July 29, 2021

​​$BTC 24 Hour High $40,840
$BTC 24 Hour Low $38,347
$BTC -0.5% past 24 hours; +22.3% past 7 days

Yet another day of price appreciation is behind us in what is a seemingly unstoppable crypto resurgence. We are nearing the end of the week, a slight correction of at least 10%, both on $BTC and $ETH, is likely to occur though. Previous levels of resistance need to be tested and validated as the support to allow the bull run to continue its path sustainably. 

We have end of month options expiry on Friday, with more call options in the money than puts, favouring the bulls. We did have a more neutral to bearish bias until last week when sudden call purchases flipped the ratio into the bulls’ favour. 

$ETH itself is looking stronger, and the Grayscale Ethereum Trust discount is at just 2%. Should the expected correction occur, we see strong support at $2,100. Both the 50d and 200d MA are converging just above this level, which has previously acted as an area of price consolidation and support on multiple occasions since April.

It’s interesting to note that Mastercard continues to tout its focus on the digital asset ecosystem by announcing a list of seven cryptocurrency startups in its fintech incubator programme. The accelerator includes names such as GK8, Mintable, Stacs, Supraoracles, Taurus, Uphold and Domain Money. Each firm possesses a unique competitive edge in the crypto complex, and also being in this programme allows each to plug into Mastercard’s financial ecosystem as well.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $1.58T, +0.6% from yesterday
  • $BTC is down 0.5% at time of writing, support / resistance – 36,624 / 41,152
  • $BTC liquidations and funding: $237.02M, -0.0046% average
  • $ETH is down 1.2% at time of writing, support / resistance – 2,255 / 2,410
  • $ETH liquidations and funding: $40.11M, -0.0091% average

Alts and DeFi watch:

  • DeFi TVL: $66.21B
  • $EGLD down 3.05% in the last 24 hours, up ~10.29% in the past week 
  • $SNX down 4.08% in the last 24 hours, up ~7.58% in the past week
  • $RUNE up 21.23% in the last 24 hours, up ~20.01% in the past week
  • $AMP up 10.62% in the last 24 hours, up 79.77% 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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