December 3, 2021

​​$BTC 24 Hour High $57,435
$BTC 24 Hour Low $55,823
$BTC -0.9% past 24 hours; -4.0% past 7 days

Can $BTC break the overhead resistance soon?

Good morning and happy Friday. Over the past 24 hours, $BTC has continued to trade in a tight range above the $53K support level. However, the largest digital asset by market capitalization sees some strong overhead resistance between $60-65K, which could limit its price gains this month. Based on the Crypto Fear & Greed Index, the market sentiment has shifted from “Greed” to “Fear” quickly in recent sell-offs. The index was at the lowest level since late-September, which preceded a price bounce.

To confirm the formation of a market bottom, $BTC needs to hold the near-term lows at $53.3K and start making higher highs and higher lows. A failure to hold at this level can easily send $BTC towards the major support zone at $50-53K. Nevertheless, $BTC has been holding fairly well, considering the near-term risks from the risk-off in stocks, uncertainty on monetary policy and the Omicron variant. Stay cautious due to the rising funding rates and potential liquidations from derivatives which can lead to $BTC’s price dip towards the $53K area.

$ETH failed to break out the ATH of $4,800 again, despite finding immediate support at $4,400. Should it fall further, the next support will be at $4,000. Expect range-bound trading around these levels until $ETH makes a solid breakout on the major resistance at $4,800.  

Fidelity Investment successfully launched both a $BTC ETF and a $BTC mutual fund yesterday and started trading both products on the Toronto Stock Exchange. This comes after the U.S. SEC’s refusal to commit to a stance to allow the listing of Fidelity’s crypto ETFs in the U.S for 2.5 months and counting. The filings are still in the queue, and this trend of not permitting spot-based $BTC ETFs seems to be the status quo for now. The U.S. risks losing more listings to Canada and internationally and frustrates investment firms looking to widen their product reach to meet growing demand.

Digital assets market:

  • Total crypto market capitalization stands at $2.74T, -0.8% from yesterday
  • $BTC is +0.23% at time of writing; 24H liquidations and funding rates: $51.17M, +0.00638% average
  • $ETH is +0.21% at time of writing; 24H liquidations and funding rates: $56.03M, +0.01607% average
  • Stablecoins Market Dominance: USDT 48.77%; USDC 25.30%; BUSD 8.83%; DAI 5.77%

Alts and DeFi watch:

  • DeFi TVL: $108.24B
  • $SOL +2.7% in the last 24 hours, +12.2% in the past week 
  • $SHIB -0.7% in the last 24 hours, -0.2% in the past week
  • $SAND +3.9% in the last 24 hours, -9.0% in the past week
  • $ENJ -1.5% in the last 24 hours, -20.1% in the past week

More news that caught our eye:

OSL Trader View is contributed by Charmaine Tam, Stefan von Haenisch & Ethan Fu.

OSL is Asia’s most comprehensive digital asset platform providing brokerage, exchange, software-as-a-service and insured custody solutions to professional investors.

Home to one of the world’s largest and most experienced digital asset trading desks, OSL has its finger on the pulse of the market. The Trader View newsletter is a short, easily digested summary of market activity and eye-catching news of the day.

Feedback is important to us, and we’re keen to learn more about the types of insights and intelligence that matter to you most. Please share your thoughts with us.

And be sure not to miss future OSL news and insights by following us on Twitter, Linkedin, Facebook, and Telegram.

Please refer to OSL’s relevant disclaimers and disclosures associated with this note, including restrictions on redistribution.