October 12, 2021

​​$BTC 24 Hour High $57,860
$BTC 24 Hour Low $55,004
$BTC 3.4% past 24 hours; +15.4% past 7 days

Rotation from alts into BTC continues

Good morning. $BTC fought to push through the critical resistance level at 57K — a touch over 10% away from the all-time high. With flat funding rates or even negative rates at times, suggesting little leverage has been used, and its rally resulted from physical spot purchases. In short, the good news is the bull run is reasonably intact.

$BTC’s monthly close is above the monthly close target of March 2021 at 58.8K. This is highly important as it would be the highest ever monthly close for $BTC. Though RSI shows $BTC is currently at the overbought level at 70, $BTC has spent months above this level, especially during the bull run phases, which could be sustainable. On the upside, we would like to see this price level of 57K hold. But should $BTC fail to hold, we might see a retest of the 54.5K market in the middle of the trading corridor that we have traded since mid-October.

At present, $ETH is failing to hold at $3,500, with range-bound trading between $3,680 and $3,360. The 50D MA and the 0.618 Fib retracement level (May-high, June-Low) is acting as short-term support since the beginning of October. $ETH could continue to move sideways until investors stop rotating from alts into Bitcoin. Until $BTC runs out of steam, we expect to see the rotation reverse and benefit $ETH and other alts.

On a separate note, crypto assets risk management provider Elliptic secured a Series C funding round of $60M for business expansion and R&D advancement. The funding round was led by Evolution Equity Partners, along with a new investment from technology investment giant SoftBank Vision’s Fund 2. Previous raises were $5M in Series A (2016) and $28M in Series B (2019-2020). Elliptic will use the funds to expand globally with a specific focus on the U.S market. It works with TRADFI with a suite of investigative and compliance tools for monitoring transactions involving digital currencies. 

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.4T, +2.2% from yesterday
  • $BTC is down 0.9% at time of writing, support / resistance – 52,956 / 61,227
  • $BTC liquidations and funding: $69.83M, +0.0044% average
  • $ETH is down 0.7% at time of writing, support / resistance – 3,337 / 3,731
  • $ETH liquidations and funding: $28.42M, +0.0011% average

Alts and DeFi watch:

  • DeFi TVL: $90.33B
  • $DOGE down 1.8% in the last 24 hours, down 6.1% in the past week 
  • $UNI down 1.7% in the last 24 hours, down 5.5% in the past week
  • $TRX down 2.7% in the last 24 hours, up 2.0% in the past week
  • $FTT down 0.4% in the last 24 hours, down 3.7% 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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