March 1, 2022

​​$BTC 24 Hour High $44,223  / Low $37,458   |   $BTC +15.7% Past 24 hours; +16.8% Past 7 days

Huge overnight rally wakes up the bulls

Good morning. Crypto saw an aggressive rally overnight as the Russian Ruble crumbled by 32%, even though the Bank of Russia raised its key interest rate from 9.5% to 20%. As sanctions intensify, the crypto bounce could be due to the increasing demand for $BTC and $ETH among Russians and Ukrainians as a safe-haven asset during geopolitical turmoil.

$BTC led the digital asset markets higher and is charging towards the mid-40s, with a 15% boost over the past 24 hours. We are targeting the 1.618 Fib extension (at $44,500) from the impulsive move that started on February 24. However, we expect to see some initial resistance or even a small pullback to $41,000-$42,000 before reaching our upside target. Given we broke the resistance level at $40,400, we are now bullish on the market outlook in the short term. However, fast rallies like this may be sometimes followed by a pullback. So, we need to keep a close eye on $41,700 as support – whether the trading volumes in the spot market are growing in tandem to sustain the current rally. Due to a lack of liquidations among shorts, this has not turned into a short squeeze yet.

$ETH stayed in lockstep with $BTC but its impulsive move from February 24 has only just cleared the swing high from February 26 at $2,883. We will likely encounter resistance at these levels as we hit the downward-trending resistance line in place since December. It’s important for $2,883 to hold as the day progresses. In February, the 50D MA arrived at this resistance level twice already before ultimately encountering resistance from the downward-trending line. If we do breach the resistance, we expect to see a swift move to $3,315. Liquidations are also very low among shorts.

With this newfound confidence in the market, the Bank of America released a rather aptly-timed note, saying it sees no crypto winter ahead, given surging new user adoption and development activity. The analytic piece also revealed that the flows between exchange-based and personal wallets show a lack of directional conviction and a price outbreak unlikely as headwinds prevail. One would not have anticipated such a strong move off the back of the Russia-Ukraine conflict but as it broke the recent trading range, we wait to see if this rally gets sold down just as quickly or presents a next new base for prices to launch off from.

Learn more from today’s Trader View video


Digital assets market:

  • Total crypto market capitalization stands at $1.92T, +14.1% from yesterday
  • $BTC is +14.6% at time of writing; 24H liquidations and funding rates: 30.6M, +0.00396% average
  • $ETH is +11.7% at time of writing; 24H liquidations and funding rates: 7.8M, +0.00536% average
  • Stablecoins market dominance: USDT 44.4%; USDC 29.9%; BUSD 10.2%; UST 7.2%; DAI 5.2%


Alts and DeFi watch:

  • DeFi TVL: $206.2B (+0.2% over last 24h)
  • $SOL +16.8% in the last 24 hours, +20.3% in the past week
  • $SHIB +10.3% in the last 24 hours, +7.0% in the past week
  • $SAND +10.5% in the last 24 hours, +10.5% in the past week
  • $ENJ +14.3% in the last 24 hours, +13.2% in the past week


More news that caught our eye:


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


OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.

Home to one of the world’s largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.

Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.

And be sure not to miss future OSL news and insights by following us on Twitter, Linkedin, Facebook, and Telegram.

Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.