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Consecutive higher highs and higher lows is clearly evident on the chart as Bitcoin trades towards high timeframe Point of Control and the .618 Fibonacci. This regions is key to monitor, a change in structure will be the first sign of weakness.

Bitcoin essentially is reaching a make or break point, a rejection will change the trend immediately to bearish for lower prices such as $42,000 - yet to be determined.

In recent news events, Cardano Founder Charles Hoskinson to Meet with Argentina President, what are they cooking?

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Crypto Wisdom

Bitcoin Price Analysis

POC and .618 Fibonacci

This recent rise is approaching an important high timeframe region where a rejection is plausible.The region has the Point of Control and the .618 Fibonacci of the larger trading range.

Bitcoin essentially has traded range-bound over the past year, breaking the POC will indicate strength. This will greatly increase the probability of price action trading towards new all time highs.

A rejection here will be considered very bearish, locally this will mean new potential lows are probable. Price action will simply establish a new lower high, continuing the overall consecutive lower high trend.

Bitcoin Channel Resistance

Over the past few days, the theme of price action has been trading channels, this is because we are in a local trending environment. Naturally price action will trade towards the edges for a reaction.

Currently, Bitcoin is trading towards clear resistance, that is the channel high. Testing this area is on the horizon, a rejection will lead to price breaking local market structure. This area is also in alignment with the POC and the .618 Fibonacci mentioned previously.

Overall, Bitcoin locally is in a bullish trend, a rejection will only occur once there is a market structure shift - this has not yet occur.

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

Latest Market News

Cardano Founder Charles Hoskinson to Meet with Argentina President 

Cardano's founder, Charles Hoskinson, is scheduled to meet with Argentina’s President Javier Milei in October to discuss how cryptocurrency could influence the nation's economy. The meeting, planned for October 19 during the Tech Forum Argentina, will focus on the potential of blockchain technology to reshape Argentina’s economic and social structures. Topics will include the country’s stance on technology and the possible introduction of a central bank digital currency (CBDC).

This meeting strengthens Cardano’s already significant presence in Argentina, where the Cardano Foundation has formed several partnerships to encourage local blockchain adoption. In June 2024, another agreement was signed to expand blockchain integration in the country.

Bitcoin also has deep roots in Argentina. BitPay, a major crypto company, developed its Copay wallet there in 2012. President Milei, a known supporter of cryptocurrency, has praised Cardano on social media. In May 2024, he reposted a Cardano-related message from Dario Epstein and has shared several of Hoskinson’s posts since then. On September 17, Milei confirmed his participation in the Tech Forum Argentina through a social media announcement.

This news aligns with Cardano’s progress towards decentralized governance as part of the Voltaire era of its roadmap. On September 1, Cardano completed its first hard fork of this era, bringing in community-led governance mechanisms. Another expected upgrade, Leios, is said to make Cardano faster than Solana while maintaining decentralization. The final version of the Cardano Constitution, solidifying these governance features, is anticipated for approval in December 2024.

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