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October 7, 2021

​​$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:


OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.



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