$BTC 24 Hour High $41,690
$BTC 24 Hour Low $39,664
$BTC -1.1% past 24 hours; +19.1% past 7 days
$BTC had a volatile day, as it tried for new highs above $41,000. It couldn’t break through, getting sold off immediately down to where the markup started – a move of 3.8% to the upside then 4% to the downside, all within the hour. With little market news driving this $BTC run, indicators instead point to strong buying interest from HNWIs or funds convinced that $40K is a good level to enter. Following that jump though, the market started faltering shortly after and $BTC went down to day lows of $39,510 before recovering to trade sideways again (39,500 – 40,400). RSI turning downwards after creeping past 50 with the MAs still neutral generally with the short term MAs supporting a Buy. Now, $BTC is consolidating around the $40,150 area, forming a floor and waiting for supply and demand imbalance to kick in so we get a move either way. More upside is probable, although if not done soon, these tries and sideways consolidation may hint buyers aren’t really interested.
The crypto market is experiencing a rebound of late with BTC leading the way. However with such a sharp fall (more than a 50% retracement) preceding this move up, one might think a reversal from year lows might be a potential bull trap until higher prices are attained and sustained. According to CoinShares, The outflows in Bitcoin cooled last week, totalling US$10m, significantly less than the previous record week of US$141m. Trading activity in Bitcoin investment products rose by 43% compared to the previous week. Ethereum had the largest outflows on record last week, totalling US$12.7m. Ethereum has been the “calm in the face of the storm” relative to BTC over recent months but inflows over the course of last week were mixed, indicating a rather mixed opinion amongst crypto-investors.
Digital assets market:
- Total crypto market capitalization stands at $1.72 T, 2.3% decrease from yesterday
- $BTC is down -1.04% at time of writing, support/resistance – $36,878/$40,504
- $BTC liquidations and funding: $149.68M, -0.0048%% average
- $ETH is down – 1.05% at time of writing, support/resistance – $2,265/$2,890
- $ETH liquidations and funding: $45.45M, -0.0023%% average
Alts and DeFi watch:
- DeFi TVL: $62.7 billion
- $KSP up 23.51%% in the last 24 hours, up 40.68% over the past week
- $LINK down 5.37% in the last 24 hours, up 2.20% over the past week.
- $SUSHI down 6.12% in the last 24 hours, – 11.57% over the past week
- $SXP up 4.92% in the last 24 hours, +15.85% over the past week
More news that caught our eye:
- Democratic lawmakers in the US have formed group to address regulatory concerns around crypto
- The Chinese University of Hong Kong and ConsenSys create COVID-19 digital passport
- Polkadot price soars 37% after Coinbase Pro DOT listing, first parachain auction
- MicroStrategy triples down on bitcoin
- World Wide Web code that changed the world up for auction as NFT
OSL Trader View is contributed by Emilia Lee, Ethan Fu and Jose Reyes
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