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Bitcoin Bullish Retest, Higher ?
Bitcoin simply needs to hold the range low of this larger trading range, the overall target still remains at $60,999.
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.
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Crypto X Segment
NEW: #Bitcoin 30-day correlation with the Nasdaq reaches +0.39, much higher than its correlation with gold (-0.40).
— Bitcoin News (@BitcoinNewsCom)
2:30 PM • Sep 11, 2024
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