November 23, 2021

​​$BTC 24 Hour High $59,300
$BTC 24 Hour Low $55,866
$BTC -2.1% past 24 hours; -11.4% past 7 days

$BTC sees further decline after being rejected at $60K resistance

Good morning. $BTC has slipped further after retesting the crucial resistance area at 60K while $ETH followed suit and acted as a passenger in $BTC’s pullback. Nevertheless, the bullish sentiments of institutional investors were unwavered as $BTC and $ETH investment products attracted weekly inflows at $114.4 million and $12.6 million, respectively, according to CoinShares’ latest fund flows report for the week ending November 20. 

Plus, the Fear and Greed Index dropped to the “Fear” area, perhaps it’s time to be greedy when others are fearful. Chances are another sudden $1-2K plunge in $BTC could be what is needed for the final reset. Bulls may start looking for potential buying opportunities within the 54K-56K range. If $BTC fails to hold in the mid-50s range; however, $52K will be our next crucial support area — it’s the Sept-high, and also where the 111D MA can be found (purple line in the chart), which previously acted as ultimate support for the September pullback.  

$4,000 remains as crucial support for $ETH, but a move lower to $3,800 is within the realms of possibility. Similar to $BTC, the pullback from the September-high retraced to the 0.5 Fib level between July-low and Sept-high. Could we see a repeat of this during this pullback, where the 0.5 Fib level between Sep-low and Nov-high can be found at $3,800? The overall market sentiment should turn more bullish in the short term, once a lower RSI (between 30-34) has been reached.

In a recent FT interview, the global head of ETFs and indexed strategies of Invesco, finally revealed the reason behind their withdrawal of its $BTC Strategy ETF in the U.S. at the last minute. The $1.6T asset manager deemed the product as too costly for investors under the SEC rules, and the contango created would make the rolling cost of $BTC from one period to the next too high and kill off gains made from the previous period making the product unviable.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.67T, -4.0% from yesterday
  • $BTC is +0.60% at time of writing; 24H liquidations and funding rates: $47.29M, +0.01042% average
  • $ETH is +1.00% 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 -3.8% in the last 24 hours, –8.8% in the past week 
  • $SHIB -1.3% in the last 24 hours, -19.1% in the past week
  • $SAND +19.1% in the last 24 hours, +80.6% in the past week
  • $ENJ +4.5% in the last 24 hours, +16.5% 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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