Price action has practically done nothing over the weekend due to low volume. The current consolidation will come to an end early next week. A bullish breaker is now visible on the chart, a clear area for the bulls to defend.

In recent news events, Ethereum developers consider splitting Pectra upgrade, this will increase the network’s efficiency and scalability, into two parts

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Bitcoin Bullish Break

This current rise on Bitcoin has broken key structural resistance, this is evident on the chart. The mid-point of this current channel how now been reclaimed as key support - practically the line in the sand for the bulls.

A retest of this region needs to be defended with an increase in volume, this will signify market activity at a key trade location. Breaking below the bullish breaker will signify weakness, thus trapping breakout traders.

It is important to monitor how price action trade around the bullish breaker region. If price holds, it will increase the probability of trading towards the $68,000 region.

Bitcoin Local Liquidity

On the most local timeframe, a clear high can been seen, this indicates resting liquidity that has a high probability of being taken. Price action is important to monitor at this area as a rejection can lead to a reaction.

Price action has the lower bullish breaker region to test, the probability of this being tested will increase if a swing failure occurs in price action - yet to be seen.

Overall, Bitcoin remains trading at a key resistance region, further price action needs to form for a local directional bias to be established.

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

Latest Market News

Ethereum developers consider splitting Pectra upgrade

Ethereum developers are discussing the possibility of splitting the highly anticipated Pectra upgrade—designed to improve the network's efficiency and scalability—into two parts. The first phase could be released by early 2025.

“There’s consensus that if we split, the goal should be to launch Pectra as soon as possible, with early next year being the target,” one developer said during the Ethereum execution layer meeting on Sept. 12.

A February deadline was suggested as a realistic target if the upgrade is split. Another developer, Danno Ferrin, added, “A split only makes sense if we’re aiming for Q1 delivery.”

Ansgar Dietrichs, an Ethereum Foundation researcher, expressed concern that delaying until June after a split would be a setback. He emphasized that the first half must be delivered quickly. Splitting the upgrade was also seen as a safer option due to the reduced risk smaller forks carry.

The Pectra upgrade consists of two components: the Prague upgrade, which affects the network’s execution layer, and the Electra upgrade, which impacts the consensus layer. According to Galaxy crypto researcher Christine Kim, a split is likely due to the complexity of Pectra and the desire to add more features. She noted that the scope of Pectra could change significantly if divided across two hard forks.

Crypto X Segment

Blofin in partnership with Bitcoin Insider 🤝 🤝 

Highly Recommended Non - KYC Trading Platform for Bitcoin Insider Readers 📚️ 

Trade with Next-gen Experience, Profit from Functioning Strategies, and Keep Your Crypto Safe 🔑 

Join Blofin now and take advantage of these inclusive deposit and trade rewards! - valid this September only. 💵 

Register Here: Blofin and Bitcoin Inisder: Where Wales are Made

Daily Wisdom 🧠 

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