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Bitcoin Local Correction First?

Bitcoin Local Correction First?

Bitcoins developing price action is finding acceptance back within its trading range, a rotation to lower support is probable.

Bitcoin Insider
September 29, 2024 • Estimated Reading Time: 4 minutes

Bitcoin’s recent price action has been hovering around the channel high resistance. Multiple low timeframe candles have now close back within the channel, placing emphasis on a false break.

In recent news events, Binance founder Changpeng “CZ” Zhao has been released from prison, finally a free man.

Today’s report will also include:

Updated Technical Analysis
Other key market developments
Wisdom Drop

Bitcoin Price Analysis

The current chart on Bitcoin shows a potential false break ooff the channel high. Price action has now closed multiple low timeframe candles back within the channel - this increases the probability of a bearish expansion.

Bitcoin’s logical target is the .618 Fibonacci, price action has the probability of accelerating towards the .618 Fibonacci - especially when candles continue to close back within.

The overall objective is the channel low support which is in technical confluence with the .618 Fibonacci. Price action is to be used upon discretion when executing on around the support region.

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

Binance founder Changpeng “CZ” Zhao has been released

Binance founder Changpeng "CZ" Zhao has been released from prison, as confirmed by the U.S. Bureau of Prisons (BOP). His release occurred two days earlier than expected, as his scheduled release date was Sunday, Sep. 29. The BOP is legally allowed to release inmates early if their release date falls on a weekend or holiday.

In April, Zhao was sentenced to four months in prison for violating the Bank Secrecy Act (BSA) by failing to establish a proper know-your-customer (KYC) program at Binance. As part of his guilty plea, Zhao agreed to pay a $50 million fine and step down as CEO of the crypto exchange. Binance also agreed to pay $4.3 billion in fines to U.S. regulators to settle related charges.

Although custodial sentences for BSA violations are uncommon—former BitMEX CEO Arthur Hayes, who pleaded guilty to similar charges in 2022, only received probation—Zhao’s four-month sentence was relatively lenient compared to the three years federal prosecutors had sought.