First Mover Asia: Bitcoin Hits Record High of Over $67.5K; Ether Also Sets New Mark

Indicators suggest that bitcoin, the largest cryptocurrency by market capitalization, is headed at least initially toward the $86K resistance level.

AccessTimeIconNov 8, 2021 at 11:30 p.m. UTC
Updated Nov 9, 2021 at 3:16 p.m. UTC

Muyao was a markets reporter at CoinDesk.

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Good morning, Here’s what’s happening:

  • Market Moves: Bitcoin passes $67.5K
  • Technician’s Take: Indicators for bitcoin suggest an upside toward the $86K resistance level.
  • Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis.

Prices

  • Bitcoin (BTC): $$67,523.28
  • Ether (ETH): $4,819.13

Market moves

Bitcoin rose over 7% during the past 24 hours. The No. 1 cryptocurrency by market capitalization had passed $67,500 on Monday at the time of publication to break its previous all-time high of $66,974.77 on Monday. Ether, the second-largest crypto by market cap, also hit a record high of over $4,800.

As bitcoin’s prices increased, the funding rates on major exchanges Binance and OKEx, or the cost of holding long positions in the perpetual futures on the exchanges, also elevated on Monday, according to data from coinglass. (Exchanges calculate funding rates every eight hours.) CoinDesk previously reported that rising funding rates are usually a sign that the market is becoming overheated.

CoinDesk - Unknown

Bitcoin's funding rates on Binance and OKEx. Credit: coinglass

Tokens associated with layer 1 blockchains that are similar to the Ethereum blockchain will continue to be worth monitoring on Tuesday because several of them – terra, solana and avalanche – hit record highs in the past two days. Many layer 1 blockchains are holding major events in the coming days – for example, Polkadot’s hotly anticipated parachain auctions on Nov. 11 – that could boost their tokens’ prices, too.

“Retail and traditional investors lack the resources and skills necessary to analyze the wide variety of complex individual application tokens, so the tokens of layer 1 blockchains have essentially become the ‘lazy man’s index’ – a catch-all solution for betting on the overall growth of digital assets,” Jeff Dorman, chief investment officer at fund manager Arca, wrote in his latest blog post on Monday.

Technician’s take

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Bitcoin broke above a short-term downtrend and broke its record high. At the time of publication, bitcoin’s price had broken $67,500. The cryptocurrency rose more than 7% over the past 24 hours.

Upside momentum is improving after a two-week consolidation phase of between $60,000 and $64,000. A confirmed breakout from that consolidation would require at least two consecutive daily closes above $66,900.

Indicators suggest further upside for BTC’s price, initially toward the $86,000 resistance level. Seasonal strength in the fourth quarter could support continued bullish activity over the next two months.

For now, intraday charts appear to be overbought into Asian trading hours, although pullbacks should remain limited given strong support at around $60,000.

Important events

Be on the lookout for the following on Nov. 9:

  • Housing Industry Association: Australia new home sales (October)
  • 8:30 a.m. Hong Kong/Singapore (12:30 a.m. UTC): National Australia Bank’s Business Confidence (October)
  • 1 p.m. Hong Kong/Singapore (5 a.m. UTC): Economic Watchers surveys on short-term economic trends (Japan)
  • 5 p.m. Hong Kong/Singapore (9 a.m. UTC): Break Point conference organized by the Solana Foundation to assemble cryptocurrency leaders.

On CoinDesk TV

In case you missed it, here are the most recent episodes of “First Mover” on CoinDesk TV:

“First Mover” hosts spoke with Acting Comptroller of the Currency Michael Hsu about the White House’s report calling for bank-like oversight on stablecoins. Plus, the show included crypto markets analysis from FTX.US President Brett Harrison.


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Muyao was a markets reporter at CoinDesk.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

CoinDesk - Unknown

Muyao was a markets reporter at CoinDesk.

CoinDesk - Unknown

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.