September 23, 2021

​​$BTC 24 Hour High $44,173
$BTC 24 Hour Low $41,930
$BTC +2.6% past 24 hours; -10.3% past 7 days

Prices ticking up across all crypto assets

Good morning. We previously mentioned the pullback in the crypto markets was driven by a global risk sell-off, and a subsequent move-up might happen as quickly as the pullback occured. We are starting to see this play out right now, with prices higher across all crypto assets. 

Currently, funding rates are flat to negative, implying that more leverage is being used to short the market. A surge in demand for GBTC shares as the discount jumped from -17% to -11% within two days — being the narrowest level in a month. 

$BTC eventually found support at the 111-d MA and the 0.5 Fib retracement level, the halfway point between the June low and seventh high in September. We saw a lot of calls, including ours for a move down to 38-38.5K. That said, during the beginning of August pullback, we were looking for 36K, which never came. 43,636 is the next crucial resistance level we want to break through. It’s a level that has acted as decent support since August 8.

Similarly, ETH is moving higher after dropping as low as $2,650. We have now reclaimed the $3,000 mark. Will it hold to confirm the market’s view that it is indeed the bottom of the pullback?

Coming off a 1.5 month low, the crypto markets recovered to a certain degree after news that China’s Evergrande onshore entity has negotiated a deal over a bond interest payment due this week. The interest on the Shenzhen-traded 5.8% September 2025 onshore yuan-denominated bond is due today and though the filing did not specify the amount of interest to be paid, this news coupled with the fact that the Chinese central bank pumped in US$18.6B to provide liquidity managed to provide support and relief to the financial markets as a whole. Crypto majors have recovered above critical support levels — $42K ($BTC) and $3K ($ETH) at the time of writing.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.03T, +8.8% from yesterday
  • $BTC is down 1.0% at time of writing, support / resistance –  40,800 / 47,670
  • $BTC liquidations and funding: $113M, -0.0089% average
  • $ETH is down 0.9% at time of writing, support / resistance – 2,250 / 3,590
  • $ETH liquidations and funding: $372M, -0.0067% average

Alts and DeFi watch:

  • DeFi TVL: $82.8B
  • $SOL up 13.0% in the last 24 hours, down ~8.1% in the past week 
  • $FIL up 4.9% in the last 24 hours, down ~14.2% in the past week
  • $TRX up 9.0% in the last 24 hours, down ~18.2% in the past week
  • $EOS up 6.0% in the last 24 hours, down ~16.8% in the past week

More news that caught our eye:

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