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Bitcoin Weekend Consolidation As Expected

Bitcoin Weekend Consolidation As Expected

Price action is forming a pennant formation that will breakout in the coming hours/days, will this breakout be a false-break?

Bitcoin Insider
September 21, 2024 • Estimated Reading Time: 8 minutes

Over the past 24 hours, Bitcoin's price has shown some consolidation after a period of volatility. The price fluctuated between $62,600 and $64,900, with no major breakout in either direction.

Market sentiment remains cautious, with traders waiting for clearer signals on whether Bitcoin will make a move toward higher prices or experience further correction. Trading volumes were relatively low, indicating that many are still on the sidelines.

In recent news events, More than $44 million in cryptocurrency stolen from Singaporean platform BingX, keep your security in check

Today’s report will also include:

Updated Technical Analysis
Other key market developments
Wisdom Drop

Bitcoin Price Analysis

Current Price Action

Bitcoin is trading in a clear pennant formation that will breakout in the coming days, the direction of the breakout is yet to be confirmed. It is important to note that a bullish breakout could lead to a false break.

This type of price action is very common on Bitcoin where breakout traders get trapped. Price makes a false directional move, forcing trader to liquidate thief positions - this creates liquidity for larger traders to enter shorts.

Bitcoin still has a-lot of resistance from above, a false break will likely lead to a wick in price action. This type of anticipatory price action allows for great entries, in this case it will be a short position.

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

Latest Market News

$44 million in cryptocurrency stolen from Singaporean platform BingX

Singapore-based crypto platform BingX announced on Friday that it suffered a cyberattack, resulting in the theft of over $44 million. Blockchain security firms noticed large sums leaving the platform on Thursday night, just before BingX posted a social media message attributing the disruption to “wallet maintenance.”

Shortly after, the company issued a more detailed statement, explaining that the issue arose after detecting "abnormal network access," potentially indicating a hack of its hot wallet. In response, BingX quickly took emergency actions, including transferring assets and temporarily suspending withdrawals. While some funds were lost, the company noted the amount is minimal and still being calculated.

BingX clarified that only a "small amount" of funds are stored on the platform to meet withdrawal requests, which were halted due to the attack. A more comprehensive audit, conducted with blockchain security firm SlowMist, estimated losses at approximately $44.7 million. Some reports suggested the losses could reach $48 million, but BingX is still assessing the total amount stolen.

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