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OTC Weekly Trading Insights - Jul 22, 2022: BTC finally rallies!

Binance OTC
2022-07-22 11:50
  • This week the market started off with a bang as BTC rallied nearly 16% playing catch up with ETH. ETH has led the way for the market for the week, currently up over 40% since last Thursday.
  • There has been an increase in buying volume across MATIC, AVAX and BOND. Interestingly, despite the market increase both MANA & CHZ experienced greater sell volume on our convert portal.
  • MATIC recently announced a new product, Polygon zkEVM, the first ETH-equivalent scaling solution that has been described as a “major leap forward”. Read more here!
  • BOND has seen an unexpected increase in volume and price this week as it is up 350% for the last 7 days, whilst it is unknown what has caused the huge spike we will take a look deeper into the charts!
Trade our top 5 weekly coins of interest here!
Convert Portal Volume Breakdown
  • Once again this week, stablecoin swaps have topped the list increasing 14.84%. As the market fluctuates, price inefficiencies will occur across stablecoins. High frequency trading algos may take advantage of these movements, jumping in and out of stablecoin positions.
  • Second on the list was crypto to stablecoin transactions decreasing 5.07%, suggesting that at these price levels investors are still moving to the sidelines but are more reluctant to.
  • Despite the recent market increase, transactions to crypto across the board have decreased since last week. Taking stablecoin to crypto, we have seen a 3.21% decrease, whereas BTC is currently up over 13% in the last 7 days! This is very surprising, and may hint that these price rallies are not as strong as originally anticipated.

Overall market technicals

BTC: A break to the upside!

  • BTC has seen huge moves to the upside this week as price is currently up nearly 13% since Monday.
  • Last week BTC formed a new lower high as price traded above the previous low of $18,751. Price saw an immediate move to the upside as this set the stage for a further rally.
  • Since then, BTC formed an upwards trend line that was well respected for the week, as we then traded above the weekly resistance that has flipped to support.
  • As it stands, BTC is currently trading around $23,400, just above the weekly support level. For bullish momentum to continue, we will need to see a clean break above the range high of $24,279. The next target will then be around $28,000, which was previous support.
  • As mentioned in the volume breakdown above, we have seen a decrease in transactions to crypto. Looking at volume on the chart, as price has increased, volume has decreased, indicating volume divergence.
  • The Crypto Fear & Greed Index is at ‘33’ showing Fear within the market, increasing by 18 points from last week.
  • BOND was a coin of interest this week as it saw unprecedented volume spikes, resulting in a huge price rally.
  • As it stands, BOND is currently up over 350% for the week, making it one of the top performers in the market.
  • Looking at the charts, after a sustained down period BOND made an all-time low of around $2.20 last month. BOND then traded sideways before making its first leg up earlier this week.
  • The move comes after the announcement that the platform will be releasing a V2 version.
  • As with all coins that experience high volatility, please approach with caution, choppy price action can be difficult to interpret and pose significant risk!

Crypto calendar
07/31/22 - ADA Vasil Hardfork
09/28/22 - TOKEN2049 Singapore
News events of note
Elon Dumps - Tesla has disclosed that they have sold 75% of their BTC holdings to boost their cash holdings.
Mincecraft bans NFTs! - Microsoft recently announced that they are banning NFT’s from Minecraft as the ongoing battle between traditional and Web3 gaming continues!
Reddit adopts NFTs! - On the contrary this week, reddit has launched a Polygon-Based collectible avatar marketplace. This will allow users to purchase blockchain based profile pictures.
More news found here!
Why trade OTC?
Binance offers clients two potential ways to trade OTC, the first being through Binance Convert which can be found here! Binance Convert offers a quick and simple way to execute crypto trades across 1500+ trading pairs, with more added every week!
To start, simply navigate to the Convert webpage, select the coins you wish to trade, preview and confirm the quote, settlement is completed instantly and you can refresh the quote as many times as you’d like!
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