Bitcoin Insider: 15/08/24 - Read Time: 3 Min

Bitcoin is forming a very common pattern that will break in the immediate short term.

Price action is trading in an equilibrium that is fast approaching its apex and the .618 Fibonacci has continued to remain as resistance - more disused in the Technical Analysis section.

In recent news events, Kraken co-founder backs Trump with US$1 million crypto donation and the U.S. CPI Rose 0.2% in July, Matching Expectations.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Current Price Action

Observing the recent developments in price action, Bitcoin still remains trading below the key .618 Fibonacci.

Price action has once again rejected from the region, leading to a correction back towards local support - that being the channel mid-point.

This type of behaviour on Bitcoin often leads to a strong impulse/ breakout type of move. This is evident on the lower timeframe with the current Triangle forming.

Price Action Triangle

Bitcoin on the intra-day timeframe is clearly coiling up for a break as two support and resistance lines collide.

This forms an equilibrium on the chart which will lead to a breakout on increasing volume, the current volume is significantly low.

Once the break occurs, price action will confirm a direction in the immediate short term - this should occur by this weekend.

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

Latest Market News

Kraken co-founder backs Trump

Co-founder of Kraken, Jesse Powell, has contributed US$1 million to Donald Trump’s presidential campaign, primarily in the form of Ether. This donation reflects the crypto community's desire for a candidate who is supportive of their industry, especially given the current administration's regulatory challenges.

Powell's donation is part of a broader trend of financial support from the cryptocurrency sector to Trump's campaign, which also includes contributions from well-known industry leaders like the Winklevoss twins.

Trump has emerged as a candidate favorable to cryptocurrency, accepting digital currency donations and advocating for the United States to lead in Bitcoin production, contrasting sharply with the Biden administration's enforcement-heavy regulatory stance.

 U.S. CPI Rose 0.2% in July - Expected

The inflation rate for July in the United States aligned closely with projections, indicating that preparations are underway for the Federal Reserve to potentially initiate interest rate reductions during its forthcoming mid-September meeting.

According to a report released by the U.S. government on Wednesday morning, the Consumer Price Index (CPI) increased by 0.2% in July, a rise from the 0.1% decline observed in June, and matching the anticipated 0.2%. On a year-over-year basis, the CPI recorded a 2.9% increase, slightly below the expected 3% and the 3% noted in June.

The core CPI, which excludes food and energy prices, also rose by 0.2% in July, consistent with expectations and an increase from 0.1% in June. Year-over-year, the core CPI stood at 3.2%, in line with forecasts and a slight decrease from June's 3.3%.

Crypto X Segment

Emerging news and trends

Ethereum-Based Swell Imports Wrapped Bitcoin to Serve as Liquid Restaking Token:Users can deposit their wBTC to get swBTC in return, with yield expected to start flowing from mid-September – as part of a blockchain "restaking" scheme ultimately designed to secure protocols in the Ethereum blockchain ecosystem.

Digital Assets Infrastructure Provider Parfin Raises $10M in Series A Funding Parfin, a digital assets infrastructure company, said it raised an initial $10 million in a Series A investment round that it expects to reach $16 million by the end of a second closing.

Thailand's PM Removed, But Crypto Policies Likely to Remain 'Largely' Unaffected in Political Uncertainty: The launch of a Digital Wallet Policy to stimulate the economy earlier this month "may face delays or revisions or even cancelation due to the recent developments," one expert said.

Meme Center

HODL is the only way 😃 

Current Situation 😆 

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