November 11, 2021

​​$BTC 24 Hour High $69,045
$BTC 24 Hour Low $65,566
$BTC -4.0% past 24 hours; +2.3% past 7 days

$BTC hits latest ATH then plunges, leverage flushed

Good morning. $BTC hit a new ATH yesterday and flirted with $69,000 for the first time. The frenzy was short-lived as $BTC failed to hold 68K and suddenly plunged. It moved back up and is holding above 64K currently. However, there is nothing unhealthy about this occurrence as it’s necessary to shake out the leveraged longs for a subsequent upwards price movement. Funding rates have been cut from 0.06% to 0.03%, and become more consistent across exchanges. It’s not impossible for another short-term pullback towards 62K. That said, it provides a good buying opportunity due to bullish market sentiment and a healthy market outlook.

$ETH also moved lower and $4,440 remains the ultimate support level that we previously identified. From a macro perspective, expect $4,500 to continue holding as it is where the $ETH’s logarithmic growth curve comes in to support. As long as the daily close stays above this level, $ETH is likely to chart higher. Overall $ETH looks healthier than $BTC, as evidenced by its flat funding rate.

Last night’s price action brought $BTC’s often argued role as an inflation hedging asset back into the limelight. Although its returns have outshone gold in the last decade, $BTC, like gold, is prone to short-term volatility. The idea of $BTC as a store of value is more widely recognized now owing to its competitive advantage in finite supply, meaning it gets exponentially harder to mine over time and its value cannot be diminished by a centralized body versus fiat. $BTC does not need to replace gold but complement it.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.93T, -3.7% from yesterday
  • $BTC is -0.20% at time of writing; 24H liquidations and funding rates: $193.M, +0.01487% average
  • $ETH is -0.34% at time of writing; 24H liquidations and funding rates: $98.52M, +0.01764% average
  • Stablecoins Market Cap: USDT 53.18%; USDC 24.5%; BUSD 9.59%; DAI 4.53%

Alts and DeFi watch:

  • DeFi TVL: $112.7B
  • $SOL -1.4% in the last 24 hours, -3.0% in the past week 
  • $SHIB -8.4% in the last 24 hours, -11.2% in the past week
  • $SAND -5.1% in the last 24 hours, -26.8% in the past week
  • $ENJ -6.5% in the last 24 hours, -0.3% in the past week

More news that caught our eye:

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

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