$BTC 24 Hour High $42,579 / Low $41,148 | $BTC -1.2% Past 24 hours; -5.0% Past 7 days
$ETH sees downfall risks towards $3,000
Good morning! Investors remained cautious ahead of today’s U.S. Congress hearing on BTC mining’s energy usage, and the initial jobless claims report. Besides, derivatives data shows enthusiasm towards $BTC and $ETH fading slightly as more investors are sitting on the sidelines. Extreme fear is still dominating the markets as the Crypto Fear & Greed index remains at 24 today.
$BTC faces resistance at the $43K-45K zone while holding above $40K. The bearish trendline is forming resistance near the $43.4K on the daily chart (green trendline on the chart). A death cross has been formed at the $48K level, but keep an eye on it as the golden cross and death cross might go the opposite way, given it’s a laggard indicator after all. If $BTC loses the $40K support, our eyes are on the next major support at $30K. Funding rates are now at negative to flat, while the Open Interest in BTC Futures is declining, from over $25 billion in November 2021 to $17 billion now.
$ETH slid below the $3,209 support, which now turned resistance. Stay alert as the No. 2 digital asset may be at risk of a sharp decline below $3,000. On the daily chart, a bearish trendline is forming, with resistance near $3,500, which is also where the 200D MA acts as short-term resistance now. Should $ETH fail to hold the short-term support at $3,000 (50D MA), it may send prices down towards $2,900. Funding rates remain reasonably flat across exchanges, and we continue to see Open Interest in ETH futures on the decline from the November-high of $14 billion to $8.5 billion now.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.08T, -1.4% from yesterday
- $BTC is +0.38% at time of writing; 24H liquidations and funding rates: $49.23M, +0.00767% average
- $ETH is +0.84% at time of writing; 24H liquidations and funding rates: $28.14M, +0.00775% average
- Stablecoins market dominance: USDT 45.83%; USDC 26.94%; BUSD 8.38%; TerraUSD 6.33%; DAI 5.50%
Alts and DeFi watch:
- DeFi TVL: $92.36B
- $SOL -3.3% in the last 24 hours, -10.2% in the past week
- $SHIB -2.6% in the last 24 hours, -14.0% in the past week
- $SAND -6.0% in the last 24 hours, -18.5% in the past week
- $ENJ -2.2% in the last 24 hours, -11.8% in the past week
More news that caught our eye:
- Google creates blockchain unit, Hires new ‘founding leader’
- JPMorgan issued a stark ETH NFT warning after huge $SOL and $ADA surge hits $BTC
- Exploding Kittens creator releases 3D-printable NFT collection for new tabletop game
- 300 small US banks set to offer $BTC trading in Q2 2022
- How U.S. traders are dominating the $BTC market
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.
And be sure not to miss future OSL news and insights by following us on Twitter, Linkedin, Facebook, and Telegram.Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.