$BTC 24 Hour High $61,053
$BTC 24 Hour Low $58,994
$BTC +1.5% past 24 hours; -6.6% past 7 days
Crypto markets close to bottom out
Good morning. Now more than halfway through November, the crypto markets have started to recover from the much-needed pullback in the hope of another leg up. The markets have finally reset, especially for $BTC and $ETH. While the funding rates become more compressed, the Fear and Greed Ratio Index has also lowered from “Greed” to “Neutral” at 52 today — these are all healthy market signals for the bulls.
Despite $BTC spending considerable time below 60K, it finally found support at the 50D MA. It’s now trading above the 60K support level, the local top from May 9. The middle of the logarithmic growth curve also serves a more long-term support level for $BTC, as this level was tested for the first time yesterday. Should the price slip, this is likely the support area for $BTC to hold. RSI is neutral on the daily chart, and a significant move above 63K would be a bullish signal for a continued price move upwards.
$ETH appears to have found support at the 50D MA, and from the middle of the 2021 trading corridor. It appears clear the price has tested the previous ATH on May 12, and $ETH is now looking to move higher. Though we cannot rule out the possibility of a retest of $4,200, the second-ranked cryptocurrency is likely to break the local resistance area at $4,400 in the next few days or weeks.
Interestingly, crypto-bartering network Anoma raised $26M with Polychain leading the funding round supported by Fifth Era, Electric Capital, Zola Global and others. This new project brings the origin of exchanging goods and services back to its roots before the advent of money. Unlike existing platforms such as ATOM and ETH, Anoma will be chain-agnostic (allowing for any tokens to be swapped with a token of another standard), have faster transaction speeds, and with zero-knowledge privacy, which means on-chain token swaps will be hidden.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.79T, +1.3% from yesterday
- $BTC is +0.53% at time of writing; 24H liquidations and funding rates: $68.14M, +0.01096% average
- $ETH is +0.80% at time of writing; 24H liquidations and funding rates: $93.47M, +0.00876% average
- Stablecoins Market Cap: USDT 52.11%; USDC 24.03%; BUSD 9.05%; DAI 4.51%
Alts and DeFi watch:
- DeFi TVL: $106.75B
- $SOL +0.6% in the last 24 hours, -5.4% in the past week
- $SHIB -1.0% in the last 24 hours, -3.7% in the past week
- $SAND +4.6% in the last 24 hours, +67.6% in the past week
- $ENJ -1.7% in the last 24 hours, +6.6% in the past week
More news that caught our eye:
- OSL SaaS trading volumes up 413% in 3 months, exchange platform daily volume hits $220M
- AVAX rallies amidst broader market sell-off
- “Dogecoin Killer” SHIB integrated by one of leading crypto payment processors
- $9B in $ETH exited exchanges in last 3 days as $ETH drops to $4.2K
- Fidelity approved to become Canada’s first $BTC custodian
- Record: Fidelity Charitable has received over $270M in crypto donations in 2021
OSL Trader View is contributed by 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.