September 27, 2021

​​$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:

OSL Trader View is contributed by Emilia Lee, Ethan Fu & Stefan von Haenisch.

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