Over the past 24 hours, Bitcoin has had a strong bearish expansion leading to the test of lower high timeframe support.

Price action has put in a temporary low, it has also managed to reclaim a key support level putting emphases on a potential Failed Auction and or deviation - this is considered bullish locally.

The market has been on a strong decline over the past few days, this increases the probability of a local oversold bounce.

In recent news events, Ripple Co-Founder Among Kamala Harris' New Corporate Endorsers and Bitcoin: Crypto ATMs Closed En Masse By Authorities

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

The most recent price action on the chart has reclaimed a key support level -consecutive candle closes will solidify a deviation. This occurs when price action fails to trade lower after breaking a key support region.

This essentially means that the market sellers are getting exhausted as market buying takes over. A bullish engulfing candle around this area usually confirms that imbalance - this is evident on the chart.

Follow through will be consecutive candle closes back within the range before an acceleration that leads to a short squeeze type of move.

Break-out zone approaching

From a pattern perspective, price action is coiling up between two support and resistance levels - creating an apex zone that will be broken in the immediate short-term.

This next breakout will be key for the immediate trend direction, a bullish break can lead to an acceleration due to the resting upside liquidity.

Breaking bearish is also a possibility, this will come to fruition when the current standing low is taken out for lower immediate prices - this is likely to end into another wick for a bounce.

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

Latest Market News

Ripple Co-Founder Among Kamala Harris' New Corporate Endorser

The cryptocurrency market is rapidly changing, and this expansion brings new difficulties, especially regarding security and regulation. Bitcoin ATMs have been a popular option for quickly purchasing crypto.

However, these machines are now drawing the attention of regulators due to their frequent involvement in fraud. In just two months, over 600 ATMs have been shut down as authorities around the world strengthen their stance. What does this wave of closures signify for the cryptocurrency industry?

Bitcoin ATMs: balancing innovation and heightened risk, once celebrated for their role in simplifying access to cryptocurrencies, Bitcoin ATMs are now increasingly associated with questionable activities.

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Bitcoin: Crypto ATMs Closed En Masse By Authorities

Ripple Co-founder and Executive Chairman Chris Larsen is one of 88 business leaders who expressed support for Vice President Kamala Harris as the next U.S. president in a letter released on Friday, highlighting possible divisions among corporate executives.

Along with Larsen, notable CEOs from companies such as Yelp, Box, and Snapchat's parent company, Snap, also endorsed Harris, according to a letter first reported by CNBC. Ripple and its CEO, Brad Garlinghouse, have focused their campaign donations on key Democratic figures.

The majority of the company's donations have been directed towards pro-crypto super PACs, such as the Fairshake political action committee, which focuses on electing crypto-friendly candidates from both major political parties. Ripple Labs has been a leading supporter of Fairshake and its related organizations, contributing around $48 million to influence the 2024 elections.

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Daily Wisdom

Bitcoin Insider bouncing back to work, See you in the next one! 👊