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Bitcoin Ethereum DeFi Crypto Market Daily OKEx Insights

BTC saw selling exhaustion on Sunday and has bounced alongside stock futures

2021.03.01 Robbie Liu

BTC's price bottomed out this Monday as selling pressure fades away. 

Bitcoin started to rebound yesterday afternoon UTC time and has achieved a 4.44% gain in the last 24 hours. The market leader is now trading over 47,000 USDT as per the OKEx BTC spot price. In last Friday's Crypto Market Daily, we noted that a bullish divergence on the RSI indicator might be in play, however, Bitcoin's slide stopped only after it posted another lower low near 43,000 USDT on Sunday. The short-term relief in Bitcoin prices was also accompanied by a jump in the U.S. stock futures, with all three major indexes up more than 1% this Monday. 

ETH rallied 7.6% to lead a rebound in the altcoin sector, and DOT, LINK and OKB outperformed BTC in the last 24 hours. ADA did not follow the trend and saw a correction before its "Mary" upgrade, which is due this Monday.

The crypto market saw a rebound over the last 24 hours. Source: Coin360

TVL in DeFi protocols saw a sharp decline

The total value locked in decentralized finance saw a slight rebound in the last eight hours, increasing from a recent low of Sunday's $35.90 billion to $36.56 billion. The TVL in AAVE jumped 13% in the last 24 hours while the TVL in other lending protocols such as Maker and Compound rose around 7%. 

At the same time, the DeFi Pulse Index, a capitalization-weighted index that tracks the performance of decentralized financial assets across the market, saw a 9% rebound. 

Total value locked in DeFi. Source: DeFi Pulse

Top altcoin gainers and losers 

  • FTM/USDT +38.28%
  • REP/USDT +29.88%
  • RVN/USDT +25.36%
  • CTXC/USDT -8.06%
  • ANW/USDT -8.38%
  • WGRT/USDT -8.96%

The market's frustration with the lack of Ethereum's scalability has led to traders chasing protocols such as Fantom. Its native token, FTM, has reaped a 60% return over the last seven days against the market downtrend.

No altcoins have fallen in double digits in the past 24 hours, with WGRT, the worst performer, down 8.96%.

BTC technical analysis

The huge retracement in the previous week finally ended on Sunday, with the continued decline in volume indicating that the selling power dried up. Bitcoin could rebound further during the day and test the resistance level near 48,500 USDT.

OKEx's BTC spot 4h chart — 3/1. Source: OKEx, TradingView

ETH technical analysis

A similar pattern can be seen on the ETH four-hour chart. The intraday resistance is located at 1,540 USDT. However, the buying volume is not showing any notable expansion at the moment.

OKEx ETH spot 1h chart — 3/1. Source: OKEx, TradingView

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OKEx Insights presents market analyses, in-depth features, original research & curated news from crypto professionals. 

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.

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