September 10, 2021

​​$BTC 24 Hour High $47,330
$BTC 24 Hour Low $45,850
$BTC +0.6% past 24 hours; -5.2% past 7 days

Prices unchanged as funding rates reset

Good morning and happy Friday. $BTC is now trading at 46.4K as we speak — it’s more or less where we were yesterday. We tried to break 47K once but failed to break through. The 200d MA is still holding as short-term support and prices are now at the 0.5 Fib retracement level. If we are to tackle the 50K area, this is the first critical resistance level we need to break, test, and confirm as support as mentioned earlier this week.

Similar to $BTC, $ETH also tried to break above 3,500 but failed. Its funding rates are reset to 0.01% across all exchanges, indicating an aggressive shakeout of leveraged longs. 3,350 remains the key support level to hold. As long as prices consolidate above this level and continue to test resistance levels above us, the next big move should be to the upside. Overall, we expect more sideways actions over the weekend as support and resistance levels are each holding their own, both on $ETH and $BTC. 

The SEC has once again delayed ruling on VanEck’s Bitcoin ETF application on what could be the US’ first BTC ETF product. If SEC approves the bid on November 14, the ETF will allow investors to purchase shares, representing the major cryptocurrencies in accordance with their market capitalization for the first time. Apart from VanEck, other major investment firms such as One River, Valkyrie, SkyBridge and Ark Invest are also pending SEC’s approval. For now, Americans can only look across the border where the Canadians have launched crypto ETFs with much fanfare.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.22T, +1.3% from yesterday
  • $BTC is up 0.6% at time of writing, support / resistance –  45,500 / 56,400
  • $BTC liquidations and funding: $62.31M, 0.0063% average
  • $ETH is up 0.9% at time of writing, support / resistance – 3,140 / 4,025
  • $ETH liquidations and funding: $48.01M, 0.0271% average

Alts and DeFi watch:

  • DeFi TVL: $88.29B
  • $ICX up 38.5% in the last 24 hours, up ~43.5% in the past week 
  • $MINA up 31.9% in the last 24 hours, up ~43.4% in the past week
  • $RVN down 0.4% in the last 24 hours, down ~10.9% in the past week
  • $DOGE down 1.5% in the last 24 hours, down ~14.0% in the past week

More news that caught our eye:

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