Over the past 24 hours, Bitcoin has rejected from its high, leading to a local bearish expansion.

Price action is currently trading at the lows of the immediate range, lower side liquidity has been swept with upside remaining.

Bitcoin holding the current low in the coming hours will show a sign of strength in the immediate short term - allowing for another rise towards Saturday’s high - more discussed in the Technical Analysis section.

In recent news events, AI tokens lead crypto market ahead of Nvidia earnings and Telegram Says it is compliant with EU Digital Services.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom.

Bitcoin Price Analysis

Current Price Action

The recent price action on Bitcoin is a perfect example of how liquidity is generated in this market. Price clearly taps into a liquidity zone only to reverse in the opposite direction.

From the naked-eye, we can see a clear swing high on the left on Bitcoin, naturally there will be shorts taken at this high with stop-losses placed above - creating the liquidity.

Price action testing this area on the second attempt takes out the resting liquidity, This triggers the stop-losses allowing for market makers to fill in their shorts with a Swing Failure type of entry.

As evident, price action then proceed with a strong local bearish expansion.

Long Trade Setup.

There is a strong technical trade panning out on Bitcoin on the intra-day timeframe. The invalidation for this trade will be the current standing low - bulls need to defend it.

As liquidity has been taken from the lower side, there is merit for price action to rotate to the upside. This would be considered natural as Bitcoin tends to trade where liquidity is.

Overall, price action is likely to test the .618 Fibonacci where discretion needs to be used upon execution of the trade.

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

Latest Market News

AI Tokens Lead Crypto Market Ahead of Nvidia Earnings

On Monday, the cryptocurrency market saw a surge in investments towards AI-related tokens, particularly FET from the 'Artificial Superintelligence Alliance' and Bittensor's TAO, driven by traders in Asia.

This interest spike occurs just before Nvidia's upcoming earnings report on August 28, which is highly anticipated. By early afternoon in Hong Kong, FET had risen by 8.8%, and TAO by 4.7%. Nvidia's earnings have traditionally influenced the AI token market, with these tokens often gaining value in anticipation.

Expectations for Nvidia's earnings are high, with analysts predicting a significant jump in earnings per share to 65 cents, marking a 141% increase year-over-year, and revenues projected at $28.72 billion, an increase of 113%.

Telegram Says it is Compliant With EU Digital Services.

Telegram has publicly affirmed its commitment to compliance with European Union laws, specifically highlighting adherence to the Digital Services Act (DSA). The platform insists that its content moderation practices align with what is considered standard within the industry and are undergoing continuous enhancement.

This statement was issued in the wake of Pavel Durov, Telegram's CEO, being arrested at a French airport. The arrest stems from concerns over Telegram's moderation policies, with French authorities suggesting that these practices fall short of expectations, potentially facilitating criminal activities on the platform.

Although formal charges have not been detailed, preliminary reports suggest that Durov and Telegram might be held accountable for crimes facilitated or publicized through the app.

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Daily Wisdom

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