$BTC 24 Hour High $40,978
$BTC 24 Hour Low $38,757
$BTC +4% past 24 hours
After a weekend of sideways action, $BTC finally came alive during the wee hours of the Asian morning – charging up 3.35% over a period of about 15 mins. The move shook it from its prolonged sleepy range of 35k-36.5k to burst through resistance of 37.5k, then seeming ease to move above 39k (a level last touched back at the start of June). Prices continued to see-saw between 38.7k to 39.7k as consolidation occurred before another fire lit up under $BTC taking prices up another 2%, charging past the psychological 40k level. A weekly high of $41,050 was attained before prices reversed back under 40k. From Asia’s early morning hours, the recovery has been gradual and prices are back up above 40k again. Oscillators now ticking neutral to some Buy (MACD 12,26 & Momentum 10) signals being generated from this move along with the short term SMA/EMAs flashing Buys. $BTC is not quite out of the woods yet as the mid-long term MAs are still in negative territory. $ETH pursued a similar trajectory wrestling out of the 2.3k-2.4k range to its current hold at 2.5k-2.6k range.
The news that probably sparked the rally was an Elon Musk tweet that Tesla will resume accepting Bitcoin as a form of payment ONLY if it can be proven that mining comes from at least 50% clean energy sources. To date, Tesla has never processed any $BTC payments for its cars so it was a moot poin. . The positive thing to come out of this news was that the market seemed to just shrug and continued to push higher despite what initially was thought to be a bearish piece of news. Has the crypto market “decoupled” from the Doge-father?
There is plenty of other bullish news to sustain the rally, with it appearing nations taking turns to speak about their views on regulating crypto or the formation of committees to further explore digital currencies and the impact on their respective countries. Likewise positive stock to flow ratios signal that $BTC is currently undervalued at these prices.
Digital assets market:
- Total crypto market capitalization stands at $1.73T, 3.1% decrease from yesterday
- $BTC is down -0.7% at time of writing, support/resistance – $39,313/$40,878
- $BTC liquidations and funding: $243.87M, 0.0018% average
- $ETH is up + 0.3%% at time of writing, support/resistance – $2,555/$2,643
- $ETH liquidations and funding: $33.12M, 0.0045% average
Alts and DeFi watch:
- DeFi TVL: $62.16 billion
- $UNI up 5.38% in the last 24 hours, down 0.47% over the past week
- $LINK up 8.97% in the last 24 hours, +1.61% over the past week.
- $1INCH up 22.67% in the last 24 hours, +8.14% over the past week
- $LUNA up 3.52% in the last 24 hours, +7.46% over the past week
More news that caught our eye:
- Bitcoin mining firm Hut 8 Approved to list on Nasdaq
- Elon Musk says Tesla will accept Bitcoin payments again once miners use 50% clean energy
- Dubai launching ‘crypto valley’ in tax-free zone
- China Debut Digital Yuan through Blockchain-based Salary Payments in Xiong-an
- Goldman Expands in crypto trading with plans for Ether options
OSL Trader View is contributed by Emilia Lee, Ethan Fu and Jose Reyes
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