$BTC 24 Hour High $32,596
$BTC 24 Hour Low $29,647
$BTC +9.8% past 24 hours; -0.9% past 7 days
Good morning. The crypto markets were sent into a small frenzy as Elon Musk merely mentioned that he still held BTC and ETH at the B World Conference yesterday. $BTC and $ETH subsequently rose by over 3% during Musk’s panel discussion with notables such as Cathie Wood and Jack Dorsey, and fell back to being unchanged by the end of the virtual conference. Musk revealed that Tesla would likely start accepting BTC again, and he would like to see BTC succeed.
Bullish price action lifted crypto markets over the last 24 hours, with $BTC now trading back within the 30-32K area that has acted as such a strong level of support for the last two months. While it’s easy to find a narrative in the fundamentals, analysis of price action over the past few years, and indeed the previous bull run, shows just how strong the 30K level is.
Let‘s look at Fibonacci extensions, calculated from the 2017 high and the 2019 low, i.e. these levels have been in play since 2019, long before the current run started. One can see how the 1.618 level is set at $30,187 (for now, let’s ignore the fact that the current ATH sits almost perfectly at the 3.618 extension). During the previous cycle, this level was at $2,002, which was tested once in July 2017 before the market continued its run up to $20,000. Wind forward four years, and we find ourselves in exactly the same situation. Seeing how these levels have played out in the past, and indeed are playing out now, it wouldn’t be the craziest suggestion that these levels may continue to be significant.
Learn more from today’s Trader View video.
Digital assets market:
Total crypto market capitalization stands at $1.36T, +9.0% from yesterday
$BTC is up 1.3% at time of writing, support / resistance – 31,665 / 32,611
$BTC liquidations and funding: $284.5M, -0.015% average
$ETH is up 2.4% at time of writing, support / resistance – 1,971 / 2,053
$ETH liquidations and funding: $116.01M, 0.009% average
Alts and DeFi watch:
DeFi TVL: $57.12B
$ADA up 11.82% in the last 24 hours, down ~8.88% in the past week
$LTC up 9.94% in the last 24 hours, down ~11.80% in the past week
$ZRX up 15.41% in the last 24 hours, down ~13.92% in the past week
$HEX up 13.99% in the last 24 hours, up ~19.35% in the past week
More news that caught our eye:
- JPMorgan says BTC could rise to $146K long terms as it competes with gold
- BNY Mellon joins world top custody banks to support crypto trading
- Eco-friendly crypto mining ETF launches on NYSE
- ARK’s Cathie Wood buys BTC dip
- Bitcoin Mining Museum opens to the public in Venezuela
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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