October 15, 2021

​​$BTC 24 Hour High $58,740
$BTC 24 Hour Low $57,090
$BTC -0.4% past 24 hours; +6.2% past 7 days

$ETH pumps towards the bullish channel

Good morning and happy Friday. $BTC tested 58.5K before moving a touch lower. It’s now caught in an area between a significant Fib retracement level at 57K, and the top of an upward-trending channel above. A move higher will likely encounter resistance at $59.5K. 57K is the intraday support we want to see hold. If failing, $BTC is likely to revisit 56.5K, followed by 54.5K.

Funding rates of $BTC are still flat, meaning prices could continue to grind higher. The CME BTC Futures, which are predominantly used by institutions to gain exposure to the crypto space, are almost at all-time highs. This is similar to what we saw in February 2021 which suggests institutions are making a comeback to $BTC. 

After a strong rally overnight, $ETH exploded to break the crucial resistance at $3,680, and swiftly hit the 0.786 Fib retracement level. $ETH is currently trading just below at $3,795. Should it fail to hold intraday support at $3,700, it may retreat to $3,650. Nevertheless, $ETH is now trying to break into the upper half of the 2021 trading corridor, a move that has historically led to continued outperformance over the next few weeks and even months. The funding rate is starting to get a little heavy on the long side — it’s already 4x higher than usual on the world’s largest exchange by flow. This could suggest some leverage has been used and a move-down could be fairly aggressive. 

As with the old adage of the rich getting richer, Elon Musk’s Tesla is now worth $1B more than it did by holding over 43K BTC at the start of 2021. At today’s prices, this inventory is worth roughly $2.5B, about $1B more than what the carmaker paid for it. This bold foray in substituting part of a company’s cash reserves into BTC is paying off handsomely and continues to pave the way for other corporations to follow suit.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.48T, +0.7% from yesterday
  • $BTC is down 0.4% at time of writing, support / resistance – 52,956 / 61,190
  • $BTC liquidations and funding: $82.83M, +0.0100% average
  • $ETH is down 0.4% at time of writing, support / resistance – 3,440 / 4,050
  • $ETH liquidations and funding: $62.02M, +0.0293% average

Alts and DeFi watch:

  • DeFi TVL: $95.89B
  • $DOT down 2.3% in the last 24 hours, up 19.3% in the past week 
  • $LTC up 0.2% in the last 24 hours, down 0.2% in the past week
  • $STX down 6.8% in the last 24 hours, up 56% in the past week
  • $LUNA up 0.6% in the last 24 hours, down 20.4% 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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