$BTC 24 Hour High $42,649
$BTC 24 Hour Low $41,038
$BTC +1.9% past 24 hours; -2.2% past 7 days
$ETH shows resilience in sideways market
Good morning and happy Thursday. $BTC failed to take the 42,600 short-term resistance level while price languishing once again within this tight 40,700-42,600 band over the past two trading days. If a bearish pennant is really starting to take shape, this doesn’t bode well as this can potentially open a trap-door down to the 39,600 level. The MACD does not look particularly exciting either, flip-flopping between a mild sell signal, followed by a weak buy signal overnight. The RSI is struggling to make its way past 50 on the 4H chart.
On $ETH, we saw a strong buying interest with an intra-day low of 2,800 now being pushed up to a multi-session high of 2,990, poking past the mid-BBand. Looking to trade past the 0.382 Fib retracement at 2,975, $ETH shows resilience in this sideways market, indicating an unwavering investor’s interest in the coin. However, if another stab at 3,000 fails again today, we will see 2,750 being re-tested with ease. We noted some small buy signals appearing on the MACD on the 4H, along with the RSI turning upwards, nudging past 50. The market looks to continue trading sideways for now while starved for a fresh news boost.
Elon Musk made headlines again while speaking at the Code Conference in California, advocating for the U.S. government to “do nothing” regarding cryptocurrency regulations. He opined that the government could only slow down the advancement but it is almost impossible to destroy the crypto market. When asked about the clamping down of crypto in China, he suspected Beijing is afraid of reducing power due to the decentralized nature of the crypto market, as well as the high energy demand required for mining activities.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $1.96T, +2.1% from yesterday
- $BTC is up 2.5% at time of writing, support / resistance – 39,600 / 44,700
- $BTC liquidations and funding: $52.59M, 0.000% average
- $ETH is up 3.1% at time of writing, support / resistance – 2,650 / 3,180
- $ETH liquidations and funding: $50.71M, +0.0137% average
Alts and DeFi watch:
- DeFi TVL: $79.66B
- $FIL up 2.3% in the last 24 hours, down 21.3% in the past week
- $FTM up 2.7% in the last 24 hours, up 0.5% in the past week
- $SNX down 0.7% in the last 24 hours, down 12.2% in the past week
- $DYDX up 17.8% in the last 24 hours, up 87.9% in the past week
More news that caught our eye:
- Why China’s latest ‘BTC ban’ is bullish for DeFi
- Europe becomes the world’s biggest crypto economy, thanks to DeFi
- Banking BTC: Swiss regulator approves first crypto investment fund, first digital asset custodian
- Ukraine’s central bank seeks to hire a blockchain developer, job posting reveals
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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