October 27, 2021

​​$BTC 24 Hour High $63,398
$BTC 24 Hour Low $60,290
$BTC -4.0% past 24 hours; -5.6% past 7 days

Pullback fails to force liquidations

Good morning. $BTC pulled back overnight, but 60K support level holding for now. $BTC is forming a relatively narrow trading corridor between 60K and 64K. While funding rates remain elevated, we still need the leverage to be shaken out to provide better conditions for $BTC to accelerate higher.

$BTC’s trading pattern resembles what we saw in April. However, the time spent trading in the 60Ks has been much longer this time round. Should $BTC pull back, 57K remains a critical support level, followed by 53K — market participants might see these as a good buying opportunity.

Yesterday’s opening price was the highest ever daily open for $ETH. Overall, $ETH had a stronger day than $BTC as the former was only several percent away from the ATH before moving lower. $ETH is currently trading in the upward-trending support line which has been in place since the beginning of October. $ETH saw strong support at $4,000, followed by $3,810. 

The Korean Teachers’ Credit Union (KTCU) is reportedly looking to gain crypto exposure by investing in BTC or BTC-linked ETFs. One of South Korea’s largest public pension funds stated that the investment should come by 1H 2022 with Korean asset management firm Mirae Asset Global investments which recently launched two $BTC ETF trackers via its Canadian subsidiary, Horizons ETFs in April 2021. KTCU has $40.2B in AUM and has yet to disclose the size of its potential BTC ETF investment. This news comes at the back of numerous pension funds in the US and Canada seeking alpha, and more mainstream acceptance of the crypto market as a whole, allowing them to consider investing in this next generation asset class.

Learn more from today’s Trader View video

Digital assets market:

  • Total crypto market capitalization stands at $2.7T, -1.8% from yesterday
  • $BTC is up 0.9% at time of writing, support / resistance – 59,650 / 67,311
  • $BTC liquidations and funding: $94.76M, +0.0001% average
  • $ETH is up 1.0% at time of writing, support / resistance – 3,751 / 4,381
  • $ETH liquidations and funding: $38.55M, -0.0024% average

Alts and DeFi watch:

  • DeFi TVL: $104.06B
  • $THETA up 4.4% in the last 24 hours, up 20.2% in the past week 
  • $RUNE down 8.7% in the last 24 hours, up 69.0% in the past week
  • $SOL down 5.0% in the last 24 hours, up 29.5% in the past week
  • $LUNA down 1.3% in the last 24 hours, up 16.9% 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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