency if need be. When asked about other crypto projects/currencies such as $ETH, Dorsey said that it was essential for people to channel their energy into secure and resilient technologies that are not owned by certain individuals or institutions, and are decentralized, alluding to the Ethereum Foundation and its famous co-founder Vitalik Buterin reportedly.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.31T, +0.5% from yesterday
- $BTC is +0.06% at time of writing; 24H liquidations and funding rates: $41.35M, +0.00598% average
- $ETH is +0.61% at time of writing; 24H liquidations and funding rates: $23.63M, +0.01555% average
- Stablecoins market dominance: USDT 47.37%; USDC 25.97%; BUSD 8.86%; DAI 5.71%
Alts and DeFi watch:
- DeFi TVL: $98.87B
- $SOL -3.2% in the last 24 hours, +12.4% in the past week
- $SHIB +6.0% in the last 24 hours, -4.0% in the past week
- $SAND +3.7% in the last 24 hours, +3.7% in the past week
- $ENJ +5.3% in the last 24 hours, -1.7% in the past week
More news that caught our eye:
- FBI Seizes $180M in $BTC tied to embezzlement case
- Switzerland’s SEBA Bank wants to use Aave’s institutional DeFi platform
- Millions in inflows for $DOT, post first batch of parachain auctions
- Study shows 0.01% hold 27%of BTC supply. Who are they?
- The investor’s guide to music NFTs
OSL Trader View is contributed by Terrance Leung, Stefan von Haenisch & Ethan Fu.
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