$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:
- Warren Buffett invests $1B in BTC-friendly neobank, dumps Visa and Mastercard stocks
- Democratic rep: Stablecoin issuers don’t have to be banks with 100% reserves
- Here’s why the SEC keeps rejecting spot Bitcoin ETF applications
- Fidelity rolls out Europe’s cheapest physically-backed BTC spot ETP
- ConocoPhillips is selling extra gas to BTC miners in North Dakota
- India’s central bank likens cryptocurrencies to Ponzi schemes
- JPMorgan enters the Metaverse with virtual Decentraland lounge
- BTC observes big outflows for 3rd straight week as price continues recovery
OSL Trader View is contributed by Stefan von Haenisch & 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.
Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.