$BTC 24 Hour High $47,645 / Low $44,445 | $BTC +4.9% Past 24 hours; +13.1% Past 7 days
Good morning! As crypto prices broke above the YTD high over the weekend, the market sentiment has become more bullish. Thanks to the aggressive rally, $BTC jumped by 5% this morning alone, and it’s now hitting the YTD for the first time. The MACD indicator also flashes the first bullish signal since Aug 2021. Though we see some initial resistance at $47,700 (the 0.5 Fibonacci retracement level between the ATH in November and January low), the bulls will likely send $BTC to our upside target of $52,165. But the real test lies at $55,000.
If $BTC continues to push higher within a short time, we expect a “necessary” pullback or, at least, a retest of $45,500 in the short term. Should the support fail to hold, we will need to keep an eye on the 111D MA – the recent price action over the last nine months is highly significant as an area of both resistance and support. Besides, $240 million of shorts were wiped out in the last four hours alone, the highest level in a month. Funding rates remained flat or negative, implying more pain ahead for shorts.
There is a chance that $ETH can break above February 10’s local top at $3,275 as soon as today and test the $3,400 upside hurdle. The 50W MA was also tested for resistance and broken. Our initial short-term target at $3,493 is defined by the Fibonacci extension for the current impulsive move higher, and it’s also 200D MA also where came in. Should $3,480 fail to hold, $ETH may retest the support levels at $2,900 and $2,800. The 111D MA also saw strong significance on the $ETH price chart – we would expect this to get tested at least once before the No. 2 digital asset continues to move higher. Keep an eye on the daily RSI, which has hit the overbought territory. The ETH/BTC pair has already been trading sideways for over a week, suggesting both digital assets have performed evenly. If the risk-on sentiment returns to the market in earnest, we would expect more rotations into altcoins, thus pushing $ETH higher.
NFT has become the media limelight of the crypto world again since the “Queen of Pop” Madonna has become the latest celebrity to dip toes into NFT. In her tweet, she revealed a purchase of a Bored Ape #4988 NFT, with over half a million dollars (180 ETH) at the time of purchase via MoonPay. Madonna has previous brushes with the crypto industry, where she partnered up with Ripple to raise funds for orphans in Miami in 2018.
Learn more from today’s Trader View video.
Digital Assets Market
- Total crypto market capitalization stands at $2.19T, +4.3% from yesterday
- $BTC is +0.4% at time of writing; 24H liquidations and funding rates: 139.55M, +0.00623% average
- $ETH is +0.4% at time of writing; 24H liquidations and funding rates: 84.75M, +0.01202% average
- Stablecoins market dominance: USDT 43.56%; USDC 27.88%; BUSD 9.43%; UST 8.66%; DAI 4.96%
Alts and DeFi watch:
- DeFi TVL: $200.61B (+0.86% over last 24h)
- $SOL +4.95% in the last 24 hours, +21.06% in the past week
- $SHIB +4.92% in the last 24 hours, +12.41% in the past week
- $SAND +4.89% in the last 24 hours, +14.70% in the past week
- $ENJ +7.73% in the last 24 hours, +23.73% in the past week
More news that caught our eye:
- EU’s MiCA proposal progresses to trilogue stage without BTC ban provision
- Russian PM, economy ministry support legalization of cryptocurrencies
- El Salvador bets on BTC mania
- $ETH due for an explosive move as ‘Ethereum Merge’ google searches spike to unprecedented highs
- Nearly 50% of Germans are ready to invest in crypto: Report
- Canadian authorities having trouble seizing all BTC donations for freedom convoy truckers
- New UK crypto regulations set to be announced in coming weeks
OSL Trader View is contributed by Terrance Leung, Andrea Au & Ethan Fu.
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