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January 11, 2022

​​$BTC 24 Hour High $42,414 
​​$BTC 24 Low $39,692   
$BTC +0.2% Past 24 hours; -9.8% Past 7 days


Over $340M of crypto liquidated as $BTC dived below $40K

Good morning. Over $340 million of positions liquidated over the past 24 hours since $BTC dipped below $40K for the first time since September 2021. This is the highest number of liquidations on some major exchanges. It’s almost déjà vu of the May 2021 plunge, with nearly $122 million liquidations. Extreme fear continues to dominate the markets as the Crypto Fear & Greed Index dropped from 23 to 21 today.

While $40K turned into support again, $BTC saw a strong resistance zone at $43-45K.  If we lose the $40K key support, it could lead to a retest of the $38K level, followed by $30-32K. The RSI recovered from the oversold level, which is normal after a sell-off. We have reached a critical point that it could be now or never for the bulls to push the prices back up again. Should the bulls be able to push it past the $43-45K zone, our eyes will be on the next upside hurdle at $48.8K. Funding rates stayed flat, averaging around 3% over the past week, meaning little leverage is currently being used. 

$ETH saw four consecutive daily red candles and broke the $3,600 and $3,300 key support levels, which are turning into resistance now. It seems that $ETH managed to find some support at the $3,000 psychological level. However, in case of a $3,000 breakdown, the next major support is September’s low at $2,750. The RSI is still at an extreme oversold territory; and we hope to see some upside occur in the short term. The funding rates are also fairly flat over the past week, averaging around 2%.

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


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