September 15, 2021

​​$BTC 24 Hour High $47,390
$BTC 24 Hour Low $45,090
$BTC +4.4% past 24 hours; +0.8% past 7 days

MicroStrategy buys another $243M worth of BTC

Good morning. $BTC broke through its first critical support at 47K over the last few hours. 47.7-48K appears to be the next resistance area; will it flip as support for $BTC to climb higher soon?

Funding rates are low and long-term holds are accumulating, creating favorable conditions for the market to move higher. The 50-d MA has moved fairly quickly because of the bull run from 30K to 52K. Will we see a similar explosion for the remaining half of September and a high month-end close?

Though price action of $ETH was very choppy last week, it finally ticked higher overnight, finding support from the bottom of the 2021 trading corridor whenever the price drops too low. After reclaiming support at $3,400, $3,500 appears to be the next target for $ETH. A day close above $3,500 could be a considerably bullish sign.

Just before MicroStrategy purchased another 5,050 BTC yesterday, CEO Michael Saylor tweeted, “slow and steady wins the race”. This takes its total holdings to a staggering 114,042 BTC worth almost $5.1B, representing a 42% gain. MicroStrategy has steadfastly continued its purchasing program since 2020, albeit on a smaller scale over time. Working backward, the firm purchased its latest inventory at an average price of $48K, suggesting they bought this prior to the flash crash on September 7.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.23T, +4.4% from yesterday
  • $BTC is up 0.5% at time of writing, support / resistance –  43,910 / 47,370
  • $BTC liquidations and funding: $83M, -0.0073% average
  • $ETH is up 0.2% at time of writing, support / resistance – 3,020 / 3,510
  • $ETH liquidations and funding: $26M, 0.0138% average

Alts and DeFi watch:

  • DeFi TVL: $74.65B
  • $UNI up 10.7% in the last 24 hours, down ~4.3% in the past week 
  • $ATOM down 3.0% in the last 24 hours, up ~62.8% in the past week
  • $FTT down 1.7% in the last 24 hours, down ~4.5% in the past week
  • $AAVE up 14.9% in the last 24 hours, up ~10.4% in the past week

More news that caught our eye:

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