24 July 2020

BTCUSD longs daily chart

Bitcoin broke out of the pattern to the upside, Deribit takes over bitcoin options domination, as Bakkt sinks, $3,5 billion locked in DeFi and ETH price went up 20%



BTC/USD daily chart

24 july btcusd daily



Bitcoin price broke out of the downward channel to the upside, rising almost 6% in the past 3 days. After such a parabolic move, today we are seeing a correction as BTC is consolidating down to $9,500. The closest bullish target remains at $9,800, where bitcoin is likely to face heavy resistance. In a bearish scenario, we might see BTC coming down to $9,350 where previous resistance will turn to support. Both Lucid SAR and MACD indicators obviously turned bullish after the spike in price, but we have yet to see trading volume pick up.



Bitcoin options traders prefer Deribit over Bakkt

24 july bakkt



Bakkt, a global platform for digital assets developed ICE is experiencing a total crisis as almost no traders have used the platform in over a month. Since June 15th, the trading volume for options and respective open interest is nearly zero. In the meanwhile, bitcoin futures and options exchange Deribit is thriving and taking over 92% of options trading volume.



Total value locked in DeFi spikes

24 july defi



According to DeFi Pulse, here is a significant increase in a total value locked in decentralized finance. It has reached $3,5 billion as of today (24th of July). The chart also shows four million ETH and 18,000 of BTC locked in DeFi.



ETH/USD daily chart

24 july ethusd daily



Ether broke out of a similar triangle pattern to the upside as well. The price went up nearly 20% in the past 3 days and today we observe a 5% correction. ETH price rose above 61,8% Fibonacci level, which can now serve as a local support level. Relative Strength Index on a daily chart just slightly reached overbought territory.

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