$BTC 24 Hour High $66,230
$BTC 24 Hour Low $63,714
$BTC +2.0% past 24 hours; +4.3% past 7 days
$BTC and $ETH plunge despite markets remaining bullish
Good morning. When mounting funding rates meet with lower prices, it’s never a good sign for the $BTC and $ETH bulls.
After plunging to 60K, $BTC successfully reclaimed the 62K area to shake off some leverage. The price drop is due to $BTC failing to hold at 63K, and thus breaking the critical support zone from two main indicators — the upward-trending support line from October 13, as well as the 0.786 Fib retracement from Sept-low to Nov-High. Though analysts still see $BTC in a bullish phase, the overall market sentiment has cooled somewhat as the expectations of price explosions towards the end of the year are becoming deflated.
The hype around $ETH’s price appreciation for seven straight weeks has overshadowed the fact that $ETH is trending downwards over the past five days. $ETH has been testing the lower end of the trading corridor in place since October. It’s worth noting that if we do break it, there would be a significant short-term trend reversal. $4,200 is the first critical support to hold (the middle of the 2021 trading corridor as well as the top from May 14), followed by $4,000 (the local top from September 5). Nevertheless, the short-term pullback may provide good opportunities to buy the dip for the bulls.
Valkyrie Investments announced plans to launch Valkyrie On-Chain DeFi fund on November 22. The $100M fund will have investments linked to at least 24 assets on 13 blockchains with popular names such as $ETH, $SOL, $FTM and $AVAX in the mix. These crypto assets will be held on-chain to gain yields from lending, liquidity pools, farming and staking, as opposed to Galaxy Digital’s passively-managed DeFi fund.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.88T, -3.5% from yesterday
- $BTC is -1.29% at time of writing; 24H liquidations and funding rates: $77.04M, +0.00890% average
- $ETH is -1.86% at time of writing; 24H liquidations and funding rates: $42.13M, +0.00791% average
- Stablecoins Market Cap: USDT 52.43%; USDC 24.21%; BUSD 8.96%; DAI 4.54%
Alts and DeFi watch:
- DeFi TVL: $112.38B
- $SOL -2.9% in the last 24 hours, -5.9% in the past week
- $SHIB -0.8% in the last 24 hours, -4.2% in the past week
- $SAND -4.7% in the last 24 hours, +5.1% in the past week
- $ENJ -3.3% in the last 24 hours, -7.0% in the past week
More news that caught our eye:
- OpenSea volumes go bananas as collectors pile back into Bored Ape Yacht Club NFTs
- BTC Senator’ Lummis joins Wyden to undo crypto language in infrastructure bill
- Paradigm Co-Founder on record $2.5B dund and next era of crypto
- USDC issuer Circle plans expansion into Asian markets
- Ripple ‘guilty of fraud,’ but not securities law violations: Messari’s Selkis
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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