$BTC 24 Hour High $45,168
$BTC 24 Hour Low $42,236
$BTC +3.8% past 24 hours; -6.3% past 7 days
Short-term V-shaped recovery in crypto underway
Good morning and happy Friday. After breaking through 44K, $BTC is now trending higher towards 47K — a significant level where the month opened, and at the 2.618 Fib extension from the previous cycle.
The chances of $BTC hitting a 58K monthly close target appear to be slim, though it’s not entirely impossible. At the very least, we would like to close the month above 47.3K to see a continuation in the monthly green candles to paint a bullish picture.
Considering we have experienced two pullbacks this month so far, this is an impressive feat after all.
Over the last 24 hours, $ETH is now trading higher and looking to break through $3,141. If it manages to move higher, we might look at a considerably quick move towards $3,350 where the 50d MV is currently located. To the downside, $3,075 is the first support area, followed by $2,900 and $2,600.
On a separate note, JP Morgan also revealed some interesting trends about crypto derivatives — major investors are appear more interested in ETH Futures than BTC Futures. The CME $BTC futures notably traded below spot this month primarily due to weak institutional demand. The two majors are the most popular crypto futures contract traded, with futures typically trading at a far larger volume than spot. A higher demand for futures typically indicates a bigger appetite for the underlying, and for September so far, $ETH futures are trading roughly at a 1% premium to spot.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.09T, +3.2% from yesterday
- $BTC is down 0.5% at time of writing, support / resistance – 43,470 / 45,750
- $BTC liquidations and funding: $76M, -0.0132% average
- $ETH is down 0.5% at time of writing, support / resistance – 3,020 / 3,260
- $ETH liquidations and funding: $28M, -0.0140% average
Alts and DeFi watch:
- DeFi TVL: $85.26B
- $AVAX up 2.7% in the last 24 hours, up ~12.8% in the past week
- $CAKE up 0.3% in the last 24 hours, down ~10.6% in the past week
- $XMR up 0.7% in the last 24 hours, down ~6.6% in the past week
- $AXS up 9.9% in the last 24 hours, up ~2.2% in the past week
More news that caught our eye:
- Twitter unveils BTC tipping, safety features
- Arca Labs and securitize partner on tokenized US treasury fund
- Bhutan’s central bank adopts Ripple’s XRP Ledger to launch a digital version of its national currency
- Big things coming: Cardano plans to make “industry-defining announcements” this weekend
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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