July 26, 2021

​​$BTC 24 Hour High $35,797
$BTC 24 Hour Low $33,934
$BTC +5.3% past 24 hours; +12.2% past 7 days

Good morning. $BTC continues its strongest rally in months, trading up 8% already today. Buyers were active over the weekend. With increasing trading volumes, this provides $BTC strength to grow momentum. MACD flashed a buy signal on Friday while the RSI has broken through its 6-month downward trending resistance line. 

Bearish euphoria reached a crescendo last week when $BTC closed below 30K. Similar to the top of a bull run, where bullish euphoria can swiftly lead to a change of direction, the same can be said of market lows. 

Bear in mind that we are now breaking through local tops, the 50d MA. To sustain the rally, a retest of these local highs ought to be tested, turning previous resistance into support. One word of caution, the CME Futures gapped higher, opening at $34,490. Previously, we have seen prices drop to close this gap, indicating a drop to $32,200, before moving higher once again. Where prices currently sit, the next area of resistance is $41,250. 

$BTC continues bull run  

Grayscale’s CEO Michael Sonnenshein spoke on CNBC’s Squawk Box last week, citing that they will be launching a DeFi fund and index. The world’s largest BTC fund and the first investment vehicle of its kind to report financials regularly to the SEC touted strong interest from its pool of existing clients along with prospective ones for DeFi assets. The fund will allow investors to invest in DeFi protocols through a broad-based single investment vehicle exposed to DeFi assets such as UniSwap and AAVE. It will be Grayscale’s 15th investment vehicle.

Learn more from today’s Trader View video.

Digital assets market: 

Total crypto market capitalization stands at $1.49T, +3.3% from yesterday
$BTC is up 1.3% at time of writing, support / resistance – 35,004 / 36,700
$BTC liquidations and funding: $363.81M, 0.0040% average
$ETH is up 1.4% at time of writing, support / resistance – 2,143 / 2,260
$ETH liquidations and funding: $65.39M, 0.0036% average

Alts and DeFi watch: 

DeFi TVL: $61.98B
$UNI up 9.01% in the last 24 hours, up ~21.48% in the past week
$SOL up 5.72% in the last 24 hours, up ~13.25% in the past week
$THETA up 10.04% in the last 24 hours, up ~50.12% in the past week
$OKB up 8.52% in the last 24 hours, up ~43.10% in the past week

More news that caught our eye:

OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch. 

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