August 31, 2021

$BTC 24 Hour High $48,760
$BTC 24 Hour Low $46,810
$BTC -3.1% past 24 hours; -5.2% past 7 days

Good morning. Further to our observations about options yesterday, $BTC’s call to put ratio across all expiries is now at 2.12; it’s the highest level since December 2020. 

Today $BTC saw more sideways action, dropping from 48.6K to 47K over three hours. Will this critical support level continue holding? Similar to the price action we saw at 44K, $BTC tested it three times before moving higher. The 200d MA came in at 46.1K, which could provide some additional support, but if we break lower, 44K will be the next target. The importance of Fib retracements continues to be valid for $BTC. 

ETH traded sideways and tested 3,300 overnight, but it was unable to move higher. It traded at a much more narrow and compact range, between 3350 and 3035. If the price moves higher, would it be a good time to buy $ETH? We expect once we break the current resistance at 3350, $ETH will test 3350 as a new level of support, resembling what occurred in July and the beginning of August.

Worth noting that the TVL (Total Value Locked) in DeFi protocols surged to a new all-time high of US$157B in August, according to DeFi Llama. This signals the burgeoning interest in blockchain-based financial applications from margin trading, payments, lending and borrowing platforms that do away with intermediaries. a16z, SCB10X (Siam Commercial Banks venture arm) and Goldman Sachs are among other big corporations that have poured in millions in DeFi tokens, or intend to offer their client exposure to DeFi-related products such as ETFs.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.12T, -2.3% from yesterday
  • $BTC is down 0.2% at time of writing, support / resistance – 46,380 / 49,670
  • $BTC liquidations and funding: $177M, 0.0158% average
  • $ETH is down 0.3% at time of writing, support / resistance – 3,170 / 3,380
  • $ETH liquidations and funding: $66M, 0.0129% average

Alts and DeFi watch:

  • DeFi TVL: $83.46B
  • $ADA down 4.9% in the last 24 hours, down ~6.4% in the past week 
  • $AVAX down 11% in the last 24 hours, down ~9.1% in the past week
  • $CAKE down 7.3% in the last 24 hours, down ~8.8% in the past week
  • $XTZ down 10.5% in the last 24 hours, up ~21.7% in the past week

More news that caught our eye:

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