$BTC 24 Hour High $43,333 / Low $40,878 | $BTC +3.7% Past 24 hours; +7.9% Past 7 days
Good morning. $BTC, $ETH and other major digital assets were in green over the past 24 hours, followed by an improvement in equity markets. The risk appetite has also been improved as the Feds resolved to clap down in inflation.
$BTC has been trading between the 0.618 and 0.5 Fibonacci retracement levels, and it’s standing at $42,500. We saw some bullish RSI momentum over the last 10 days as it hit 60 today, despite low trading volumes and volatility. The 50D MA now provides decent support; and it’s all down to the bulls’ determination to push $BTC higher to cross the $44,000 mark or even $46,000. We can confirm a bull breakout once $BTC punches through $46,000. Bitcoin’s dominance continues to push higher into the mid-40%s while Bitcoin’s Mining Difficulty attempts to break into uncharted territory.
$ETH continues to outperform $BTC but failed to hold the $3,000 level overnight. It’s now trading at 2,900. Currently, $ETH is at a three-week high as bullish momentum crept back over the last few days. If the bulls continue to be in charge, $ETH may reclaim the mid-$3,000 zone as soon as May. We noted a significant chunk of ETH transaction volume is going into NFT, which could initiate a further retail flow into $ETH. RSI is trending upwards now at 60.
Learn more from today’s Trader View video.
Digital Assets Market
- Total crypto market capitalization stands at $1.95T, +0.3% from yesterday
- $BTC is +0.00% at time of writing; 24H liquidations and funding rates: 63.66M, +0.00042% average
- $ETH is -0.06% at time of writing; 24H liquidations and funding rates: 32.33M, +0.00643% average
- Stablecoins market dominance: USDT 43.28%; USDC 28.18%; BUSD 9.47%; UST 8.38%; DAI 5.08%
Alts and DeFi watch:
- DeFi TVL: $215.36B (+3.04% over last 24h)
- $SOL +2.48% in the last 24 hours, +8.62% in the past week
- $SHIB +2.28% in the last 24 hours, +8.46% in the past week
- $SAND +1.66% in the last 24 hours, +13.54% in the past week
- $ENJ +2.35% in the last 24 hours, +10.46 in the past week
More news that caught our eye:
- Part of Singapore’s crypto allure Is a sheen of transparency. Is the city-state changing?
- Honduras signals intent to follow neighboring El Salvador in making BTC legal tender
- El Salvador postpones planned BTC bond: Report
- Maple Finance originates $1B of loans in 10 months
- New York’s revamped crypto mining moratorium is not a ban, but it is moving forward
- Worldcoin to raise $100M at $3B token valuation: Report
OSL Trader View is contributed by Terrance Leung, Andrea Au & Ethan Fu.
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.