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.

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