February 16, 2022

​​$BTC 24 Hour High $44,800  / Low $43,636   |   $BTC +3.8% Past 24 hours; +0.2% Past 7 days

Prices soared as geopolitical tensions simmer

Good morning. As Russia sees a diplomatic path on Ukraine tension, $BTC, $ETH and altcoins saw a sharp increase in prices overnight. The improved market sentiment brought $BTC to $44,150, a 2% gain in price in the past 24 hours. We started to see near-term support forming at $42,000, with the hourly RSI increasing to the overbought level at 80. 

The current prices resemble the $BTC’s price action in early August 2021, where the No.1 digital asset consolidated for 90 days before a significant move up higher. The head and shoulders neckline shown in the chart indicates major support is also forming at the $40,000-41,500 levels. If $BTC fails to hold at these levels, we could see a significant market breakdown towards the next support levels at $39,700 and $36,300.

For $ETH, the previous calls for bull trap have now become less clear. $ETH managed to recover its previous losses by over 40% – soaring to $3,200 in slightly over 30 days from this year’s low at $2,200. Despite trading volumes are still relatively thin, yesterday’s swift price recovery after dropping below the $3,000 support zone shows that a significant number of buyers have waited on the sidelines to enter the market for the right levels. The good news is the short-term upward trend is still intact as $ETH looks to break the major $3,400-$3,500 resistance levels.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.09T, +5.0% from yesterday
  • $BTC is -0.81% at time of writing; 24H liquidations and funding rates: $47.77M, +0.00755% average
  • $ETH is -0.75% at time of writing; 24H liquidations and funding rates: $44.98M, +0.00926% average
  • Stablecoins market dominance: USDT 43.50%; USDC 29.07%; BUSD 9.86%; TerraUSD 6.45%; DAI 5.41%

Alts and DeFi watch:

  • DeFi TVL: $209.26B (+3.68% over last 24h)
  • $SOL +7.1% in the last 24 hours, -8.5% in the past week 
  • $SHIB +3.5% in the last 24 hours, -1.0% in the past week
  • $SAND +​​8.4% in the last 24 hours, -8.6% in the past week
  • $ENJ +12.4% in the last 24 hours, -6.8% in the past week

More news that caught our eye:

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

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