$BTC 24 Hour High $49,752
$BTC 24 Hour Low $47,188
$BTC 3.6% past 24 hours; +17.8% past 7 days
Crypto price correlation to equities break down
Good morning. $BTC pumped higher again last night. Keep your eyes out for the $50K mark. Cryptocurrency also broke the correlation with equities. Looking ahead, $BTC will face resistance on the one side because of this downward-trending resistance line, and on the other, a similar resistance line is playing out on the daily RSI (see the chart). $50.6K will be a crucial area of initial resistance. If $BTC does break through the resistance area, this might lead to a relatively quick test of the September 7 high at $52,916.
$ETH ticks upwards while seeking support from the 50D MA. The 2021 trading channel continued to render support to $ETH (see the chart) as well, with resistance coming from the 0.786 Fib retracement at $3,466. Beyond this level, $3,675 is the next target level we will need to test. The funding rates of $ETH were flat across the board, suggesting the rally over the last few days was driven by physical spot purchases.
U.S. based crypto-mining firm Marathon Digital Holdings received a $100M revolving credit facility from Silvergate bank, with a mixture of BTC and USD in terms of funding denominations. The mining company will utilize the line to fund its mining operations and purchase BTC mining equipment. Silvergate is expected to renew the line of credit annually.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.24T, +0.7% from yesterday
- $BTC is up 0.7% at time of writing, support / resistance – 46,370 / 54,310
- $BTC liquidations and funding: $81.36M, 0.0054% average
- $ETH is up 0.6% at time of writing, support / resistance – 2,970 / 3,730
- $ETH liquidations and funding: $39.69M, +0.0057% average
Alts and DeFi watch:
- DeFi TVL: $88.7B
- $VET up 1.3% in the last 24 hours, up 27.2% in the past week
- $ETC up 2.8% in the last 24 hours, up 20.3% in the past week
- $CRO up 0.1% in the last 24 hours, up 16.7% in the past week
- $FTM down 2.6% in the last 24 hours, up 9.6% in the past week
More news that caught our eye:
- Following El Salvador, Tongan parliament may consider BTC As legal tender
- BTC hash rate might make new ATH soon, what does it mean for the price?
- BTC surpasses Facebook in market capitalization
- $3.5B company just bet $100M on $BTC by securing revolving credit line with Silvergate
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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