Over the past 24 hours, Bitcoin has been consolidating in a small lower timeframe range, hovering above the key support mentioned in yesterdays update.

On the higher timeframe, there has been some interesting developments. There is a probability if Bitcoin trading in a multi-year range that began at the start of March - more discussed in the Technical Analysis section.

Local price action shows over extended condition, an oversold bounce into resistance is likely.

In recent news events, Telegram Is Driving Crypto Adoption, Despite Bad News and Blurt' Developer Thinks Crypto Makes for Better Donations

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

When zooming out to the Daily Timeframe for a wider look on price action against time, we can see a clear range forming - three points have already been established to solidify the range.

This places emphasis on more rotational price action to come in the future. March of this year marked the top and the beginning of this range that has last all year.

As long as price action remains between the range high and range low, Bitcoin has merit to continue to trade in a rational environment within a 50%.

Local Price Action Range

On the lower timeframe, bitcoin has managed to stay above is key support level with consecutive candle closes. If price action continue to hold this level into early next week, it will signify strength.

This support level of $53,988 has technical importance, is its the line that dictates the relevance of a confirmed deviation. If this is the case, it will greatly increase the probability of a temporary bottom.

The overall objective will be the range high ($57,917) of this local range. This level is in technical confluence with the .618 fibonacci and the Point of Control - giving it significance.

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

Latest Market News

Telegram Is Driving Crypto Adoption, Despite Bad News

Daniel Cawrey, a former CoinDesk journalist and current chief strategy officer at Tonkeeper, believes that despite recent negative news, Telegram’s adoption of cryptocurrency via The Open Network (TON) may be its most significant contribution in 2024.

Cawrey highlights that Telegram, known for its commitment to openness and free speech, has faced legal challenges, yet it has played a key role in advancing global digital freedom and crypto adoption.

Web3, the concept of users owning digital assets through blockchain and cryptography, has quietly gained traction on Telegram, with the platform becoming a major player in this space.

With over 950 million users, Telegram is one of the largest messaging platforms globally, and the TON blockchain, revived by its community after SEC challenges in 2020, is thriving. The recent crypto-related developments on Telegram have been a positive step forward, despite being overshadowed by negative media coverage.

Blurt' Developer Thinks Crypto Makes for Better Donations

"Blurt," the newest innovation to emerge from the mtnDAO community, provides live streamers with a crypto-based platform to receive donations from their audience. Its creation marks progress for Solana's "blinks" technology, introduced earlier this year, which simplifies crypto transactions to the ease of a tweet.

What began as just an idea when mtnDAO's August session started has now become a fully operational tool, just as the Solana-focused developers prepare to wrap up their time at this WeWork space in Salt Lake City. In a somewhat improvised fashion, Blurts exemplify the enduring influence of a hacker house with no strict agenda other than "show up and build."

Hosts Barrett and Edgar Pavlovsky don't seem to mind how attendees spend their time enjoying the free lunches, desks, and swag over the month-long event—though they do occasionally invest in the most promising projects that emerge.

Crypto X Segment

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Daily Wisdom

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