November 25, 2021

​​$BTC 24 Hour High $57,765
$BTC 24 Hour Low $55,938
$BTC -0.7% past 24 hours; -5.4% past 7 days

$BTC looks to retest $59.5K, market searching for direction 

Good morning. As prices of altcoins have started to pull back, the Crypto Fear and Greed index dropped further from 42 to 32, hovering in the “Fear” zone. Some may see a further move downwards in the next few days, representing a prime buying opportunity ahead of a potential market rebound in December.

Over the last 24 hours, $BTC broke a narrow trading range between $55.5K-56K. Our target is to first break the downward-trending resistance line at $59.5K before retesting the $60K support from early October to confirm a much-anticipated market reversal is imminent. However, if we break lower, we have our eyes firmly on the $53.5K support area. Funding rates are already creeping up again as more market participants use leverage in the hope of $BTC trending higher. Interestingly, there has been no real move higher in the underlying spot price. 

With a relatively neutral RSI at 50, $ETH continues to chop sideways, with funding rates looking cleaner than $BTC’s. Prices are converging around the middle of the 2021 trading corridor, with 50D MA acting as an intraday support level at $4,170. $4,000 remains as the critical support, followed by $3,850, while to the upside, $4,400 is the required level to break and retest. 

According to WhaleStats, large $ETH whales are loading up on the exchange token $FTT, which has been trading under the radar over the past few weeks. Recent figures revealed the buying pattern of the top 1,000 non-exchange $ETH addresses, and these deep-pocketed holders have reportedly been accumulating a rough average of $2.35M worth of $FTT each over the past month. One standout was an anonymous wallet that accumulated more than 14.74M $FTT coins worth almost $750M, with holdings increased by nearly 3,000% over the past 24 hours.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.7T, -1.6% from yesterday
  • $BTC is -0.75% at time of writing; 24H liquidations and funding rates: $82.6M, +0.01236% average
  • $ETH is -2.03% at time of writing; 24H liquidations and funding rates: $42.63M, +0.01235% average
  • Stablecoins Market Cap: USDT 49.43%; USDC 25%; BUSD 8.69%; DAI 5.87%

Alts and DeFi watch:

  • DeFi TVL: $105.86B
  • $SOL -7.6%% in the last 24 hours, -6.5% in the past week 
  • $SHIB -7.9% in the last 24 hours, -21.6% in the past week
  • $SAND +42.7% in the last 24 hours, +134.4% in the past week
  • $ENJ +18.7% in the last 24 hours, +60.0% 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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