Is the beginning of a bull market imminent?

​​$BTC 24 Hour High $43,188 / Low $41,758   |   $BTC +1.3% Past 24 hours; +4.1% Past 7 days

Good morning. Major altcoins soared in prices and stole the limelight while $BTC and $ETH trading sideways. Though the short-term appetite for riskier assets grows, investors are keeping a close eye on the macroeconomic conditions and cautiously await a potential price breakout. It’s also worth noting that the 90-day BTC’s correlation to S&P 500 hits the 17-month high.

$BTC has been in a 10-day rally since March 13 and pushed higher towards $43,000 over the past 24 hours. We started to see higher highs and lower lows forming in a step ladder fashion. RSI is reaching an overbought level steadily at 60, although the current price action is trading below the 200D MA. We would like to see the bulls punch through the major $45,000 resistance line and charge higher. Besides, contrary to what we saw in previous bear markets, the current Bitcoin’s Mining Difficulty is still in a long-term uptrend where miners are still keeping the No. 1 digital asset in the market.

Currently, $ETH is trading at $3,050 after breaking through the $3,000 resistance level overnight. RSI is now standing at the 60s and trending upwards in a very healthy fashion, suggesting bullish sentiment is returning. The 200D MA shows a flip around the $3,400 and $3,500 levels – these upside targets are certainly achievable once $ETH sees a clean break to the upside. If the bulls fail to sustain the rally, $ETH should still receive strong support at $2,600 and $2,800.

Following Japanese e-commerce giant Rakuten’s announcement to establish a blockchain-based digital collectibles marketplace last month, messaging app LINE is set to launch an NFT marketplace on April 13 as well. LINE secured partnerships with several entertainment companies in the country, including video game developer Square Enix, entertainment franchise Yoshimoto Kogyo and Patlabor. The platform, LINE NFT, will run on the company’s proprietary network LINE Blockchain, allowing users to mint NFTs and store them on the LINE BITMAX wallet. NFT exchange will only be accessible via the proprietary Line wallet service.

Learn more from today’s Trader View video

Digital Assets Market

  • Total crypto market capitalization stands at $2.04T, +2.3% from yesterday
  • $BTC is +0.21% at time of writing; 24H liquidations and funding rates: 31.59M, +0.00298% average
  • $ETH is +0.68% at time of writing; 24H liquidations and funding rates: 33.11M, +0.01307% average
  • Stablecoins market dominance: USDT 43.39%; USDC 28.04%; BUSD 9.47%; UST 8.45%; DAI 5.07%

Alts and DeFi watch:

  • DeFi TVL: $215.81B (+0.0% over last 24h)
  • $SOL +5.1% in the last 24 hours, +7.2% in the past week
  • $SHIB +4.1% in the last 24 hours, +6.7% in the past week
  • $SAND +12.4% in the last 24 hours, +6.4% in the past week
  • $ENJ +14.1% in the last 24 hours, +15.4% in the past week

More news that caught our eye:

OSL Trader View is contributed by Terrance Leung, Andrea Au & Ethan Fu.

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