$BTC 24 Hour High $60,324
$BTC 24 Hour Low $58,037
$BTC -2.7% past 24 hours; -11.3% past 7 days
$BTC eyes a bottom-out, despite drifting under $60K
Good morning. Although BTC is recovering from an aggressive pullback from last week, a short bounce failed to break $60K over the weekend. Expect a short-term move lower today to claim the BTC futures close at $58.25K. $BTC is looking for support at $57.8K, but a retest of $56K would certainly not go amiss. A move to this level, accompanied by a drop in the RSI towards 34 in the next few days, could set up a bullish divergence structure, a pretty reliable “market-bottom” indicator. To the upside, we will need to break and retest the $60K resistance and the downward-trending resistance line to confirm a trend reversal. ARK Invest CEO Cathie Wood revealed in a recent Barron’s interview that large institutions with strong hands are moving into $BTC in a hurry. Will it provide better fundamentals for $BTC to regain its bullish strength in the coming weeks?
$ETH’s technicals are looking much stronger, with healthier funding rates than $BTC. Nevertheless, $ETH’s price action is likely to be influenced by $BTC’s. $ETH currently saw resistance at $4,440, with immediate support identified at $4,000, followed by $3,800. However, the likelihood to drop to $3,800 is less likely, given the stage of the cycle we are at. Look out for the emergence of a similar bottom-out structure for both $ETH and $BTC, which can present a good buying opportunity for both swing traders and HODLers.
During a week-long bitcoin conference in Miami, El Salvador’s pro-crypto president Nayib Bukele announced plans to build the world’s first “Bitcoin City” construction with assistance from Bitfinex and Blockstream. It will be built near the Conchagua volcano to take advantage of geothermal energy to power both the city and bitcoin mining. The seaside city will be shaped in a circular fashion where it will house an airport, residential and commercial areas, and feature a central plaza when viewed from above, shaped like a $BTC symbol.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.75T, -2.0% from yesterday
- $BTC is -0.60% at time of writing; 24H liquidations and funding rates: $47.29M, +0.01042% average
- $ETH is -0.49% at time of writing; 24H liquidations and funding rates: $21.26M, +0.00380% average
- Stablecoins Market Cap: USDT 50.76%; USDC 24.80%; BUSD 9.04%; DAI 4.92%
Alts and DeFi watch:
- DeFi TVL: $104.22B
- $SOL +4.0% in the last 24 hours, -5.2% in the past week
- $SHIB -8.0% in the last 24 hours, -18.4% in the past week
- $SAND -12.0% in the last 24 hours, +38.3% in the past week
- $ENJ -9.0% in the last 24 hours, +6.5% in the past week
More news that caught our eye:
- Fed Gov Waller: Most crypto has zero value and is not a threat
- $BTC can destabilize nations, says Hillary Clinton
- Top 5 cryptocurrencies to watch this week: $BTC, $AVAX, $MATIC, $EGLD, $MANA
- $AVAX flips $SHIB, analyst says ‘$AVAX is pulling a $SOL’, $AVAX up 4042% YTD
- SHIB and DOGE: The most searched cryptocurrencies on Google USA in November
- Square unveils white paper for decentralized protocol that lets you exchange $BTC, fiat and more
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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