Bitcoin Insider

From a liquidity perspective, price has merit to test lower support levels first before rotating to the upside. Visiting $66,235 again will clear lower side liquidity, it will also generate a-lot off stop-losses and increased fear in the market.

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Bitcoin Insider
June 05, 2024 • Estimated Reading Time: 7 minutes

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Bitcoin Insider - Daily Edition: 05/06/24 - Read Time: 3 Min

Will Bitcoin bottom in the coming weeks? technical data suggests so!

In recent news events, Elsavador’s pro Bitcoin president has been sworn in for second term.

Bybit, making prompt structural changes after a hefty $26M airdrop mix-up.

Today’s report will include:

  • Bitcoin Price Action Analysis

  • Current key market news

  • Developing market trends

  • Crypto Meme Center

Bitcoin Price Analysis

Bitcoin is has been trading between two key high time frame levels, that is $66,235 and $71,674 USD.

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“Don’t focus on making money; focus on protecting what you have.” 

Price has remained range-bound for a considerable amount of time, this will come to an end soon.

From a liquidity perspective, price has merit to test lower support levels first before rotating to the upside.

Visiting $66,235 again will clear lower side liquidity, it will also generate a-lot off stop-losses and increased fear in the market.

If price fails to break on a candle closing bases, it greatly increases the probability for trapped traders on the lows, this will initiate a short-squeeze.

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

Latest Market News

El Salvador's pro-Bitcoin President, Nayib Bukele sworn in again.

El Salvador's pro-Bitcoin President, Nayib Bukele, began a new five-year term, with the crypto industry praising his leadership for positioning the country as a "world leader."

The inauguration ceremony took place on June 1 at the National Palace in San Salvador. Bukele highlighted the significant decline in crime under his leadership.

Since September 2021, El Salvador became the first country to adopt Bitcoin as legal tender.

This victory has led to discussions of other countries, like Argentina, potentially adopting similar cryptocurrency policies.

Bybit restructures afer a $26M Airdrop blunder

Several executives from Bybit changed positions after a flawed airdrop led to over $26 million in compensation to users.

The changes followed the botched airdrop of Notcoin (NOT), a token for a play-to-earn game, the airdrop was delayed due to system maintenance.

On May 22, Bybit’s CEO Ben Zhou dispelled rumours that the exchange was insolvent or hacked.

Bybit shared its proof of reserves, showing it holds over 100% of the assets required to cover all deposits.

Crypto X Segment

Crypto AI: Merge of FET, AGIX, and OCEAN into ASI in 7 days:SingularityNET, Fetch.ai and Ocean Protocol join forces to create the ASI token, promoting an integrated AI crypto

FTX secretly gave $17.5m to Aussie crypto influencer who lost other people’s millions: A bankruptcy report for FTX shows the cryptocurrency exchange paid Alex Saunders to 'avoid negative publicity' and 'potential litigation'.

Crypto Analyst Forecasts A 4,000% XRP Price Run To $30, Here’s When: Despite the unimpressive XRP price action, this crypto analyst has predicted that the crypto token could witness a God candle that will send its price to unprecedented heights

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Meme Center

Rise and shine, moon bois! How does it feel to wake up and find the crypto world doing its usual morning dance?

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