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Bitcoin Key Trading Channel

Bitcoin Key Trading Channel

Bitcoin's price action within the last 24 Hours has had a local trend change after finding support from the channel low.

Bitcoin Insider
September 17, 2024 • Estimated Reading Time: 6 minutes

Bitcoin has had a local bullish expansion, negating the down-trend with a new high. Price action now needs to establish a higher low within the channel to solidify the trend.

This current price action is considered bullish locally, price action has failed to breakout of the channel by establishing a bottoming formation - higher is imminent.

In recent news events, Bhutan now marked as the fourth largest Bitcoin holder among countries with an impressive 13,029 BTC stash.

Today’s report will also include:

Updated Technical Analysis
Other key market developments
Daily Wisdom

Bitcoin Price Analysis

Current Trading Channel

We have a very clean trading channel on Bitcoin currently, price action has respected the low with a bullish expansion. Low timeframe consolidation within the channel will build market structure.

Tis structure can be used as a reference point when planning a trade within a formation as such. Price action essentially needs to trade above the previous low timeframe consolidation to maintain strength.

The overall objective will remain the channel high, this becomes a high probability to be tested as long as Bitcoin stays trading within the channel.

The .618 Fibonacci Retest?

A potential long trade entry within the current price action will have to be from the .618 Fibonacci. This specific Fibonacci pull aligns with the channel low - this is current speculative as a local high has not been established.

The entry model in the case will be the .618 Fibonacci to .618 Fibonacci strategy. This is when price action rejected from the .618 Fibonacci and tests the .618 Fibonacci support - allow for an entry trigger.

It is important to find a trade location and then wait for an entry model to approach in price action before execution, this will allow for great risk management.

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

Latest Market News

Bhutan now marked as the fourth largest Bitcoin holder

The Royal Government of Bhutan holds 13,029 Bitcoin (BTC), valued at around $755 million at current market prices, based on on-chain data from Arkham Intelligence.

Additionally, wallets linked to the kingdom contain 656.013 Ethereum (ETH), valued at roughly $1.5 million.

Ranked fourth among governments

As per CoinGecko data, governments controlled 2.2% of Bitcoin’s supply by August. The US was the largest holder, with 213,246 BTC, followed by China with 190,000 BTC.

Bhutan ranks fourth, holding more Bitcoin than El Salvador’s 5,800 BTC by the end of August, but less than the UK's 61,000 BTC.

Unlike other countries, Bhutan’s Bitcoin holdings reportedly come from mining efforts rather than asset seizures. These operations are run by Druk Holding & Investments, a state-owned investment company.

Bhutan’s mining journey

Bhutan has been involved in Bitcoin mining for years, initially in secret. In 2023, the country ramped up its mining operations with four sites powered by hydroelectric plants.

On-chain data shows Bhutan’s government wallets started receiving BTC in February 2021. In 2023, Bitcoin cloud mining company Bitdeer Technologies Group took notice, launching a mining data center in Bhutan in July.

In April, Bitdeer partnered with Druk Holding to increase Bhutan’s Bitcoin mining capacity sixfold, as reported by Bloomberg. By mid-2025, the region’s mining capacity is expected to reach 500 megawatts.