September 6, 2021

​​$BTC 24 Hour High $51,830
$BTC 24 Hour Low $49,500
$BTC +3.1% past 24 hours; +5.6% past 7 days

Good morning. Today let’s take a macro view by looking at the significance of Fibonacci extensions on $BTC. 3.618 level acted as resistance for the ATH, while 1.618 level held as support for three consecutive months. 

$BTC closed August above the 2.618 level, and prices are trending higher. $BTC’s monthly close at above $58,812. Will we reach new ATHs in September? Our take is the first new target of price consolidation will be at $74K.

On the daily chart, $BTC saw a significant daily close above $51K. Though short liquidations are not extreme, funding rates have dropped slightly, suggesting the market ran out of spot sellers. We saw weak resistance levels all the way up to the high 50s, and it’s not too far away from our target monthly close at 58K.

Over the weekend, $ETH traded north of $4,000 and it’s currently moving along the middle of the logarithmic trading corridor since the start of the bull run in March 2020. Is the market overbought? As long as $BTC continues to show strength, there is no reason why $ETH shouldn’t do the same. ETH/BTC pairing is trading at 0.076, but facing some resistance at this level. Will we see a retest of 0.071-0.073? Our thought is $BTC is likely to outperform $ETH over the next few days as it plays catchup.

While we saw a rising tide for all coins in August, Cathie Wood of Ark Capital Management refuted John Paulson (Paulson & Co.)’s crypto bubble claims in a recent interview, who criticized the market as a speculative short-term gamble and the bubble will eventually burst. According to Wood, skeptical investors are doing it out of ignorance rather than diligence, reflecting a risk-averse boomer mentality over-relying on benchmark indices. Those skeptics risk missing out on pertinent, innovative markets and key emergent technologies such as blockchain/crypto, which the indices, in general, do not place much emphasis on.

Digital assets market:

  • Total crypto market capitalization stands at $2.43T, +3.1% from yesterday
  • $BTC is down 0.1% at time of writing, support / resistance –  46,900 / 56,300
  • $BTC liquidations and funding: $127M, 0.0083% average
  • $ETH is down 0.6% at time of writing, support / resistance – 2,830 / 4,380
  • $ETH liquidations and funding: $31M, 0.0568% average

Alts and DeFi watch:

  • DeFi TVL: $99.8B
  • $CAKE up 1.5% in the last 24 hours, down ~3.1% in the past week 
  • $ALGO up 7.8% in the last 24 hours, up ~27.1% in the past week
  • $XTZ up 7.8% in the last 24 hours, down ~7.8% in the past week
  • $NEO up 5.8% in the last 24 hours, up ~17.0% in the past week

More news that caught our eye:

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