Toggle navigation

November 26, 2021

​​$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:


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.