$BTC 24 Hour High $33,875
$BTC 24 Hour Low $31,025
$BTC -2% past 24 hours, intra-day low -8%; intra-day high +1.4%
Bitcoin continues its downward slide into a new 24H support/resistance channel. As mentioned in yesterday’s note, the triangle formation formed during May broke aggressively towards the downside with almost all moving averages (time periods of your choosing!) signalling a strong sell sign. On the 14 day RSI, one sees a stronger move towards $30K and maybe for the hopeful bulls out there still, signals that even with these constant downward pushes, $BTC is not quite in oversold territory yet.
$ETH’s technical picture appears slightly rosier, with the SMA100/200 signalling a Buy with the EMA 200 also indicating a Buy. With the RSI and ADI at 43 and 28 respectively though, $ETH is sitting on neutral territory. $ETH reclaimed lost ground during the early Asian trading session but stumbled to a low (2,306) during the Americas time zone. With a high of 2553 reached in the afternoon, it then reversed most of its gains within the next 5 hours, leaving $ETH where it started the day.
The low of $BTC overnight at roughly $31K somewhat coincided with news that the IRS chief, Charles Rettig asking for congressional authority to collect cryptocurrency transfers with values over US$10,000. One can understand the uneasiness of market participants who prefer to operate with less scrutiny but others hold the view that this will bring further legitimacy to the crypto-market. This will in turn persuade the more sceptical to start viewing crypto-investing as being a viable alternative asset in their investment portfolio.
Digital assets market:
- Total crypto market capitalization stands at $1.50T, -2.4% decrease from yesterday
- $BTC is down 2% at time of writing, support/resistance – $30,090/$35,800
- $BTC liquidations and funding: $436.33M, 0.0032% average
- $ETH is down 1.6% at time of writing, support/resistance – $2,275/$2,625
- $ETH liquidations and funding: $279.59M, 0.0147% average
Alts and DeFi watch:
- DeFi TVL: $59.53 billion
- $CRV up 5.33% in the last 24 hours, +11.57% over the past week
- $CAKE down 3.40% in the last 24 hours, -5.04% over the past week
- $AAVE down 2.24% in the last 24 hours, -11.42% over the past week.
More news that caught our eye:
- ETH has surpassed BTC volume on most of the major exchanges in May
- Goldman Sachs backs $28M funding round for Blockdaemon
- Chinese government agency issues blockchain development roadmap
- Politicians in Panama, Brazil, Argentina and Paraguay look to follow El Salvador on Bitcoin adoption
- Winklevoss Not Selling Till $500,000 Bitcoin
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.
Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.