September 24, 2021

​​$BTC 24 Hour High $45,168
$BTC 24 Hour Low $42,236
$BTC +3.8% past 24 hours; -6.3% past 7 days

Short-term V-shaped recovery in crypto underway

Good morning and happy Friday. After breaking through 44K, $BTC is now trending higher towards 47K — a significant level where the month opened, and at the 2.618 Fib extension from the previous cycle.

The chances of $BTC hitting a 58K monthly close target appear to be slim, though it’s not entirely impossible. At the very least, we would like to close the month above 47.3K to see a continuation in the monthly green candles to paint a bullish picture. 

Considering we have experienced two pullbacks this month so far, this is an impressive feat after all. 

Over the last 24 hours, $ETH is now trading higher and looking to break through $3,141. If it manages to move higher, we might look at a considerably quick move towards $3,350 where the 50d MV is currently located. To the downside, $3,075 is the first support area, followed by $2,900 and $2,600.

On a separate note, JP Morgan also revealed some interesting trends about crypto derivatives — major investors are appear more interested in ETH Futures than BTC Futures. The CME $BTC futures notably traded below spot this month primarily due to weak institutional demand. The two majors are the most popular crypto futures contract traded, with futures typically trading at a far larger volume than spot. A higher demand for futures typically indicates a bigger appetite for the underlying, and for September so far, $ETH futures are trading roughly at a 1% premium to spot.

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $2.09T, +3.2% from yesterday
  • $BTC is down 0.5% at time of writing, support / resistance –  43,470 / 45,750
  • $BTC liquidations and funding: $76M, -0.0132% average
  • $ETH is down 0.5% at time of writing, support / resistance – 3,020 / 3,260
  • $ETH liquidations and funding: $28M, -0.0140% average

Alts and DeFi watch:

  • DeFi TVL: $85.26B
  • $AVAX up 2.7% in the last 24 hours, up ~12.8% in the past week 
  • $CAKE up 0.3% in the last 24 hours, down ~10.6% in the past week
  • $XMR up 0.7% in the last 24 hours, down ~6.6% in the past week
  • $AXS up 9.9% in the last 24 hours, up ~2.2% 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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