Technical Rebound Yet Rate Hike Uncertainty Still Lingers

$BTC 24 Hour High $19,680 / Low $18,255 | $BTC -0.01% Past 24 hours; -12.9% Past 7 days

Ethereum recovers only partially from the big drop after the merge from a technical rebound. Ripple’s case with SEC is coming to a conclusion soon, where the court ruling may potentially give indications on which crypto assets constitute a security under US law.

Equities, Commodities & Macro 

Asia markets are set to open higher following the overnight rebound. 10yr Treasury yield was above 3.5% for the first time since 2011. A 75bps rate hike is still expected at the Fed meeting, but a 100bps hike has not been ruled out, and analysts have been forewarning of the impact of such to the economy. 

Technical Analysis: Multi month lows in BTC before EU and US market participants step in to buy the dip 

BTC

Bitcoin hit its lowest price since the June crash, eventually finding support at $18,275. Have reversed higher since then with significant buying power stepping in.

Majority of the move lower happened during Asian hours, while European and American trading sessions were much more bullish.

Reclaim of $20,000 would help swing desks view to favour the bulls in the short term, but plenty of resistance to break through first. $19,550 provides the first test.

BTC Key levels

  • Resistance / $23,000
  • Resistance / $21,875
  • Resistance / $20,100
    • We are here – $19,500
  • Support / $18,700
  • Support / $17,765
  • Support / $16,200

ETH

ETH underperformed BTC over the last two weeks, dropping from local highs of 0.0857 down to 0.0682.

Overnight we saw a perfect test of support at $1,280 (where the 200W MA and previous level of resistance can be found). Moving higher this morning, with the first real resistance test appearing at $1,421.

ETH Key levels

  • Resistance / $1,577
  • Resistance / $1,517
  • Resistance / $1,421
    • We are here – $1,376
  • Support / $1,280
  • Support / $1,072
  • Support / $875

Digital Assets Market

  • Total crypto market capitalization stands at $979B, +0.3% from yesterday
  • $BTC is -0.50% at time of writing; 24H liquidations and funding rates: 125.97M, -0.01175%
  • $ETH is -0.95% at time of writing; 24H liquidations and funding rates: 101.61M, -0.007298%
  • Stablecoins market dominance: USDT 44.87%; USDC 33.12%; BUSD 13.55%; DAI 4.22%


Alts and DeFi watch

  • DeFi TVL: $53.96B (+0.90% over last 24 hours)
  • $SOL +3.1% in the last 24 hours, -12.8% in the past week
  • $SHIB -0.3% in the last 24 hours,-15.2% in the past week
  • $ADA +0.1% in the last 24 hours, -10.3% in the past week
  • $ENJ +2.2% in the last 24 hours, -10.4% in the past week

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OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam & Kevin Lee.

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