Bitcoin Insider: 12/08/24 - Read Time: 3 Min

Interesting developments in the current price action on Bitcoin. We can see a triangle forming which is a local bullish channel - discussed further in TA section.

The general consensus remains the same as Bitcoin trades around resistance levels coiling up for the next move - volatility is on the horizon.

In recent news events,  Trump Plan To ‘Take On’ The Banks which lead to the recent increase in price and FTX ordered by US court to pay customers $12.7bn.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Current Price Action

In the last update we discussed price action to be trading at a key resistance area - that is the .618 Fibonacci.

This region of resistance continues to be valid over the past few days - proving its significance.

Bulls need to breach this area with conviction, continued rejections will lead to a rotation lower from a technical perspective.

Bitcoin Triangle

On the lower timeframes, a bullish pattern is forming, that is a pennant triangle formation.

These types of patterns have a high probability of continuing price actions prevailing trend - currently bullish.

One thing to note in price action is that these type of pattern breaks tends to be that of a false one, this tends to take traders off-guard.

If this theory holds true, there is a probability of Bitcoin having a false break - allowing for an excellent short opportunity.

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

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Latest Market News

Trump Plan To ‘Take On’ The Banks

Bitcoin's price has surged past $61,000, boosting the overall crypto market by $200 billion, all thanks to former U.S. president Donald Trump's bold idea to tackle the $35 trillion national debt

Meanwhile, after hinting at some "game-changing" crypto initiatives all week, Donald Trump Jr. has announced that the Trump family is developing a decentralized finance (DeFi) cryptocurrency platform aimed at challenging traditional banks.

This week, chatter about a Trump cryptocurrency kicked off after Don Jr. and Eric Trump dropped some hints on X, suggesting a "big" crypto reveal is on the way.

Bankrupt crypto exchange FTX ordered by US court

A US court has directed the bankrupt cryptocurrency exchange FTX to pay out $12.7 billion (£9.9 billion) to make amends for customers and fraud victims, just five months after its founder was sentenced to prison for his part in the company's downfall.

The Commodity Futures Trading Commission (CFTC) announced that this is the “largest recovery” in the agency's history, aiming to return funds to those impacted by the “huge fraudulent scheme led by Sam Bankman-Fried, his now-defunct FTX group, and a close circle of FTX insiders.”

FTX collapsed in late 2022 during a crypto market downturn. Bankman-Fried was sentenced to 25 years in March after being found guilty of fraud and money laundering conspiracy late last year. He’s also been ordered to give up $11 billion in assets.

Crypto X Segment

Emerging news and trends

Binance Secured Over $73M in Stolen Funds from Hacks in 2024: As per the official press release shared with CryptoPotato, Binance asserted working closely with the public sector to ensure affected users receive the necessary assistance.  About 80% of these recoveries and freezes are linked to external hacks.

Cardano (ADA) and Ethereum (ETH) Find Spot in a Prestigious Ranking:The leading one is Internet Computer (ICP), collecting an overall score of 570.1. The token is the second-largest in the Artificial Intelligence (AI) realm, with a market capitalization of almost $3.5 billion. Its price experienced a bull run in March this year, jumping to nearly $20 before retracing to its current level of around $7.50 (per CoinGecko’s data).

Ripple Price Analysis: Here’s What You Need to Know About XRP’s Next Move Following a significant drop to the crucial support region of $0.43, Ripple encountered increased buying pressure and saw a substantial surge, pushing the price back above the 100 and 200-day moving averages.

Meme Center

HODL is the only way 😃

Current Situation 😆 

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