Macro view remains bullish amid short-term volatility

​​$BTC 24 Hour High $39,389  / Low $37,869   |   $BTC +1.5% Past 24 hours; -12.3% Past 7 days

Good morning. The digital assets market seesaws as investors nervously watch Ukraine’s geopolitical conflict continue to unfold, and speculate over the long-awaited Biden’s executive order on digital asset oversight – congressional actions on stablecoins could come as soon as this month.

Over the past 24 hours, $BTC continued trading sideways while the equities markets were tanking. Nevertheless, the No. 1 digital asset held its strength and traded above the key support level at $37,000. Above us, the resistance at $39,500 is keeping strong as well. Looking at the price development from a macro perspective, $BTC’s support at the low $30,000s remains considerably strong. It’s at the bottom of its logarithmic growth corridor, which is a technical level (see the chart) that we need to hold too. As long as the bears won’t push $BTC below $29,000, the macro bullish market structure over the past 1.5 years would remain intact. Given the current market conditions, a dip below this level is not very likely, though. MACD suggests bearish momentum is waning, and the weekly stochastic RSI is trending higher.

After finding support at $2,475 (0.236 Fibonacci retracement level), $ETH is now converging at $2,589, the 0.5 Fibonacci retracement of the current impulsive move. Should $ETH slide below $1,719, this bull cycle will be officially concluded. That said, the weekly MACD showing bearish momentum has also dropped over the last few weeks, despite Russia’s ongoing geopolitical conflict. At present, the weekly RSI is still finding support at the same level right after the COVID crash of March 2020. 

It’s worth noting that Fintech company Milo is offering what is possibly the world’s first BTC mortgage-backed product, allowing clients to leverage their BTC holdings to buy properties within the U.S. One will not need to sell their holdings for a down payment to be eligible for a mortgage. Instead, clients can use their holdings as collateral to qualify for a low-interest rate 30-year crypto mortgage. This allows Milo’s clients to diversify into real estate and at the same time be able to keep their BTC and potentially gain from both assets’ appreciation down the road.

Learn more from today’s Trader View video

Digital Assets Market

  • Total crypto market capitalization stands at $1.82T, +1.7% from yesterday
  • $BTC is +0.88% at time of writing; 24H liquidations and funding rates: 48.44M, -0.00860% average
  • $ETH is +1.89% at time of writing; 24H liquidations and funding rates: 24.92M, +0.00673% average
  • Stablecoins market dominance: USDT 43.49%; USDC 28.49%; BUSD 9.68%; UST 7.65%; DAI 5.07%

Alts and DeFi watch:

  • DeFi TVL: $196.43B (+1.98% over last 24h)
  • $SOL +1.1% in the last 24 hours, -15.3% in the past week
  • $SHIB +0.5% in the last 24 hours, -14.6% in the past week
  • $SAND +1.4% in the last 24 hours, -14.7% in the past week
  • $ENJ +1.4% in the last 24 hours, -14.9% in the past week

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

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