Over the past 24 Hours, Bitcoin has consolidated at its local range high, more lower timeframe consolidation is likely.

In the last issue we discussed how price action was going to rise in a short squeeze manner, this has now come to an end. Price action how now consolidated on the lower timeframe, giving emphasis on the market rebalancing.

Bitcoin overall is in an interesting spot, breaking out of its local range will indicate the direction next expansion.

In recent news events, Australian crypto investors ‘sitting on the sidelines’ for clearer laws.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Bullish Retest?

From yesterday’s price action, we can see price action finding acceptance within this larger trading range. It needs to hold for continued signs of strength in the immediate short term.

Price Action is currently establishing a potential bullish retest. A bullish retest is when previous resistance turns into support, confirmation of this support is when price action tests it.

Bitcoin simply needs to hold the range low of this larger trading range, the overall target still remains at $60,999.

Deviation off range high?

As evident, we can see Bitcoin confirming a deviation off the range low, before its local bullish expansion into the range high - evidently the range high has rejected price.

At the current moment, price action is trading in the middle of this local range, further consolidation is likely before testing either the range low and or range high.

One key point to keep in mind is that it is possible for Bitcoin to put in a deviation of the range high. This will confirm weakness locally before a full rotation to the range low occurs.

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

Latest Market News

Australian crypto investors ‘sitting on the sidelines’ for clearer laws

Millions of potential Australian crypto investors are hesitant to enter the market due to unclear regulations, according to the head of a local crypto exchange.

Jason Titman, CEO of Swyftx, told Cointelegraph that his company expects between two to six million Australians to get involved in crypto once regulatory clarity is established.

A survey conducted by Swyftx revealed that almost one-third of respondents would be more likely to invest in crypto if it were regulated, while 41% said they don’t trust it without regulation.

Among the 2,229 adults surveyed, 20% had never owned cryptocurrency, and 43% felt they lacked sufficient understanding of how it operates.

Most respondents expressed that their lack of knowledge about crypto or concerns over regulation were barriers to investing, according to Swyftx.

Titman noted that many investors are currently hesitant, awaiting the reassurance of consumer protections. He added that once markets are regulated, there will be increased investment, utility, security, and interest in the crypto sector.

Swyftx’s survey estimated that 3.9 million Australians already own cryptocurrency, with another 1.3 million considering entering the market within the next year.

These cannabis gummies keep selling out in 2023

If you've ever struggled to enjoy cannabis due to the harshness of smoking or vaping, you're not alone. That’s why these new cannabis gummies caught our eye.

Mood is an online dispensary that has invented a “joint within a gummy” that’s extremely potent yet federally-legal. Their gummies are formulated to tap into the human body’s endocannabinoid system.

Although this system was discovered in the 1990’s, farmers and scientists at Mood were among the first to figure out how to tap into it with cannabis gummies. Just 1 of their rapid onset THC gummies can get you feeling right within 5 minutes!

Order Now

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 

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! 👊