$BTC 24 Hour High $59,368
$BTC 24 Hour Low $57,147
$BTC +3.2% past 24 hours; +4.0% past 7 days
$ETH leading the way for $BTC
Good morning and happy Black Friday. Indecisive price action finally came to an end overnight as both $ETH and $BTC started to rally. While the Etherum dominance rose to 19%, the Bitcoin dominance has slipped to 39.7%, the lowest since mid-May 2021. The outflow of funds from $BTC can partly explain the recent explosion of metaverse tokens such as $SAND and $MANA.
$BTC rose to $59K overnight and inching towards the downward-trending resistance line. However, a rejection of this level would see prices to retest at mid or even the low 50s in the next few days. Don’t forget that we are still on a downtrend — stay cautious and wait until the weekend to see if it’s a fake-out. Although the resistance of RSI has been broken too, the funding rates can get stretched and come back very suddenly, whenever the $BTC price moves higher.
$ETH shot up by 6% and broke the resistance at $4,440. A similar resistance line $BTC saw is also playing out on $ETH’s chart, but the main difference is that $ETH has broken through it. A retest of $4,440 would be the appropriate move to wait to confirm a trend reversal and signal an upward move. Do keep an eye on $BTC — any weakness in its price action over a prolonged period may see similar moves in $ETH. The price action that we have seen in $ETH is what we would ideally like to see in $BTC.
Ark Invest’s CEO Cathie Wood said that she was not fazed with the recent $BTC dip and remains optimistic about the largest digital asset’s growth during a CNBC’s Squawk Box interview. Known for investing in disruptive technologies, Wood opined $BTC was more than just an inflation hedge and it presents itself as a useful asset in protecting against counterparty risks in case of another financial meltdown seen in 2008/2009.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.81T, +4.1% from yesterday
- $BTC is -0.27% at time of writing; 24H liquidations and funding rates: $77.93M, +0.01166% average
- $ETH is -0.19% at time of writing; 24H liquidations and funding rates: $50.5M, +0.02194% average
- Stablecoins Market Dominance: USDT 49.27%; USDC 25.09%; BUSD 8.70%; DAI 5.90%
Alts and DeFi watch:
- DeFi TVL: $110.17B
- $SOL +1.5%% in the last 24 hours, -7.8% in the past week
- $SHIB +10.0% in the last 24 hours, -0.70% in the past week
- $SAND +5.6% in the last 24 hours, +75.2% in the past week
- $ENJ -1.2% in the last 24 hours, +46.5% in the past week
More news that caught our eye:
- $BTC overtakes Paypal on value transferred, sets sights on Mastercard: report
- Over one million $ETH worth $4.3B burnt since London upgrade
- Crypto market cap rebounds as Metaverse tokens pump
- $SHIB soars nearly 30% on Thanksgiving Day
- Transacting on $SOL less energy-intensive than on $BTC, $ETH, report reveals
- Kazakhstan might build nuclear plant to keep BTC mining migrants
OSL Trader View is contributed by Stefan von Haenisch & Ethan Fu.
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