November 17, 2021

​​$BTC 24 Hour High $63,119
$BTC 24 Hour Low $59,150
$BTC -4.2% past 24 hours; -10.3% past 7 days

Shakeout begins, room for more downside?

$BTC suffered a 10% pullback over the past 24 hours, the biggest daily loss in weeks. After breaking the critical level at 63K, $BTC found support at 59K (50D MA). Approximately $900M has been liquidated from the market in just 24 hours, the highest since October 27, but it’s nothing compared to what we saw in early September, with $3.22B being wiped out in the same timeframe. 

Some analysts attribute the sell-off to two major announcements on Tuesday — the infrastructure bill U.S. President Biden signed, and China’s state planner warned of its ambition to further clean up crypto-mining in the country. If $BTC fails to hold, bears anticipate a price drop to 57K to test the next support area from Sept-Low to Nov-High Fib retracement. Funding rates are still stretched and started to reset. 

It’s more evident that $ETH has a stronger footing than $BTC at this point. $ETH’s funding rates have already reset and are trading flat across all major exchanges with one even showing negative value. The move over the last 24 hours has brought it back towards the middle of the 2021 trading corridor, with support at $4,200 holding. A move to 4,000 shouldn’t be discounted, with 0.618 Fib retracement from the Sep-Low Nov-High, as well as the 50D MA. On the off chance that $ETH breaks the critical support level at $4,000, it represents prime buying opportunities for the bulls. 

The Crypto Fear and Greed Index is still hovering above 70, suggesting the “Greed” level is still high, and the overall market is non-phased by this move lower. Are we looking at market complacency or belief?  

U.S. crypto-mining giant Marathon Digital Holdings plunged almost 30% within a day after the SEC announced a subpoena to request for its executives and relevant information related to its Montana data center facility to be handed over. The SEC is reportedly trying to determine if any laws were broken under the Securities Act. Marathon recently unveiled plans to raise $500M through issuing converter notes due Dec 1, 2026 to purchase more $BTC and $BTC mining equipment.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.74T, -6.4% from yesterday
  • $BTC is -0.45% at time of writing; 24H liquidations and funding rates: $264.02M, +0.00818% average
  • $ETH is -0.12% at time of writing; 24H liquidations and funding rates: $226.51M, +0.00933% average
  • Stablecoins Market Cap: USDT 52.16%; USDC 24.18%; BUSD 9.01%; DAI 4.53%

Alts and DeFi watch:

  • DeFi TVL: $106.73B
  • $SOL -6.3% in the last 24 hours, -8.2% in the past week 
  • $SHIB -7.4% in the last 24 hours, -11.2% in the past week
  • $SAND +30.3% in the last 24 hours, +48.2% in the past week
  • $ENJ +1.6% in the last 24 hours, -0.2% 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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