November 8, 2021

​​$BTC 24 Hour High $65,343
$BTC 24 Hour Low $61,583
$BTC +5.6% past 24 hours; +5.8% past 7 days

$ETH set a new ATH of $4.7K while $BTC pumps

Good morning. $BTC grows incredibly strongly over the last 24 hours, with the highest weekly open at $63.2K, with prices jumping from over $60K to $63.5K. The $60-63K corridor which $BTC has been trading within broke to the upside, and we’re testing the final hurdle at 64K before landing our target at the 65K area.

To reassure $BTC’s move higher above 65K is sustainable, the daily close needs to stay above 64K in the next seven days. The reason why $64K is particularly important is that it’s where the 3.618 Fib extension from December 2017 high and December 2018 low appears (see the chart) and acted as resistance several times, including the local top in April 2021. Funding rates are somewhat elevated, trading between 0.01% and 0.05%. If $BTC slips, the downward price movements could be exaggerated and force more liquidations to take place. 

$ETH bulls are dominating the space as it sets a new ATH of $4.7K, despite $ETH slipping relatively aggressively on Saturday. Following five consecutive bullish weeks, it’s not entirely impossible for $ETH to hit the next target of $5,500 in the next week or two, considering it’s soaring at this rate, with 1.618 fib extension from June low and September high. From a more macro level, it has been trading in the middle of the logarithmic trading corridor since March 2020. 

With the U.S. Congress passing legislation on the controversial infrastructure bill last week, the markets showed a reasonably tepid response despite the implications of the bill. Once this bill is signed, most crypto businesses registered in the U.S. would be considered brokers and have to report their transactions to the IRS. Crypto traders would also be required to file 1099 forms (reporting of non-employment income) while American-based crypto businesses would have to reveal client names and addresses.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.97T, +3.9% from yesterday
  • $BTC is +3.3% at time of writing; 24H liquidations and funding rates: $83.53M, +0.04084% average
  • $ETH is +2.2% at time of writing; 24H liquidations and funding rates: $34.72M, +0.06313% average
  • Stablecoins Market Cap: USDT 53.11%; USDC 24.75%; BUSD 9.81%; DAI 4.67%

Alts and DeFi watch:

  • DeFi TVL: $105.69B
  • $SOL -3.1% in the last 24 hours, +22.8% in the past week 
  • $SHIB -5.0% in the last 24 hours, -18.0% in the past week
  • $MANA -2.0% in the last 24 hours, -0.4% in the past week
  • $ENJ -8.7% in the last 24 hours, +24.6% 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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