November 12, 2021

​​$BTC 24 Hour High $65,913
$BTC 24 Hour Low $64,459
$BTC -0.6% past 24 hours; +5.6% past 7 days

Towards the next leg up after transitory dip

Good morning and happy Friday. Both $BTC and $ETH continue to trade sideways in a very tight price range following the “necessary retreat” on Wednesday. If $BTC fails to hold at 64K, it’s likely to revisit 60K, or even retreat towards 54K. Should the trend reverse, bulls have their eyes on 67K as $BTC’s first real critical resistance level. 

The trading channel since October is still holding strong for $ETH, with support at $4,650. If the price action of the last few weeks repeats, a slight pullback could be imminent before perhaps heading towards $5,000. Like $BTC, $ETH’s funding rates are fairly flat now, with all major exchanges showing no more than 0.01%. Should a rally occur, it is likely to be driven by spot purchases in the physical market rather than leverage.

Interesting news emanating from Indonesia as religious leaders from the National Ulema Council (MUI) declared a crypto ban citing Shariya law. Nevertheless, the Chairman of MUI’s Fatwa commission clarified that digital assets could be traded as a commodity if it obeys Shariah law and demonstrates a “clear benefit”. 

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.99T, +1.6% from yesterday
  • $BTC is -0.6% at time of writing; 24H liquidations and funding rates: $26.63M, +0.01359% average
  • $ETH is +1.9% at time of writing; 24H liquidations and funding rates: $12.92M, +0.00751% average
  • Stablecoins Market Cap: USDT 52.91%; USDC 24.43%; BUSD 9.58%; DAI 4.61%

Alts and DeFi watch:

  • DeFi TVL: $113.06B
  • $SOL -0.8% in the last 24 hours, -6.2% in the past week 
  • $SHIB +10.1% in the last 24 hours, +11.2% in the past week
  • $SAND +7.4% in the last 24 hours, -9.2% in the past week
  • $ENJ +5.4% in the last 24 hours, +1.5% 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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