Bitcoin Insider
Posts
Bitcoin Move Exactly as Predicted

Bitcoin Move Exactly as Predicted

Over the past 24 Hours, Bitcoin has had a bullish expansion from the lows, further confirming the Short Squeeze.

Bitcoin Insider
September 10, 2024 • Estimated Reading Time: 7 minutes

Over the past 24 Hours, Bitcoin has had a bullish expansion from the lows, further confirming the Short Squeeze.

Price action has tested $57,937 and has rejected from it locally, this is a key level that marks the current range high. If Bitcoin is to remain bullish, it needs to breach this level with conviction.

The market has also broken out of its apex zone, it needs to continue trading with increasing volume, this will indicate continued strength.

In recent news events, Bitcoin Trading Volume Surged to $2.8T in January to August Period and Crypto Retail Market Is Poised for a Rebound: Gemini

Today’s report will also include:

Updated Technical Analysis
Other key market developments
Daily Wisdom

Bitcoin Price Analysis

Current Price Action

Price action yesterday was trading at the lows of the range in a bullish manner, that is consolidation under resistance - this indicated a potential break which came to fruition with an engulfing candle.

Subsequent price action was followed with another bullish engulfing candle stick. This confirmed acceptance back within the trading range. Bitcoin now has merit to trade towards $60,999.

The price action on Bitcoin can remain trading sideways before proceeding towards another bullish expansion. The immediate trend has now shifted bullish locally, this needs to sustain with consecutive higher lows and higher highs.

Key Trading Channel

From a pattern perspective, Bitcoin is trading outside of its current trading range, maintaining above the range high is a strong sign for continuation higher in the immediate term.

If price action breaks back within the channel, this will be a sign in weakness as it increases the probability of a full rotation towards the channel low support. Price action will simply complete a full rotation if this occurs.

Overall, Bitcoin is at a pivotal region for the week on the chart, the next few candle closes will dictate the trend for the remainder of this trading week - time to pay attention.

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

Latest Market News

Bitcoin Trading Volume Surged to $2.8T in January to August Period

The Bitcoin (BTC) market saw unprecedented activity in the first eight months of 2024, exceeding the record trading volume from the 2021 bull market.

According to Paris-based data provider Kaiko, the total value of BTC traded on centralized exchanges reached $2.874 trillion during this period, which is nearly 20% higher than the $2.424 trillion recorded in the same timeframe in 2021, marking the highest volume since 2012.

Kaiko noted in their weekly report that the increase in market participation, particularly in the Bitcoin market, has coincided with a rise in crypto volatility. Data from TradingView revealed that Bitcoin's 10-day realized volatility jumped to an annualized 100% in April, driven by strong inflows into U.S.-listed spot exchange-traded funds (ETFs) and expectations of Federal Reserve rate cuts, which pushed the cryptocurrency's price to record highs.

Crypto Retail Market Is Poised for a Rebound: Gemini

Crypto adoption in the U.S. and U.K. has remained stable in recent years despite significant challenges, with the retail market showing signs of recovery, according to Gemini’s '2024 Global State of Crypto' report, released on Tuesday. The report, based on a survey of 6,000 individuals from the U.S., U.K., France, Singapore, and Turkey, was conducted online between May 23 and June 28 of this year.

In the U.S. and U.K., crypto adoption held steady at 21% and 18%, respectively, from 2022 to 2024. Meanwhile, France saw an increase in digital asset ownership from 16% to 18%, while Singapore experienced a decline from 30% to 26%.

Nearly two-thirds of respondents said they held crypto as a long-term investment, and 38% used it as a hedge against inflation. However, regulatory uncertainty remains a key barrier to ownership. In the U.S. and U.K., 38% of non-crypto holders cited regulatory concerns as their reason for not investing, while 32% in France and nearly half in Singapore shared the same concern.