September 28, 2021

​​$BTC 24 Hour High $44,316
$BTC 24 Hour Low $42,085
$BTC -3.4% past 24 hours; -0.8% past 7 days

Alibaba blocks sales of crypto-mining gear

Good morning. After briefly experiencing bouts of buying on Monday, the earlier euphoria dissipated, with the overall crypto market resuming its short-term downward trend. $BTC saw a high of $44.3K on Monday but started falling steadily coming into Tuesday. Once again, we saw buying support at the $42K mark, bouncing off at the 0.236 Fib extension level. The RSI, once headed towards 60, has fallen in tandem with the price weakness, and is hovering just under 50.

The technicals for $ETH now do not look as bullish as the market hoped, charting a very similar path to $BTC — showing good buying support at the $2,750 levels before hitting resistance at the $3,200 mark. RSI on the daily has gone from neutral to now slightly bearish. On the 4H chart, we see prices dropping below the mid-Bollinger Band, with the RSI now dipping below 50. Expect continued weakness as the market continues to search for more positive news to push both majors higher. 

With the Chinese government’s renewed push to stamp out cryptocurrencies, Chinese e-commerce giant Alibaba has announced a halt to selling crypto-mining equipment and related software from October 8. Tutorial strategies on crypto-mining will not be spared either. The announcement comes off the back of the mining companies being forced out of China earlier this year, the service shutdown of Sparkpool (a China-based ETH mining pool company), and exchanges such as Huobi and Binance recently announcing restrictions of the services offered to its clients. 

Learn more from today’s Trader View video.

Digital assets market:

  • Total crypto market capitalization stands at $1.97T, -4.0% from yesterday
  • $BTC is up 0.6% at time of writing, support / resistance –  39,600 / 44,700
  • $BTC liquidations and funding: $66.53M, -0.0146% average
  • $ETH is up 0.9% at time of writing, support / resistance – 2,650 / 3,180
  • $ETH liquidations and funding: $41.79M, -0.0029% average

Alts and DeFi watch:

  • DeFi TVL: $82.54B
  • $SNX down 8.0% in the last 24 hours, down ~5.4% in the past week 
  • $SOL down 2.0% in the last 24 hours, up ~3.1% in the past week
  • $DOGE down 2.7% in the last 24 hours, down ~2.4% in the past week
  • $LUNA up 0.9% in the last 24 hours, up ~34.8% 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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