$BTC 24 Hour High $49,310
$BTC 24 Hour Low $47,250
$BTC +2.1% past 24 hours; +9.0% past 7 days
Good morning. Prices are holding, with a slight pull back overnight.
$BTC initially failed to hold at 48K, before finding support on the upward trending support line that has been in place since the beginning of the latest run since July 19. The 0.236 FIB retracement (at 50,473) is currently acting as resistance.
This next leg up of BTC is crucial. We have got higher-highs and higher-lows, which you expect from a sustainable rally. The next higher-high would need to be above the current resistance level, with 50K as the psychologically important area to breakthrough.
As opposed to the higher-highs and higher lows we saw on $BTC, $ETH posted its first lower-low yesterday. Could this be a potential sign for a trend reversal? The RSI on the 4-hour chart is trending lower, indicating a slowdown in the rally. Uncertainty is much more pronounced in $ETH as we are waiting for $BTC’s next move to determine the direction. Meanwhile, smaller Alts are starting to pump as investors began rotating from ETH to these smaller coins.
Bitcoin ETN Futures are taking a huge step forward as they are set to be available in Europe for the first time, starting from Sep 13. The listing on Eurex, Europe’s largest derivatives exchange, will occur based on ETN’s flagship product, BTCetc. The new futures contract will be traded in Euros and physically delivered in BTCE, which is 100% backed by BTC and can be readily redeemed by the investor for the underlying BTC. BTCE will allow market participants to hedge/trade BTC the way traditional futures contracts function, with the potential to deliver/receive, a central clearer, risk management and netting.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.17T, +2.1% from yesterday
- $BTC is up 0.1% at time of writing, support / resistance – 47,250 / 50,560
- $BTC liquidations and funding: $137.65M, 0.0159% average
- $ETH is down 0.1% at time of writing, support / resistance – 3,160 / 3,380
- $ETH liquidations and funding: $83.34M, 0.0105% average
Alts and DeFi watch:
- DeFi TVL: $84.07B
- $ADA up 1.14% in the last 24 hours, up ~28.12% in the past week
- $TRX up 3.17% in the last 24 hours, up ~4.07% in the past week
- $AXS down 1.14% in the last 24 hours, up ~3.11% in the past week
- $ALGO up 2.49% in the last 24 hours, up ~13.23% in the past week
More news that caught our eye:
- Europe’s first Bitcoin Futures, based on ETC Group’s BTCetc Physical Bitcoin, to list on Eurex in Sep
- Canadian BTC miner Blockstream joins crypto unicorns with $3.2B valuation
- Citigroup is awaiting regulatory approval to trade CME Bitcoin Futures
- Institutional investors bet big on Solana while BTC outflows persist
- Cardano Foundation partners with Coinfirm for FATF and 6AMLD compliance
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