October 11, 2021

​​$BTC 24 Hour High $56,716
$BTC 24 Hour Low $54,302
$BTC -0.7% past 24 hours; +13.7% past 7 days

Investors switching from altcoins to $BTC

Good morning. Despite repeated attempts to push higher over the weekend, $BTC continued to move in only a slightly upward-trending channel while consolidating over the past five days.  

We could see a pullback that wipes out existing leverage before $BTC moves higher towards the target monthly close at $58,812. Will it break $57,122 to the upside as the market anticipates? Its RSI is almost at an overbought level at 70, but in a place that’s not entirely unusual during a bull market. $52,000 is the first critical resistance to the downside, should the trend reverse.

$ETH is no different as it repeatedly tried to chart higher but failed over the last few days. It is moving lower to find support from the 0.618 Fib retracement level at $3,359 from the May-high and June-low. This is a critical support level,  as the 50D MA also finds itself at this level. It’s worth noting that $ETH’s RSI and funding rates are also lower than $BTC’s, suggesting that less leverage has been used. ETH’s losing momentum could be due to investors switching altcoins into $BTC. To the downside, we should find support at $3,000, however, this means another 15% drop in prices  — it’s unlikely although it’s not entirely impossible.

In the upcoming weeks, the U.S. SEC is set to give their verdict on whether to approve, delay or reject as many as four BTC futures ETFs by the end of the month. Approving these ETF applications, including ProShares, Invesco, VanEck and Valkyrie, would be a big win for the $6.7T U.S. ETF industry and the crypto industry as a whole. It’s particularly encouraging for some with applications pending for eight years. An ETF advisor commented that it would be disingenuous for Regulators to encourage filings only to then disapprove them. 

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.36T, -2.4% from yesterday
  • $BTC is up 0.2% at time of writing, support / resistance – 51,067 / 57,123
  • $BTC liquidations and funding: $57.17M, +0.0150% average
  • $ETH is down 0.6% at time of writing, support / resistance – 3,334 / 3,624
  • $ETH liquidations and funding: $37.51M, +0.0003% average

Alts and DeFi watch:

  • DeFi TVL: $74.63B
  • $SOL down 5.3% in the last 24 hours, down 14.4% in the past week 
  • $DOT down 3.2% in the last 24 hours, up 7.5% in the past week
  • $MATIC down6.4% in the last 24 hours, down 5.9% in the past week
  • $AXS down 4.7% in the last 24 hours, down 12.0% 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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