Market Sentiment Boost amid BlackRock Offering Crypto Solution

$BTC 24 Hour High $23,580 / Low $22,390 | $BTC -1.7% Past 24 hours; -4.7% Past 7 days

BlackRock has partnered with Coinbase to offer Bitcoin and cryptocurrency trading services for institutional investors and has injected a long awaited boost to not only Coinbase’s share price but also market sentiments in general.

Equities, Commodities & Macro

Alibaba’s earnings beat consensus, leading the price rise for the fourth day. Bank of England has raised rates by 50bps to 1.75%, the highest since 1995. WTI crude trades below $90 for the first time since the war between Russia and Ukraine broke out in Feb. China fired missiles over Taiwan for the first time, and five missiles landed in Japan’s exclusive economic zone, putting major tensions among Asia countries.

Technical Analysis

Bitcoin (Support / Resistance at $21,500 / $25,600)

  • Bitcoin tagged new local lows overnight, bouncing off $22,400. Now trying to push back above the 200W MA which is at $22,800.
  • Momentum indicators imply a further move to the downside is likely. Support-turned-resistance at $22,650 is currently being tested. If we drop below $22,400, at this stage we would start to look to scale in to shorts as Bitcoin corrects back towards the middle of the short term channel.
  • We are extending our Take Profit targets to previous local lows. Trade entry starts at around $22,200 with invalidation of the idea playing out if we start to move back up past $23,200.

Learn more from today’s Trader View video.


Digital Assets Market

  • Total crypto market capitalization stands at $1.11T, -0.6% from yesterday
  • $BTC is +0.16% at time of writing; 24H liquidations and funding rates: 26.48M, +0.000643%
  • $ETH is +0.29% at time of writing; 24H liquidations and funding rates: 34.39M, +0.010433%
  • Stablecoins market dominance: USDT 43.66%; USDC 35.61%; BUSD 11.77%; DAI 4.59%

Alts and DeFi watch

  • DeFi TVL: $67.71B (-0.16% over last 24 hours)
  • $SOL -0.7% in the last 24 hours, -9% in the past week
  • $SHIB -0.8% in the last 24 hours, +0.01% in the past week
  • $ADA -1.0% in the last 24 hours, -1.9% in the past week
  • $ENJ +3.5% in the last 24 hours, +11.2% in the past week

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