October 13, 2021

​​$BTC 24 Hour High $58,066
$BTC 24 Hour Low $54,705
$BTC -0.7% past 24 hours; +9.7% past 7 days

Dip-buying opportunity before all-time highs?

After testing the 54.5K support area overnight, $BTC is moving higher, although it’s still trading below the 57.1K resistance level. $BTC met resistance at the top of a trading corridor which has arguably been in place since June. Should there be a pullback to the low 50s or high 40s, investors might take the opportunity to buy the dip. Nevertheless, it’s not too likely given the stable funding rates. But never say never in the current volatile crypto market.

While $BTC had a wobble, it’s ETH’s turn to hold strength. $ETH hardly changed over 24 hours, and it’s still sitting comfortably in the 2021 trading channel, with the 50D MA acting as support below it. $3,679 is the ceiling above us, which is the local top of September 16. This is the level that $ETH needs to find the strength to break through to go higher. If it does, a run to $4,000 could happen very quickly.

While Russia’s official stance is that accepting BTCs would negatively affect its economic and financial system, its deputy finance minister Alexey Moiseev confirmed Russian citizens could continue to trade and utilize cryptocurrencies outside of Russia, without fear of legal actions taken against them back home. Though cryptocurrency payments have been banned since January, the new law could be revisited once lawmakers properly define blockchain and digital currencies in its civil code. Similar to many countries, Russia is looking to issue its own version of a central bank digital currency, the digital ruble.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.42T, +0.1% from yesterday
  • $BTC is up 0.7% at time of writing, support / resistance – 52,956 / 61,227
  • $BTC liquidations and funding: $97.11M, +0.0077% average
  • $ETH is up 1.1% at time of writing, support / resistance – 3,440 / 3,675
  • $ETH liquidations and funding: $30.55M, +0.0339% average

Alts and DeFi watch:

  • DeFi TVL: $90.14B
  • $ONE up 10.8% in the last 24 hours, up 41.5% in the past week 
  • $ICP down 1.0% in the last 24 hours, down 19.7% in the past week
  • $ATOM up 7.6% in the last 24 hours, down 6.4% in the past week
  • $UNI down 1.4% in the last 24 hours, down 7.6% 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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