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Bitcoin Insider - Daily Edition: 11/06/24 - Read Time: 3 Min

The key high mentioned in the previous issue has now been taken, a deeper correction now?

Price moves where liquidity is on the chart, this is exactly what is happening on Bitcoin’s current price action.

In recent news event: Trump has expressed to become the “Crypto President”, this is exactly what we need to hear.

CoinGecko suffers a data breach, confirming over 23,000 phishing emails sent, be cautious if you receive emails from CoinGecko.

Today’s report will also include:

• Updated Bitcoin Price Charts

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Referring to last weeks chart above, price was approaching an important high where resting liquidity was present.

The high eventually was taken out, tapping into the resting liquidity before a strong bearish candle reversing price.

This classic price action is known as a Swing Failure Pattern (PSFP), this type of pattern gives great entries for day traders.

The current price action is in a clear downtrend after taking the high out, it is in an area to be cautious off.

Similar to the high, there is a low that has resting liquidity, price action tends to trade towards liquidity and reverse.

$65,822.0 is a very important level to remains aware of this week, there is a probability so a strong reaction on the lower time frame.

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

Latest Market News

Trump has expressed to become the “Crypto President”

Former President Donald Trump, at a San Francisco fundraiser, pledged to be the "Crypto President" and push for industry growth, contrasting with Democratic regulatory plans.

He emphasized support for the crypto industry, contrasting with the Democratic Party's regulatory stance.

Experts like Bitwise CIO Matt Hougan see a shift in Washington towards clearer regulations, potentially benefiting the $20 trillion financial advisory sector

Meanwhile, Coinbase has donated $25 million to the crypto-focused PAC Fairshake, raising its election cycle total to $160 million.

This could mean a whole new ballgame for traders and investors alike.

CoinGecko suffers a data breach

CoinGecko has confirmed a data breach at its third-party email platform, GetResponse, on June 5.

The breach was due to a compromised GetResponse employee account.

While user accounts and passwords remain secure, the attacker sent 23,723 phishing emails from another GetResponse client’s account.

Users should verify email authenticity and enable two-factor authentication to protect their accounts, as private key and data leaks are now the leading cause of cryptocurrency hacks.

Crypto X Segment

Emerging news and trends

Bitcoin vs. Buffett: BTC holders’ 104% CAGR dwarfs ‘steady growth’ portfolio: Since its trading debut in 2011, Bitcoin has delivered an impressive average annual return of approximately 104%, surpassing the returns of Warren Buffett’s portfolio and U.S. stock markets.

Bitcoin, Ethereum exchange balances at 4-year low: The amount of BTC and ETH on exchanges has been in a downtrend since before July 2020, per Glassnode. Data confirmed that users continued to withdraw assets from these platforms following the pandemic, through the previous 2021 peak, during the 2022 Terra-FTX contagion, and even after spot BTC ETFs were approved. 

Travel booking site Travala gets Telegram Open Network integration: Travala, an innovative crypto-native travel booking firm, has announced an integration with the Telegram Open Network that will allow holders of Toncoin (TON) to book airline tickets, hotels and travel tours with their tokens.

Meme Center

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