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Bitcoin Insider: 09/08/24 - Read Time: 5 Min

Welcome to the latest update on the market, key focus in this issue will be on the recent price action as it is trading at a critical level.

Price has pumped significantly from the lows and has rejected locally from the .618 Fibonacci. If price action does not breach this resistance it will signify a deviation on the charts.

In recent news events, Kamala Harris slowly turning pro-crypto and Ripple fined $125 Million in lawsuit against the SEC.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

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Bitcoin Price Analysis

Current Price Action

Observing from the current price action, the rise is characterized as a short-squeeze in to an area of a pivot.

The Range High has currently been breached, price action is trading and consolidating above it, coiling up for a move.

This can be considered a deviation if there is no continuation - confirmation of this will be if price falls back into the range.

The Bullish scenario will be a continuation higher, meaning a true expansion back with strong volume - current volume is considered low.

The .618 Fibonacci

On the intra-day timeframe, price action has evidently rejected from the .618 Fibonacci.

Holding below this fibonacci level is a sign of weakness, this will leave the current lows exposed.

Exposed lows are liquidity magnets in the market, Bitcoin currently has a clear one that is pruned to being tested.

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

Latest Market News

Ripple slammed with a $125 million penalty

Ripple has been imposed a penalty of $125 million in the legal proceedings involving the United States Securities and Exchange Commission. This amount represents only a small portion of the total that the SEC had initially requested in this matter.

The penalty determined by Judge Analisa Torres is significantly lower than the $1 billion in disgorgement and prejudgment interest, as well as the $900 million in civil penalties that the SEC had pursued.

Investors in XRP have interpreted this outcome favorably for both the company and the cryptocurrency, which surged by over 20% right after the announcement was made.

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Kamala Harris hinting towards becoming pro-crypto?

Executives from the cryptocurrency sector engaged in a virtual meeting with members of the White House to deliberate on the future of cryptocurrency policy. 

The discussion was marked by significant tension, as these executives voiced their concerns regarding the Biden administration's approach. 

Meanwhile, some cryptocurrency supporters have rallied behind Kamala Harris's campaign, as evidenced by a notable increase in her odds on Polymarket. 

On Thursday, representatives from the crypto industry convened with White House officials to explore potential policies, as Democrats aim to garner the support of the cryptocurrency sector for Kamala Harris's campaign.

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Emerging news and trends

Bitcoin new addresses hint at ‘renewed interest’ from retail investors: Retail investors could be making a steady return to the crypto market after a notable upward trend in the number of daily new addresses being created, an intelligence platform has speculated. 

Think the ASX has been volatile this week? Wait until you see the Bitcoin price: Things have certainly quietened down on the stock market over the past few trading days. But last Friday and this Monday's sessions were some of the most dramatic days the S&P/ASX 200 Index (ASX: XJO) had seen in many years. After all, it's quite unusual to see the ASX 200 drop by more than 1.5%, let alone the 3.7% it crashed down on Monday.

Bitcoin Faces 'Mid-Cycle Wipeout' as Markets Plunge: Glassnode Report:The latest report from onchain analysis firm Glassnode highlights a significant market downturn, marked by a 32% decline in bitcoin’s value, the largest drawdown of the current cycle. The study underscores the critical impact of this downturn on investor sentiment and the broader market dynamics.

Meme Center

HODL is the only way 😃 

Current Situation 😆 

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