Toggle navigation

OSL Daily Update-June 16, 2021

$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:

OSL Trader View is contributed by Emilia Lee, Ethan Fu and Jose Reyes


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 TwitterLinkedinFacebook, and Telegram.

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