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Over the past 24 Hours, Bitcoin has confirmed the bottom discussed in yesterdays issue, this is considered to be temporary due to the Failed Auction Theory.

Bitcoin has bounced from local support after a strong bearish expansion, it is now approaching a resistance zone where the range high and daily resistance is located - a rejection is plausible.

In recent news events, TON Back Online After Second Outage and Bitcoin Layer-2 Network Stacks Begins Nakamoto Upgrade

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Deviation = Failed Auction

The structure of current price action emulates that of a Failed Auction of the local range. This occurs when price action breaks resistance but fails to trend higher due to lack of volume.

The lack of volume follow through in price indicates the immediate weakness, essentially there are not enough market buyers to push Bitcoin further. In return, this traps breakout traders who are forced to close their positions - creating the bearish expansion.

Typically, this type of price action is considered extremely bearish. A rejection like this increases the probability of a full rotation towards the range low.

Intra-day Trading Resistance

On the more local price action, Bitcoin has bounced from support that was discussed in yesterday’s issue. There is currently a bullish expansion into a very key resistance zone.

The resistance zone is compromised of the following indicators: the Value Area High, the .618 Fibonacci and the Range-Mid point. Price action is likely to trade around this area before rejecting and rotating.

It is also important to consider that this resistant region can be flipped into support. If this does occur, the natural area of resistance on the chart will become the channel high.

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

Latest Market News

TON Back Online After Second Outage

Stacks, a blockchain that enhances Bitcoin's capabilities, has started its Nakamoto upgrade to speed up transactions. Named in honor of Bitcoin's creator, Satoshi Nakamoto, this upgrade will separate Stacks' block creation timing from Bitcoin's.

Network operators have two weeks to adopt this upgrade before a hard fork finalizes it. The Nakamoto upgrade introduces a new block production method using a proof-of-transfer system where Bitcoin is burned to create Stacks blocks, and miners are rewarded for this. The implementation began in April with block "signers" starting to verify batches of transactions.

Stacks seeks to expand Bitcoin's functionality by adding features like smart contracts and DeFi applications. They are launching sBTC, which serves as a bridge, enabling users to transfer their Bitcoin into the Stacks ecosystem.

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 Bitcoin Layer-2 Network Stacks Begins Nakamoto Upgrade

The TON network has successfully recovered from its second outage within a span of two days, which was attributed to the intense network activity caused by the minting of the DOGS token. Following the restoration of services, the TON Community Telegram channel announced that the network was back to full operational status, with TON-based asset transactions expected to resume normally.

This particular outage lasted for slightly over four hours, reflecting the network's struggle to handle the surge in transactions from the DOGS token event. The previous day's outage, which also pointed to the same cause, indicates a significant challenge for TON in managing high transaction volumes associated with token minting or airdrops.

Despite these operational hiccups, the market response to Toncoin, TON's native cryptocurrency, was positive. It saw an approximate 8% increase in value, suggesting that investors and users might view these network stresses as growing pains rather than long-term concerns, or perhaps as a sign of increased activity and interest in the TON ecosystem.

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Daily Wisdom

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