$BTC 24 Hour High $55,550
$BTC 24 Hour Low $50,570
$BTC 6.2% past 24 hours; +30.6% past 7 days
Good morning. The market has shot up aggressively over the last few days after a pullback — this is so far playing out (see the chart) as we predicted at the beginning of September.
$BTC hit 55K for the first time since May, with the market cap rising to $1T. $BTC has now rallied 36% in the past nine days, with 57K as the resistance area and a new support level at 52K.
Compared to $BTC, $ETH is relatively underperformed. $ETH is also trending higher, but yet to break through the local top at $3,675 from September 16. The market would like to see $3,533 held as support, yet it is not the case now. Historically, the longer $BTC rallies, the larger the chance for $ETH to explode higher as investors rotate down the list of coins. Are we in the cycle where $BTC first leads the way, followed by a rally with $ETH and major altcoins again?
On a separate note, regulatory fears have eased as the U.S. SEC Chairman Gary Gensler confirmed the agency would not institute a ban on cryptocurrencies as China had done as it’s up to the Congress, when prompted by crypto-friendly congressman Ted Budd. He added that he was technology-neutral and that technologies “don’t last long if they stay outside of the regulatory framework”. He then added that his agency would not move to institute a ban on cryptocurrencies.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.36T, +2.1% from yesterday
- $BTC is down 0.8% at time of writing, support / resistance – 46,370 / 61,230
- $BTC liquidations and funding: $223.34M, +0.0145% average
- $ETH is down 1.2% at time of writing, support / resistance – 3,340 / 3,730
- $ETH liquidations and funding: $58.58M, +0.0054% average
Alts and DeFi watch:
- DeFi TVL: $92.8B
- $DOT up 0.8% in the last 24 hours, up 14.8% in the past week
- $SHIB up 67.9% in the last 24 hours, up 344.3% in the past week
- $AVAX down 9.8% in the last 24 hours, down 11.1% in the past week
- $ALGO down 8.6% in the last 24 hours, up 10.6% in the past week
More news that caught our eye:
- Bank of America is bullish on digital assets; believes $BTC is only the beginning
- Kraken’s Dan Held: BTC market cap could settle between $50T and $150T
- Critical bug in Ethereum 2.0 staking pools safely patched
- SHIB spikes 85% to hit Its highest level since May
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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