Bitcoin has been trading in a correct wave pattern, slowing down the current price action. Price seems to be completing the B Wave before trading lower to for the C Wave.

In recent news events, CryptoPunks have once again taken the lead in NFT sales, surpassing the $1.6 million mark. This resurgence showcases their enduring appeal within the volatile world of digital collectibles

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Bitcoin had an impulsive rally from the lows, competing a full 5 wave extension. There is a high probability of the wave 5 being set, now price remains trading in a corrective phase, this has slowed down the market.

Observing price action on the chart, the A leg seems to be in place with Bitcoin now trading for the completion of the B leg extension. The whole wave correction will remain valid as long as price action remains trading below resistance of $67,555.

The wave C completion of this correction is in technical confluence with the .618 Fibonacci and the Daily Support of $62,838. It is important to monitor how price action reacts here for a directional play.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

CryptoPunks NFT sales surpass the $1.6 million mark

On Monday, CryptoPunks regained their position as the leader in NFT sales, amassing over $1.6 million. The collection saw 17 deals, with 14 different buyers and 15 sellers, averaging around $94,825 per transaction.

Following closely, Solana Monkey Business from the Solana blockchain came in second, with sales amounting to $953,143 through 216 transactions, involving 91 unique buyers and 89 sellers. This was a substantial leap from their sales the day prior, which totaled $371,874. DMarket, based on the Mythos Chain, took the third spot, achieving $663,200 in sales across nearly 30,000 transactions. Rounding out the top performers, Guild of Guardians Heroes on Immutable and DogeZuki Collection on Solana ranked fourth and fifth, respectively. Heroes managed a sales figure of $508,068, while DogeZuki Collection reached $318,012.

The Ethereum blockchain, home to CryptoPunks, experienced a total sales increase to $4.55 million from $3.94 million the day before, marking a 15.5% uptick. Meanwhile, Solana's blockchain also noted a significant increase in its daily sales volume, rising to $3.52 million from $2.19 million the previous day.

There’s a reason 400,000 professionals read this daily.

Join The AI Report, trusted by 400,000+ professionals at Google, Microsoft, and OpenAI. Get daily insights, tools, and strategies to master practical AI skills that drive results.

Sign up now for free and work smarter, not harder.

Crypto X Segment

Wisdom Drops

Bitcoin Insider bouncing back to work, See you in the next one! 👊