Bitcoin Insider - Daily Edition: 12/06/24 - Read Time: 3 Min

Bitcoin has confirmed a local market structure change - the current trend is bearish on the lower time-frames.

Price needs to consolidate for a local bounce before heading lower.

In recent news events, the US government has seized $200K in USDT that is directly linked to a pig-butchering business aka SCAMS.

VanEck places a $22K Ethereum target to be hit by 2030 amid the ETF approval.

Today’s report will also include:

• Updated Bitcoin Chart

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Bitcoins local price action is clearly in a downtrend, confirming a new lower low at the $66,250 region.

A low time frame bounce has since occurred, however Bitcoin continues to show weakness with zero bullish follow through.

The local trend needs to change for a bullish rotation to the highs, this has yet to occur.

From a liquidity perspective, Bitcoin still has reason to have a deeper correction, this will put in new lows.

The chart has too many untapped lows where traders have places their stops-losses.Triggering these stops can lead to a further cascade in price.

If price manages to take out all the lows, this will increase the probability of a larger range at play.

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

Latest Market News

US government has seized $200K in USDT from a pig-butchering business

The U.S. has initiated a forfeiture complaint to seize nearly $200,000 in USDT held on Binance, linked to a $1.1 million pig-butchering scam.

The FBI traced the fraudulent transactions to a Binance account under Izuchukwu Henry Okolo, who converted the BTC to 196,721 USDT.

Binance froze the funds and alerted the FBI, who seized them. The property is now in FBI custody and will be transferred to the U.S. Marshals Service in D.C.

Pig-butchering scams, involve scammers befriending victims online, gaining their trust, and convincing them to invest in fraudulent schemes.

Be cautious with who you interact with online 

VanEck places a $22K Ethereum target by 2030

VanEck has set a new price target for Ethereum’s native token, ether (ETH), at $22,000 by 2030. They believe Ethereum’s disruptive impact and cashflow generation will drive this increase.

Ethereum is transforming sectors like finance, banking, payments, marketing, advertising, social media, gaming, infrastructure, and AI. VanEck anticipates that ether ETFs will soon be approved.

VanEck asserts that Ethereum’s technology offers lower costs, increased efficiency, and greater transparency.

This shifts significant market share from traditional financial and tech institutions, which have a combined market of $15 trillion.

Crypto X Segment

Emerging news and trends

 Trump: We Want All Remaining Bitcoin to Be Made in USA: Republican presidential candidate Donald Trump said on Tuesday that he wants all the remaining bitcoin to be made in the U.S., reiterating that it will help the country become energy-dominant.

Meme Sector Sees Sharp Sell-off as GameStop Losses Extend to 60%: A Solana meme parody of the actual company was down 25% in the past 24 hours, with steep losses across other meme tokens that tended to move in tandem with GameStop.

Senate Bill Could Open Crypto to U.S. Sanctions, but Industry Trying to Head It Off: The industry says a surprise section in a recent spending bill could slam crypto with sanctions threats, but a key Senate office is now meeting with digital assets sector insiders.

Meme Center

It be like this sometimes

Lucky Girl?

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