July 19, 2021

$BTC 24 Hour High $32,504
$BTC 24 Hour Low $31,262
$BTC -0.5% past 24 hours; -7.4% past 7 days

Good morning. Prices are still refusing to budge, spending the entire weekend nestled tightly against the 31K support level (red line on the graph). The negativity surrounding the Grayscale unlock had little effect on the price, and we saw two green candles for $BTC over the weekend.

From above, the downward trending resistance line is holding, while from below, 31K continues to act as a support. The 50-week MA is also helping out (blue line on the graph); historically, sizable market corrections have found support and bounced up from this line. Below that, 30K needs to hold to stop a rapid drop towards 27K. 

To the upside, the resistance levels identified previously are still valid. 34K is the short-term target, with the 50d MA currently at $34,680. Higher up, we have our eyes on 36-37K before we arrive at 40-42K, which has a combination of moving averages and resistance lines coming together to build a pretty strong wall. 

US Treasury Secretary Yellen is reported to be convening with high ranking bank and financial market regulators overnight to lay down a rules framework for stablecoins. One of the key pillars of cryptocurrencies, stable coins, typically trade at a very tight range (close to $1) with the idea that it is fungible with the US dollar and providing key liquidity into the crypto market because of the stability it provides for both on and off-boarding market participants. The large trading pool (surpassing $100B in May) is starting to make regulators wary and an appropriate form of oversight is deemed as sorely needed.

Learn more from today’s Trader View video.

Digital assets market:

Total crypto market capitalization stands at $1.34T, +0.5% from yesterday
$BTC is up 0.1% at time of writing, support / resistance – 30,312 / 32,412
$BTC liquidations and funding: $68.33M, -0.0105% average
$ETH is up 0.1% at time of writing, support / resistance – 1,845 / 1,999
$ETH liquidations and funding: $36.343M, -0.0156% average

Alts and DeFi watch:

DeFi TVL: $54.56B
$QNT down 2.06% in the last 24 hours, up ~12.69% in the past week
$BAT down 5.78% in the last 24 hours, down ~8.25% in the past week
$OKB down 3.12% in the last 24 hours, up ~8.88% in the past week
$KNC down 5.12% in the last 24 hours, down ~15.34% in the past week

More news that caught our eye:

Beauty and the BTC: Female-focused brands accept crypto payments driving adoption
Harmony announces $1M hackathon aimed to merge traditional finance and DeFi
Fed and Yale researchers lay out two regulatory frameworks for stablecoins
Malaysia crushes $1.2M worth of of illegal BTC mining rigs
Artist Damien Hirst says NFTs are like ‘the invention of paper’

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

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