Daily Update - November 6, 2020- BTC Crushes $15K

From traditional equities to digital assets, we’re seeing a solid wash of green with the exception of drug manufacturers:

Market cap injects $35B overnight to $442B from $407B, reaching its highest point since Mar 2018.

Undoubtedly all eyes were on $BTC as it reached its highest price in three years (Jan 2018) at $15K after seeing traded volumes increase +$15B overnight to $35.6B in the past 24 hours. Nearly 170M short contracts were liquidated during this period. $BTC dominance surged to 65.7%, a significant grab of the pie from the mid-50’s it had held during the peak of the DeFi season.

Bitcoin would need to avoid a fall through the pivot level at $15,132 to bring the first major resistance level at $16,160 into play. Support from the broader market would be needed, however, for Bitcoin to break out from Thursday’s high $15,723.6.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another crypto breakout, Bitcoin could test the second major resistance level at $16,751. Failure to avoid a fall through the $15,132 pivot would bring the first major support level at $14,540 into play. Barring an extended crypto sell-off, Bitcoin should continue to steer clear of sub-$14,500 levels. The second major support level sits at $13,513.

Paypal announced an increase in transaction size from $10K to $15K as "Interest in buying crypto was more than double what PayPal expected."

The US Government is now considered a “BTC whale” after it seized a treasure chest of 69,370 $BTC, (valued at US$1.09B) from user Anonymous X from the defunct Silk Road - considered the 4th largest wallet in the marketplace at that time.

Noteworthy update around the second major alt, $ETH, as it launched its staking address with around 32K $ETH tokens already staked. Phase 0 is expected around December 1, 2020. On a trading perspective though, $ETHBTC slumped to 0.0267 levels overnight (down 5.2%) against the latter and has now dropped 13 out of the last 15 days since breaking from its range bound pattern (0.032 to 0.033) throughout early Sept to mid Oct. 

$ETHUSD on the other hand traded up to 425, still $60 away from its DeFi peak.  Targeting 440 today with its current momentum riding off $BTC, and its positive development news.

Bidding with caution and ignoring the rest of the crypto market are two things that don't sound too bad, with the majority of the coins in the red against $BTC.

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