October 26, 2021

​​$BTC 24 Hour High $64,030
$BTC 24 Hour Low $61,826
$BTC 1.6% past 24 hours; +1.9% past 7 days

Markets creeping higher, critical support tested and held

The 60K support zone continued to hold as $BTC traded higher. Any dips into the high 50Ks were instantly bought and this price consolidation just below the ATH is building a strong foundation for the next breakout. 

An interesting pattern has emerged on the RSI — the downward-trending resistance line formed at the beginning of 2021 has flipped and became support, essentially signaling the start of the mid-September run-up. If this pattern plays out, will it be a repeat of a big bull run (see the chart)? While its funding rates are somewhat elevated, our indicators suggest that renewed price discovery may occur over the next few days. However, if $BTC fails to hold above 60K, it may move lower to 57K. 

$ETH is constantly moving higher, and finding its feet in the upper segment of the 2021 trading corridor. The price consolidation between $4K-$4.2K serves as a bullish signal. $ETH may encounter resistance at the top of the trading corridor, but a break above would give it more freedom to accelerate towards the first real resistance at $5,500 quickly.

Earlier this year, the U.S. Treasury proactively formulated a plan on handling the growing prominence of stablecoins, an asset class now worth roughly $130B. Apparently, the game plan is for the Treasury department to let the SEC take the lead in regulating the stables with the Commodity Futures Trading Commission (CFTC) playing a role as well. Previously both the SEC and Fed Chairs were championing purely SEC oversight as stablecoins appear similar to money market funds. The final report will be released sometime this week. 

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.75T, 3.7% from yesterday
  • $BTC is down 0.1% at time of writing, support / resistance – 59,650 / 67,311
  • $BTC liquidations and funding: $79.1M, +0.0253% average
  • $ETH is up 0.3% at time of writing, support / resistance – 3,751 / 4,381
  • $ETH liquidations and funding: $42.37M, +0.0362% average

Alts and DeFi watch:

  • DeFi TVL: $104.91B
  • $CRV up 34.8% in the last 24 hours, up 78.6% in the past week 
  • $ICP up 16.5% in the last 24 hours, up 17.6% in the past week
  • $DOGE down 4.5% in the last 24 hours, up 7.2% in the past week
  • $KSM down 0.7% in the last 24 hours, up 11.2% 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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