Derivatives metrics flashing bearish sentiment

​​$BTC 24 Hour High $45,366 / Low $43,321 | $BTC -1.5% Past 24 hours; +17.3% Past 7 days

Good morning. $BTC’s rally paused as it struggled to break through the $44,000 resistance level. Overbought conditions also began to appear. With a rising RSI, the bullish momentum towards the upside target at $4,400 may start slowing down. The slowdown can lead to a potential short-term pullback, starting as soon as today. Nevertheless, buyers could be active at the lower support levels at $41,700 and $39,650.

Keep an eye on the emerging bearish signals as the Crypto Fear & Greed Index dropped significantly from yesterday’s neutral level at 52 to the “Fear” territory at 39 today. This can be a sign of fragile sentiment with short-term downside risk. The Put/Call ratio for tomorrow’s expiry jumped to 0.91, with the maximum pain price at $44,000. That said, the market expectation is, in fact, more bullish in the mid-term given the call option open interests at $60,000 for both late April or late June expiry are accumulating that may lead to a bullish trend in the mid-term.

Altcoins continue to lag as Bitcoin’s dominance is hovering around the 44% level. The bears are gaining control at least for the short term – ETH/BTC pair also continues to be on the downtrend, suggesting the No. 2 digital asset is underperforming $BTC. The downward trendline and 50D MA now acts as immediate support at around $2,850. The Put-Call ratio for tomorrow’s expiry stands at 1.35, which is considerably high, with the maximum pain price at $2,800. 

Ukraine has been steadily receiving donations since the beginning of the geopolitical conflict with Russia as early as February 8, now topping the $50M level via digital assets. To show appreciation for support, Ukraine announced to airdrop crypto donors who had contributed money to its official crypto addresses and will start taking snapshot today. Besides, to ensure the sanctions against Russia are properly enforced, Ukraine has requested various digital asset exchanges to block Russian user accounts, and the international community to blacklist numerous digital wallets associated with Russian officials they identified.

Learn more from today’s Trader View video

Total crypto market capitalization stands at $1.94T, -0.9% from yesterday

  • $BTC is -1.4% at time of writing; 24H liquidations and funding rates: 19.3M, +0.00434% average
  • $ETH is -0.9% at time of writing; 24H liquidations and funding rates: 5.0M, +0.00409% average
  • Stablecoins market dominance: USDT 44.5%; USDC 29.8%; BUSD 10.1%; UST 7.4%; DAI 5.1%

DeFi TVL: $209.8B (+0.8% over last 24h)

  • $SOL +2.4% in the last 24 hours, +18.3% in the past week
  • $SHIB -4.5% in the last 24 hours, +3.0% in the past week
  • $SAND -1.8% in the last 24 hours, +8.8% in the past week
  • $ENJ -2.6% in the last 24 hours, +11.0% in the past week

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

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