$BTC 24 Hour High $44,229
$BTC 24 Hour Low $40,890
$BTC +3.4% past 24 hours; -7.0% past 7 days
$BTC takes a hit due to FUD over old Chinese news
Happy Monday all – with the weekend push lower due to the oft-repeated news of the Chinese government declaring all crypto transactions illegal, $BTC managed to prop itself up at the $41K-42K area of support. Considering that this is the third major pullback within September, $BTC is stubbornly holding above $40K, boding well for $BTC as sanity and calm prevail.
After bouncing off $40.8K on Sunday, $BTC traded higher, cutting through $43K as investors readjusted their portfolios over the weekend. Spirited buying is underway as $BTC continues its upward momentum from yesterday — we are now testing the 0.618 Fib extension at $44K.
$ETH is now trading back at the range we saw on Thursday, after taking a big hit on Friday. Looking to break convincingly past the $3,144 mark now, and if we do get past the 0.5 Fib extension level (1D), one might see a quick test of the $3,200 psychological level before heading to $3,250 where the upper limit of the Bollinger Band band is located. To the downside, $3,050 is the first support area, followed by $2,950 and $2,730.
In the “What’s next” section of Deutsche Bank’s website, BTC is touted as potentially becoming the 21st century digital gold with a caveat that one must be able to stomach the volatility associated with cryptocurrency investing. Rather than using it as a medium of exchange, most $BTC purchases are geared towards speculation and investment. Although a lack of regulation is still the top concern, $BTC enjoys the first-mover advantage and will likely stay as a favorite amongst other altcoins even though its use case lags behind some of its competitors, such as $ETH in NFT transactions and decentralized finance.
Learn more from today’s Trader View video.
Digital assets market:
- Total crypto market capitalization stands at $2.04T, +3.8% from yesterday
- $BTC is up 2.2% at time of writing, support / resistance – 39,600 / 44,700
- $BTC liquidations and funding: $138M, +0.0108% average
- $ETH is up 3.4% at time of writing, support / resistance – 2,650 / 3,180
- $ETH liquidations and funding: $92M, +0.0110% average
Alts and DeFi watch:
- DeFi TVL: $84,09B
- $XRP up 3.1% in the last 24 hours, down ~8.2% in the past week
- $UNI up 34.6% in the last 24 hours, up ~7.3% in the past week
- $SUSHI up 25.9% in the last 24 hours, down ~2.3% in the past week
- $COMP up 10.7% in the last 24 hours, down ~8.4% in the past week
More news that caught our eye:
- China’s latest crypto crackdown is its toughest yet
- $ETH gets back to $3K as institutional investors pile into ETH futures
- Cardano will soon have Its first stablecoin Djed
- Dolce & Gabbana wants to crown Dogecoin fan Elon Musk as “King of Crypto”
- Adoption: Spanish PortAventura to become the first amusement park enabling BTC payments
OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.
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