$BTC 24 Hour High $48,570
$BTC 24 Hour Low $46,920
$BTC +1.5% past 24 hours; +4.5% past 7 days
Key support levels retaken, setting up the picture for a potential move higher
Despite $BTC’s pullback last week, the market outlook appears promising as indicated by a green candle on a monthly time frame.
$BTC finally reclaimed 47K, a very important level as price continuously sought support. Indeed, the Fib retracements of the run from June to today (see the chart) show how prices found support at the 0.618 level twice before $BTC moved higher. Will 44K be the bottom of the most recent pullback?
If $BTC is able to break the resistance at 48K and move higher, our eyes are on the psychologically important 51K level, where Fib retracement level over various time frames come into play and act as resistance.
$ETH broke $3600 and is encountering some resistance in the middle of the 2021 trading channel. We are now in an area where we moved higher very quickly before but also dropped without any resistance a few days later. Order books may still be thin here, suggesting a sudden move higher towards 3,800 is definitely on the cards.
After a 10-hour outage yesterday caused by bot trading of Grape’s Protocol’s Tuesday token offering, Solana validators successfully restarted the blockchain. Though $SOL fell by more than 15% in the aftermath, it rebounded within half a day once the network stabilized. Investors have flocked to SOL’s blockchain and its token $SOL because of its low fees for DeFi and highly sought-after NFTs on the SOL blockchain.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.27T, +2.5% from yesterday
- $BTC is down 0.1% at time of writing, support / resistance – 47,370 / 52,950
- $BTC liquidations and funding: $74M, +0.0042% average
- $ETH is up 0.1% at time of writing, support / resistance – 3,250 / 3,810
- $ETH liquidations and funding: $42M, 0.0066% average
Alts and DeFi watch:
- DeFi TVL: $93.29B
- $XLM up 2.1% in the last 24 hours, up ~2.8% in the past week
- $AAVE up 8.0% in the last 24 hours, up ~23.7% in the past week
- $HBAR up 1.8% in the last 24 hours, up ~61.7% in the past week
- $ATOM down 2.2% in the last 24 hours, up ~6.1% in the past week
More news that caught our eye:
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 Twitter, Linkedin, Facebook, and Telegram.Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.