October 20, 2021

​​$BTC 24 Hour High $64,609
$BTC 24 Hour Low $61,705
$BTC +2.9% past 24 hours; +14.0% past 7 days

$BTC 1% away from ATH, new Proshares BTC ETF closes with 5% gain

Good morning. October is turning into an exciting month for the crypto world — the new Proshares BTC ETF became the second-highest ETF ever in opening day volume yesterday, and the markets have also soared by 50% within 20 days. Additionally, $BTC is only 1% away from its ATH.

The Fear and Greed Index is at 82, the highest since March and may still climb higher. If the current greed level sustains for another few months, $BTC may be even more explosive. While funding rates are still flat, the spot-driven rally will, in all likelihood, continue. $BTC may encounter initial resistance at $68,010, the first short-term fib extension.

According to the ETH/BTC chart, $ETH is still underperforming compared to $BTC. The next critical support target for $ETH is at 0.055-0.057. If Bitcoin breaks out higher, $ETH accumulation would appear to continue at these levels. Be patient as some might see it as an opportunity to move their $BTC investment to ETH and see a subsequent uplift in price. After $ETH breaks $3,900, we are likely to see a rapid test of $4,000. Given the current confidence levels, chances are $ETH may see a quick jump higher to the ATH of $4,383.

With news of ProShared’s Bitcoin Strategy ETF making headlines for trading close to $1B during its first trading session last night, we turned our attention to Martha Stewart. The lifestyle and TV mogul is bringing her brand into the NFT space, a new medium for the entrepreneur to showcase her brand. The auction takes place on OpenSea whilst the ETH-based tokens were created in partnership with Tokns Commerce.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.65T, +2.8% from yesterday
  • $BTC is up 0.1% at time of writing, support / resistance – 58,427 / 66,994
  • $BTC liquidations and funding: $109.29M, +0.0157% average
  • $ETH is up 0.2% at time of writing, support / resistance – 3,765 / 3,971
  • $ETH liquidations and funding: $17.81M, +0.0339% average

Alts and DeFi watch:

  • DeFi TVL: $96.57B
  • $SOL up 0.1% in the last 24 hours, up 3.2% in the past week 
  • $LUNA up 6.0% in the last 24 hours, up 0.9% in the past week
  • $EOS up 1.1% in the last 24 hours, down 0.5% in the past week
  • $AAVE up 3.0% in the last 24 hours, up 7.2% 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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