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Bitcoin Pull back then Pump?

Bitcoin Pull back then Pump?

The channel low support is in technical confluence with the .618 Fibonacci. Price action has a high probability of bouncing from this region upon the first test.

Bitcoin Insider
September 24, 2024 • Estimated Reading Time: 8 minutes

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Over the last 24 hours, Bitcoin has been trading around key resistance with an expansion. This places emphasis on a sideway period before the next volatile move - patience will be tested.

A pull back on Bitcoin will technically make sense, this will test a key channel low allowing for an executable trade - more discussed in the technical analysis section.

In recent news events, Polymarket Reportedly Seeks $50M in Funding, unclear what this will mean for UMA, the oracle Polymarket uses.

Today’s report will also include:

Updated Technical Analysis
Other key market developments
Crypto Meme Center

Bitcoin Price Analysis

Current Price Action

The recent break back within the this trading channel has been impulsive, price action is currently trading at the range mid-point resistance. A rejection around this region will lead to a pullback towards key support.

The channel low support is in technical confluence with the .618 Fibonacci. Price action has a high probability of bouncing from this region upon first test. It then needs to hold support for a rotation back towards the highs.

Overall, Bitcoin has merit for a pullback here after taking the high out once more. This will establish a potential Three-Drives Pattern. This will be discussed in the next update if it comes to fruition.

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

Latest Market News

Polymarket Reportedly Seeks $50M in Funding

According to a report by The Information, the prediction market platform Polymarket is exploring the use of a potential token to allow users to verify real-world event outcomes. However, it remains unclear how this would impact UMA, the oracle currently used by Polymarket. The article, written by Marc Hochstein, was published on September 24, 2024, at 9:15 a.m. and updated at 9:42 a.m.

The article also highlights Polymarket's momentum from U.S. election betting, revealing that the crypto-based platform is seeking $50 million in new funding. Sources indicate that the New York startup is also considering issuing its own token, with investors in the upcoming funding round potentially receiving warrants to purchase these tokens if the plan proceeds.

The article mentioned that Polymarket intends to use the potential token "as a method for users to verify the outcomes of real-world events." It remains unclear whether this token would complement, replace, or serve as an alternative to the UMA Protocol, which Polymarket currently uses as an "oracle" to settle markets and resolve disputes through community voting.