$BTC 24 Hour High $19,425 / Low $19,067 | $BTC +0.5 Past 24 hours; -1.1% Past 7 days
Crypto markets sailed through another quiet weekend. Market news is dull; funding rates and liquidations are non-directional. It remains to be seen if the crypto markets can further break the correlation with equity markets.
Macro, Equities & Commodities
Asia markets look to start weaker amid persistent inflationary pressure. The UK Prime Minister Truss fired the Financial Minister but herself is now also at risk of losing her job. President Xi is almost certain to get his 3rd term at the end of the 20th National Congress. In the US, investors are positioning themselves ahead of midterm elections to avoid any surprises.
Technical Analysis: Resistance at $20,000 holds strong
BTC
Following some volatility after CPI release last Thursday, we learned that there seems to be a big buy wall ready to scoop up BTC at $18,000, while above us there are sellers waiting patiently in line at $20,000.
For now, we settle back in at the $19,000 level, and continue to move sideways in similar fashion that we have been experiencing since Mid September.
Bitcoin decoupling from Tradfi markets is also still taking place, with correlation to Nasdaq at 0.23, the lowest level since July of this year.
BTC Key levels
- Resistance / $23,000
- Resistance / $21,875
- Resistance / $20,100
- We are here – $19,300
- Support / $18,700
- Support / $17,765
- Support / $16,200
ETH
ETH is hovering around the 200W MA level at $1,300. Attempted liquidation event to the downside failed to materialise, despite the aggressive drop down to $1,150 after CPI release.
We are back to the sideways grind in no-man’s land, a relatively narrow price range of only ~120 dollars.
Correlation to Tradfi still higher for Eth, but it too is dropping off. Should this trend continue, we may continue to see Tradfi markets underperform crypto in the coming weeks.
ETH Key levels
- Resistance / $1,577
- Resistance / $1,517
- Resistance / $1,421
- We are here – $1,300
- Support / $1,280
- Support / $1,072
- Support / $875
Digital Assets Market
- Total crypto market capitalization stands at $961 Billion, +0.8% from yesterday
- $BTC is -0.21% at time of writing; 24H liquidations and funding rates: 8.39M, -0.0065%
- $ETH is -0.25% at time of writing; 24H liquidations and funding rates: 7.27M, +0.0043%
- Stablecoins market dominance: USDT 46.41%; USDC 30.52%; BUSD 14.67%; DAI 4.08%
Alts and DeFi watch
- DeFi TVL: $53.64B (0.00% over last 24 hours)
- $SOL +0.8% in the last 24 hours, -8.7% in the past week
- $SHIB -0.4% in the last 24 hours, -7.1% in the past week
- $ADA 0.8% in the last 24 hours, -12.6% in the past week
- $ENJ -0.1% in the last 24 hours, -5.6% in the past week
More news that caught our eye
- MetaMask Allows Users to Buy Cryptocurrencies Using Bank Transfers
- Crypto Market Maker Wintermute Pays Off $96M TrueFi Debt Weeks After Being Hacked
- Digihost is latest bitcoin miner stock to face delisting, trading below $1
- India aims to develop crypto SOPs during G20 presidency, says finance minister
- $50B asset custody platform GK8 enters Brazil with license agreement
OSL Trader View is contributed by Hans-Stefan von Haenisch, Ethan Fu, Tiffany Wee, Melvin Gallu, Keith Hwam & Kevin Lee.
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