$BTC 24 Hour High $37,590 / Low $36,021 | $BTC +0.6% Past 24 hours; -12.80% Past 7 days
All eyes on FOMC meeting today
Good morning. $BTC moved sideways in the run-up to today’s U.S. Federal Open Market Committee (FOMC) meeting, which may outline a plan for interest rate rises this year.
If the FOMC meeting concludes with a dovish note, it may be instrumental in pushing $BTC to test $40K towards the end of the week. However, if we fail to breach this level, it may lead to one final rollover to $30K. Should $40K be breached on the first attempt, we want to see a fairly quick attack of the $44K resistance level. Alternatively, sideways trading may imply a lack of demand in $BTC, putting more pressure on holding the support at $40K. $BTC’s funding rates were more stretched among shorts. Open Interest in the markets has not changed much during the pullback, implying that a capitulation among shorts can lead to a significant short squeeze once prices start moving back into the $40Ks.
$ETH followed suit and continued to trade sideways. The No. 2 digital asset is waiting patiently for a more confirmatory move in $BTC to decide where it goes next. The RSI is now at the most oversold area since March 2020, and $ETH’s further moves lower would likely be more extensive than $BTC’s. $2,160 is the crucial support area that we need to see hold, or we risk a rollover in prices down to the psychologically important $2,000 level. However, if $ETH managed to overcome the immediate upside hurdle at $2,550, our eyes are on the following crucial area at $2,750.
OpenSea is alleged to be adding Solana NFTs on its platform, according to the leaked screenshots from a well-known hacker/blogger Jane Wong. The screenshots showed support for Phantom, a popular Solana wallet, and displayed Solana as one of the supported blockchains, along with the current offerings Ethereum, Polygon and Klaytn. OpenSea’s representative commented that this was old speculation and would only comment if they had something to say.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $1.76T, +1.4% from yesterday
- $BTC is -0.49% at time of writing; 24H liquidations and funding rates: $50.62M, -0.00347% average
- $ETH is -0.67% at time of writing; 24H liquidations and funding rates: $35.88M, -0.01362% average
- Stablecoins market dominance: USDT 45.04%; USDC 28.08%; BUSD 8.22%; TerraUSD 6.45%; DAI 5.32%
Alts and DeFi watch:
- DeFi TVL: $197.43B (-2.04% over last 24h)
- $SOL +3.7% in the last 24 hours, -33.2% in the past week
- $SHIB +0.1% in the last 24 hours, -25.2% in the past week
- $SAND +2.5% in the last 24 hours, -32.0% in the past week
- $ENJ +2.9% in the last 24 hours, -32.7% in the past week
More news that caught our eye:
- Grayscale considering 25 more digital assets for investment products
- Former Goldman Sachs exec raises $33M for startup fusing stocks
- Cathie Wood’s Ark Invest predicts $BTC could exceed $1M by 2030
- FTX’s Sam Bankman-Fried: SOL is better than other blockchains despite multiple outages
- MicroStrategy dumps hardest in decades as SEC rejects funky $BTC filing
- Robinhood’s newly launched cryptocurrency wallet attracts 2M users
- Bukele’s El Salvador 23% down on BTC investments less than a year since adoption
OSL Trader View is contributed by Terrance Leung, Stefan von Haenisch & Ethan Fu.
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