July 27, 2021

OSL Trader View – July 27, 2021

​​​​$BTC 24 Hour High $40,347
$BTC 24 Hour Low $36,877
$BTC -4.7% past 24 hours; +20.2% past 7 days

Good morning. Crypto markets continue their ascension, with both $BTC and $ETH nearing range highs overnight before retracing this morning. $ETH, at its peak, was up 40% from its low seven days ago. At current levels, $ETH is still up 30% from last week, a pretty impressive figure. 

ETH log chart shows how prices have been trading in a narrow corridor since the beginning of the bull run back in March 2020. As long as prices stay in this range, expect further parabolic price action as the year continues.

We have broken through resistance at $2,150 – it’s more for the short term though. For a continued run, this area needs to be tested and validated as a new level of support (so a correction down to this level is possible). $2,600 remains the next target to the upside, which is the local high from 15 June. 

Apart from ETH, there are also some new developments around Tether, the world’s third-largest crypto. The U.S. Department of Justice is looking into whether executives in Tether hid transactions linked to crypto from banks. Prosecutors have had Tether in their crosshairs since 2018. USDT dominates the stable coin market with an almost 60% market share so repercussions will be huge should criminal charges be filed against them. However, Tether came out swinging, releasing a statement stating this is business as usual and part of their commitment to engage with law enforcement agencies regularly, and the Bloomberg article released was clickbait.

Learn more from today’s Trader View video.

Digital assets market: 

Total crypto market capitalization stands at $1.53T, +1.8% from yesterday
$BTC is up 1.3% at time of writing, support / resistance – 36,624 / 41,152
$BTC liquidations and funding: $387.16M, 0.0024% average
$ETH is up 1.4% at time of writing, support / resistance – 2,143 / 2,410
$ETH liquidations and funding: $131.03M, -0.0015% average

Alts and DeFi watch:

DeFi TVL: $64.46B
$ATOM down 6.22% in the last 24 hours, up ~15.41% in the past week
$SHIB down 5.23% in the last 24 hours, up ~1.47% in the past week
$AXS down 10.00% in the last 24 hours, up ~135.32% in the past week
$ONT down 4.70% in the last 24 hours, up ~13.62% in the past week

More news that caught our eye:

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

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