$BTC 24 Hour High $49,480
$BTC 24 Hour Low $48,290
$BTC +0.6% past 24 hours; +4.8% past 7 days
BTC rally lifts entire market
$BTC rally marches on, closing the fifth straight week of price gains. However, funding rates are still relatively low — most likely because fewer people are keeping their coins in exchange to use them as leverage, given recent crypto hacks in some unsecured platforms.
On the options front, there has been a huge call option purchase at 50K for the coming Friday that we might need to keep an eye on.
$BTC’s price broke 2.618 Fib extension at 47,253 last week (see the graph), which will likely act as a significant level of support during the next leg up. Over the weekend, $BTC started to find its feet in the resistance area between 48-50K. After testing the upward trending support and breaking the resistance at 48, $BTC tested it as support and are now moving higher. On the four-hour timeframe, we are building a decent area of price consolidation, which could provide the base needed for a leg higher. If it comes down, we are looking at 4750 to hold, followed by 44K as the first support level to target, then 42.5K.
After $ETH tried to move higher from $3,000 to test the resistance at $3,300 over the weekend, it’s now moving sideways. $ETH is still finding support in this trading corridor. This entire area between $3,000 and $3,300 is starting to look like a trading corridor which may build a strong support block going forward. On the downside, $2,900 is our first target, though we expect resistance at $3,400 as $ETH moves higher.
It’s also worth noting that OpenSea, a popular peer-to-peer NFT marketplace, has reportedly surpassed US$1B in monthly trading volume, according to The Block’s data. OpenSea has dominated the trading volumes of NFTs since May, with the entire NFT marketplace seeing $1.27B transactions done through it. Of which, the marketplace captured $1.23B of that flow in August alone. The New York-based marketplace has hit a $1.5B valuation with a recent raise of $100M and an earlier Series A round of $23M, led by famed venture company Andreessen Horowitz.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.18T, +1.1% from yesterday
- $BTC is down 0.3% at time of writing, support / resistance – 47,580 / 49,830
- $BTC liquidations and funding: $91.19M, 0.0125% average
- $ETH is down 0.1% at time of writing, support / resistance – 3,130 / 3,310
- $ETH liquidations and funding: $63.56M, 0.0131% average
Alts and DeFi watch:
- DeFi TVL: $82.66B
- $XRP up 0.79% in the last 24 hours, down ~4.39 in the past week
- $DOT down 0.83% in the last 24 hours, up ~20.04% in the past week
- $LUNA up 1.67% in the last 24 hours, up ~38.26% in the past week
- $XLM up 0.11% in the last 24 hours, down ~4.77% in the past week
More news that caught our eye:
- Facebook pushes ahead with crypto wallet plan in bid to ‘fix broken payment system’
- Neuberger Berman Commodity Fund permitted to invest 5% in BTC futures
- BlackRock ETFs hold $384 million of shares in BTC mining firms
- Crypto adoption: Mark Cuban selects next digital payment option for Dallas Mavericks fans
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