Toggle navigation

November 5, 2021

​​$BTC 24 Hour High $62,808
$BTC 24 Hour Low $60,932
$BTC -1.8% past 24 hours; +1.1% past 7 days

Metaverse-themed coins lead the market

Good morning and happy Friday. $BTC is still trading sideways as $ETH continues to outperform. Given the elevated funding rates, the longer $BTC trades sideways (almost three weeks), the higher its likelihood to pull back to the mid-50s. On the bright side, this will shake out the leverage for $BTC to chart higher. The current price action resembles the local top we saw in April 2021. Will we see a repeat, a slight pullback, followed by a sharp breakout? 

#BTC continued to find support at 60K, thus there could be a lot of liquidation levels just below it. Looking for support on RSI at 52 if we do drop lower, we should find support in the same levels during the run-up from October to January 2020, in which $BTC soared from 10K to 42K.

Generally, $ETH enjoys a much stronger footing than $BTC as the former moved higher after testing $4,440 as support. That said, any significant move lower in $BTC would have a slight spillover effect into the entire crypto space. With the October trading channel holding firmly, $ETH should remain in the upper portion next week at least. $ETH’s support levels are clearly visible, indicating that it’s a healthy bull market for trading.

The crypto market is en route to top $3T with $ETH, $SOL and $DOT, capturing ATHs in recent days. The trio now forms part of the top 10 largest cryptocurrencies by market cap as fuelled by the hype around metaverse-related crypto projects, which saw a double-digit growth after Facebook’s brand revamp last week.


Learn more from today’s Trader View video.


Digital assets market:

  • Total crypto market capitalization stands at $2.83T, -1.9% from yesterday
  • $BTC is +0.1% at time of writing; 24H liquidations and funding rates: $37.46M, +0.0127% average
  • $ETH is -0.2% at time of writing; 24H liquidations and funding rates: $28.34M, +0.0128% average
  • Stablecoins Market Cap: USDT 52.68%; USDC 24.42%; BUSD 10.32%; DAI 4.70%


Alts and DeFi watch:

  • DeFi TVL: $106.33B
  • $DOGE -2.6% in the last 24 hours, -13.0% in the past week 
  • $AVAX +0.2% in the last 24 hours, +21.8% in the past week
  • $THETA +6.2% in the last 24 hours, +21.4% in the past week
  • $TRX -1.4% in the last 24 hours, +8.4% in the past week


More news that caught our eye:


OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.


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.