Bitcoin bounce area from local support?

yesterdays price action was trading at an area where liquidity was taken, placing emphasis on a potential swing failure pattern forming, this came to fruition once price action closed back above the low.

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Over the past 24 hours, Bitcoin confirmed a swing failure pattern with a strong bullish expansion - currently it is in a local correction.

Price action is now trading at a key local support zone that has prominent confluence with volume levels that being the value area low and the .618 Fibonacci. Another key technical pattern is the swing failure pattern that has been confirmed.

Bitcoin is in an area that has a high probability of bouncing if current support holds, more discussed in the technical analysis section.

In recent news events, Blockstream Mining Starts Third Investment Round and Niftables announces its groundbreaking all-in-one NFT Platform

Today’s report will also include:

  • Updated Technical Analysis

  • Other key market developments

  • Daily Wisdom

Bitcoin Price Analysis

Confirmed Swing Failure Pattern

As evident, yesterdays price action was trading at an area where liquidity was taken, placing emphasis on a potential swing failure pattern forming, this came to fruition once price action closed back above the low.

Subsequent price action was trading above the low before a strong engulfing candle came to fruition, this then lead to a local bullish expansion.

Bitcoin now is still trading above its last lows, giving emphases on a temporary bottom. This increases the probability for a potential trend change in the coming days and/or weeks.

Bitcoin Volume Support Levels

The current technical confluence is within the local value area low and the .618 Fibonacci. Price action needs to hold this local region to protect the last low on the chart.

Bouncing here will also mean that price action is breaking local resistance, the next major target will be situated at $59,116.7 - that being the key daily resistance.

overall, price action is trying to establish a local bottom, more local sideways price acton is to be embraced for a direction change in Bitcoin.

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

Latest Market News

Blockstream Mining Starts Third Investment Round

Blockstream's initiative to open a third round of investment for its hashrate-backed tokenized note represents an interesting development in the cryptocurrency mining space, particularly for Bitcoin. Here's a breakdown of what this means and its implications:

  1. Tokenized Hashrate: By tokenizing hashrate, Blockstream is essentially selling a share of its mining power. Investors buy into this token, which entitles them to a portion of the Bitcoin mined by that specific hashrate over a defined period.

  2. Investment Opportunity: For investors, this offers a way to participate in Bitcoin mining without the need for direct involvement in the technical aspects or the capital expenditure on mining hardware and electricity. It's a form of passive investment in Bitcoin mining.

  3. Cost Efficiency: The mention of mining at under 4.5 cents per kWh is significant. This cost is indeed below the industry average, which can fluctuate but often hovers around 5-10 cents per kWh for large-scale operations. This efficiency could lead to higher profitability margins, assuming Bitcoin prices remain stable or increase.

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Niftables announces its groundbreaking all-in-one NFT Platform

Jordan Aitali, co-founder of Niftables, emphasized that while Niftables serves as a comprehensive platform, it's not about uniformity but customization. He explained that Niftables is designed to allow creators and brands to tailor their white-label NFT platforms right from the start, ensuring that each platform aligns perfectly with the creator's brand identity and creative vision.

Additionally, Niftables received the "Mass Adoption Award" at the AIBC Summit in Dubai in March 2022, which was a significant endorsement of the platform's potential, especially given the competition from giants like Meta and The Sandbox.

The success of Niftables hinges on its metamarket framework, which provides advanced, customizable technology, automates NFT functionalities, and integrates smoothly both on the user-facing side and behind the scenes into a broader NFT network. This setup benefits creators by enabling them to launch NFTs into a ready-made market that supports and enhances the utility of their digital assets.

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