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Over the past 24 hours, Bitcoin has had a strong rejection from the .618 Fibonacci - caution was advised.

Bitcoin finds its-self trading back below key resistance levels. Price action has a probability of establishing a bearish retest for a further correction.

The current most important resistance is the VWAP and the .618 Fibonacci region that is likely to get tested on the next oversold bounce. Bitcoin now needs to finds its equilibrium before the next expansion.

In recent news events, Australians Lost $122M Worth of Crypto to Scams in 12 Months and Trump Releases Fourth Drop of His NFT Trading Cards.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

A drop in price action is not to be of surprise, Bitcoin was trading at a high timeframe fibonacci resistance - proving its strong significance. As evident, price has reverted to its local Point of Control.

The overall weakness in price action continues as it trades back within volume levels, that is the Value Area High and Value Area Low. It is also important to take note that liquidity is resting lower.

If price action rises and rejects from the local .618 fibonacci, it greatly increases the probability of a further bearish expansion to the downside.

VWAP and .618 Fibonacci

The local resistance is the .618 Fibonacci and the VWAP, these two technical indicators are in confluence with the Daily S/R - Bitcoin likely puts a Bearish Retest here.

A confirmation of a bearish retest will be a break back below the Daily S/R level. This will then confirm a deviation of the level, adding more validity to a bearish expansion.

Overall, if price action rejects from the region of resistance on the smaller timeframe, it will increase the probability of a rotation towards the low - the higher timeframe will then need to be observed.

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

Latest Market News

Australians Lost $122M Worth of Crypto to Scams in 12 Months

In the 2023-24 financial year, Australians fell victim to investment scams amounting to A$382 million, with nearly half of these losses, or 47%, linked to cryptocurrency. This data indicates a significant financial impact from cryptocurrency-related scams, highlighting a growing trend where digital currencies are increasingly used as both the lure and the payment method in fraudulent schemes.

The Australian Federal Police (AFP) has noted a shift in the demographic most affected by these scams, with individuals under the age of 50 now representing the majority of victims. This group accounted for 60% of the scam reports, suggesting that younger Australians, perhaps lured by the promise of high returns in the crypto market, are particularly vulnerable.

The AFP's warning underscores the sophistication and proliferation of these scams, which have evolved to exploit the complexities and the relatively unregulated nature of cryptocurrency markets. Scammers employ various tactics, including creating fake crypto exchanges, promising fake crypto tokens, or pressuring victims into transferring funds into specific platforms under the guise of investment opportunities.

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Trump Releases Fourth Drop of His NFT Trading Cards

Donald Trump's venture into the world of NFTs with his fourth collection continues to blend his political persona with the digital asset market, showcasing his ongoing engagement with the cryptocurrency community. Here's a breakdown based on the information provided:

NFT Collection Details: Trump's latest collection introduces a unique incentive for high-spenders. For an investment of $24,750, buyers not only get the NFTs but also receive a piece of Trump's suit from his debate with Joe Biden, along with exclusive access to Trump-themed experiences like branded sneakers, cocktails, and dinner at Trump National Golf Club in Jupiter, Florida.

Political and Financial Strategy: Trump's involvement with NFTs and his pivot towards embracing cryptocurrency and blockchain technology can be seen as a strategic move to align himself with a tech-savvy demographic and to tap into the financial resources of the crypto industry. His previous skepticism towards cryptocurrencies has evidently shifted, likely influenced by the potential for fundraising and the alignment with a sector that values.

Crypto X Segment

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Daily Wisdom

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