BTC Gap Filled as Predicted!

Over the past few hours, price action has promptly filled the gap and now is consolidating back under - could the high of the week be in?

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Bitcoin Insider
August 13, 2024 • Estimated Reading Time: 8 minutes

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Bitcoin Insider: 13/08/24 - Read Time: 3 Min

Evening Readers, welcome to another update on the Bitcoin price and the cryptocurrency space in general.

Over the last few days, we have been observing price action closely, our predictions have been coming to fruition - see the TA section in this issue.

In recent news events, Elon Musk claims a Massive DDOS Attack Targeting X at Trump’s Conversation and Ethereum Leads Market Recovery with $155M Inflows Amid Recent Downturn.

Today’s report will also include:

  • Updated Technical Analysis

  • Other key market developments

  • Crypto Meme Center

Bitcoin Price Analysis

Previously updated Price Action

Current updated Price Action - on the money!

The .618 Fibonacci has been resistance for quite sometime now - this still remains valid as price action continues to show weakness below it.

The immediate price action has rejected and found acceptance under critical volume resistance, that is the Point of Control and the Value Area Low of the local range.

Continued weakness below these levels will increase the probability of price action trending lower in the next few days - time to stay alert!.

Previous updated CME Futures Chart

Current CME Futures Chart

As explained in the last issue, when the CME Future opens with a gap, there is a high probability of that gap getting filled in the trading week.

This has evidently occurred on the chart over the past few hours. Price action has promptly filled the gap and now is consolidating back under - could the high of the week be in?

From here, it is important to note that price action has no business trading back up if it is a true bear. Significant strength on Bitcoin will be once price breaks back above the .618 Fibonacci region, this will disregard the bearish CME gap.

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

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Latest Market News

Ethereum, there is a clear positive sentiment towards other cryptocurrency assets

Apart from Ethereum, there is a clear positive sentiment towards other cryptocurrency assets as well. Bitcoin, in particular, witnessed a notable surge in inflows towards the end of the week, despite experiencing initial outflows at the week's outset, resulting in a total of $13 million for the week.


In contrast, short Bitcoin exchange-traded products (ETPs) faced their largest outflows since May 2023, totaling $16 million, which constitutes 23% of assets under management (AuM). This has led to a reduction in AuM for short positions to its lowest point this year, indicating a significant withdrawal of investors.

The Digital Asset Fund Flows Weekly Report from CoinShares revealed that the positive momentum also applied to investment products linked to Solana, XRP, and Cardano, which garnered weekly inflows of $4.5 million, $0.7 million, and $0.6 million, respectively.

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Donald Trump spoke with Elon Mask on the current world salutations

On August 12, Elon Musk, the owner of X, reported that the micro-blogging platform was experiencing what appeared to be a significant distributed denial-of-service (DDoS) attack, stating that efforts were underway to mitigate the situation.

This incident occurred concurrently with a scheduled X Spaces event featuring a discussion between Musk and former President Donald Trump, set for 8 PM Eastern Time.

Subsequently, Musk announced that the X Spaces event would continue with a reduced number of concurrent listeners at 8:30 PM ET, after which the unedited audio would be made available immediately. On August 13, Musk remarked that “nearly all of the legacy media will criticize the Trump conversation, likely resulting in total listeners exceeding 200 million.”

Crypto X Segment

DBS Bank launches blockchain-powered treasury tokens pilot: Multinational banking and financial services company DBS Bank collaborated with digital payment provider Ant International on a new blockchain-based treasury and liquidity management solution. 

Canadian crypto exchange gambled away $9.5M of users’ Bitcoin and Ether: The Canadian cryptocurrency trading platform ezBtc and its founder, David Smillie, defrauded customers by misappropriating approximately 13 million Canadian dollars ($9.5 million) of their cryptocurrency investments and using the funds for gambling.

Why Bitcoin is still poised to break $74K before end of year: Bitcoin’s price dropped by over 25% during the Aug. 5 global market rout. However, emerging signals suggest that this decline could be a bear trap, and the price may return to its course toward a new record high in 2024.

Meme Center

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