February 10, 2022

​​$BTC 24 Hour High $44,850  / Low $43,213   |   $BTC +0.2% Past 24 hours; +19.4% Past 7 days

Potential wild swings despite recent price gains

Good morning. Though the Crypto Fear & Greed Index stays in the neutral zone for now, and we saw price gains in both $BTC and $ETH, their trading volumes are in decline.  Investors need to stay cautious because if it persists, chances are we might see some extreme price movements either way soon. 

Another trend that we need to look out for is that $BTC’s 100D MA just crossed below the 200D MA death cross – the last time this happened was the heavy pullback of mid-2021, where prices crashed below $30,000 before a significant rally ended with November’s ATH of $69,000. Currently, $BTC is still attempting to breach the $45,600 upside hurdle after breaking the major descending trendline above. RSI is nearing the oversold zone thus we may see some short-term pullback again to the $39,000 range. Once this first major pullback is over, $BTC may break the major bearish trend line before another leg up. Should the No.1 digital asset fail to hold the support at $39,000, we likely witness a deeper pullback towards the January-low at $33,000. 

Bullish sentiment is building in the market, as evidenced by various indicators. For instance, the Futures Open Interest volumes have surged to $17.2B over the past week. In addition, funding rates APY% are from slightly negative to flat, and the Put/Call ratio is around 0.6 for the last 24 hours. 

$ETH is still flirting with the 50D MA that acts as a ceiling, with the 50W MA serving as support. Our eyes are on the next major resistance at $3,400, but we need a clear break above the $3,270 level to recover the losses since January 20 first. $ETH found immediate support at $3,150 (0.786 Fibonacci retracement level), and $3,000 serves as the next psychological support. Futures Open Interest volumes also increased over the past week to $8.5B. Funding rates APY% are slightly negative to flat, whereas its Put/Call ratio has been hovering around 0.68 for the past 24 hours – these are all bullish signals for $ETH.

Word on the street is that BlackRock, the world’s largest asset manager managing over $10 trillion in assets, will offer digital asset trading via its in-house Aladdin integrated investment management platform. It will have a client support trading team and its own credit facility, which means clients can provide digital assets as collateral to borrow from BlackRock. BlackRock also owns 16.3% of MicroStrategy, and for now, the unveiling of the full crypto service suite is uncertain in terms of timeline.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.08T, -2.4% from yesterday
  • $BTC is -0.48% at time of writing; 24H liquidations and funding rates: $44.15M, +0.00116% average
  • $ETH is -0.52% at time of writing; 24H liquidations and funding rates: $34.58M, -0.01903% average
  • Stablecoins market dominance: USDT 43.74%; USDC 29.10%; BUSD 9.72%; TerraUSD 6.32%; DAI 5.47%

Alts and DeFi watch:

  • DeFi TVL: $212.97B (+4.28% over last 24h)
  • $SOL +0.5% in the last 24 hours, +11.6% in the past week 
  • $SHIB +3.5% in the last 24 hours, +57.6% in the past week
  • $SAND -2.4% in the last 24 hours, +26.1% in the past week
  • $ENJ +1.0% in the last 24 hours, +25.4% in the past week

More news that caught our eye:

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