July 30, 2021

​​$BTC 24 Hour High $40,664
$BTC 24 Hour Low $39,430
$BTC +1.2% past 24 hours; +23.2% past 7 days

Good morning and happy Friday. Markets are taking a breather after a whirlwind rally over the last eight days. $BTC repeatedly tests 40K, but each time the test is slightly weaker. The trading volumes yesterday were the lowest since last weekend. 

This week saw the largest amount of BTC come off exchanges in over a year. Majority of this was pulled from Binance, who implemented new KYC requirements for any withdrawals larger than 0.06 BTC. 

From the graph, one can see RSI is a touch above 70, indicating the market is overbought in the short term. Our short-term outlook continues to be a short-term correction, with support at 36K and 32K (green boxes on the graph).

Another major development in the crypto world is that New York-based Paxos announced that it had received funding from four high-profile strategic investors, namely BOA, Coinbase, FTX and Founders Found. With Paxos’ low-key approach, primarily focused on the back-end infrastructure of the crypto space, this is a welcome shift from big names, investing in snazzier companies to crypto firms focusing on blockchain technology itself, which has enormous potential to revamp and improve upon the current financial system.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $1.63T, +1.6% from yesterday
  • $BTC is down 0.7% at time of writing, support / resistance – 36,624 / 41,152
  • $BTC liquidations and funding: $67.35M, 0.0140% average
  • $ETH is down 0.2% at time of writing, support / resistance – 2,265/ 2,393
  • $ETH liquidations and funding: $39.56M, 0.0192% average

Alts and DeFi watch:

  • DeFi TVL: $66.38B
  • $ADA up 1.36% in the last 24 hours, up ~8.98% in the past week 
  • $CRO down 2.98% in the last 24 hours, up ~9.34% in the past week
  • $CAKE up 1.28% in the last 24 hours, up ~14.83% in the past week
  • $KLAY up 2.15% in the last 24 hours, up ~9.03% 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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