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Bitcoin Insider - Daily Edition: 11/05/24 - Read Time: 3 Min

Bitcoin has started a local correction, this was expected as price was grinding against a clear resistance from previous update.

A correction like this is deemed bullish selling, this will allow price to test technical support - $60,579 to $59,933, aka the DIP.

In recent news events, the Australian Tax Office is after data of 1.2million exchange users, something to keep in mind.

The UK fin-tech behemoth has launched a cryptocurrency exchange designed for pro-traders.

Today’s report will also include:

• Daily Updated Crypto Price Report

• Daily Updated Technical A

• What Bitcoin Insider is Reading

• Crypto Meme Center

Bitcoin Price Analysis

The current outlook for Bitcoin is a range where price has been rotating for months now, this gives clear defined trading opportunities when support is being tested.

Key support for Bitcoin is between $60,579 to $59,933, this marks the absolute range low of the greater trading range, bulls need to defend this area at all costs.

As visible on the above chart, we have a bullish support zone at the base of a Single Print candle.

What is a Single Print candle?

• It is a candle that is long and impulsive, it tends to not have wicks

• The candle signifies imbalances between buyers and seller

• It usually starts a short and a long squeeze.

Single Print candles have a high probability of being filled, this has yet to happen on Bitcoin, thus the real dip is yet to occur.

Bitcoin insider will continue to monitor price and provide updates as necessary in the next issue. 

Latest Market News

ATO Eyes Crypto Traders' Taxes - What You Need to Know

The Australian Taxation Office (ATO) is zeroing in on cryptocurrency exchanges.

Up to 1.2 million users could be affected as the ATO seeks personal and transactional details.

It's part of a wider effort to reel in those skirting crypto tax duties, which require a capital gains tax on the profit from sold crypto assets

The landscape of crypto taxation is evolving swiftly.

Whether you're in Australia or elsewhere, this move by the ATO signals a clear trend: governments are hungry for their share of your digital asset gains.

Crypto traders, meet Revolut X – the new player in town

Revolut is shaking things up in the crypto world, they've just started the quiet rollout of a brand new exchange: Revolut X.

Revolut X is bucking the trend by allowing access to experienced traders at the outset. Think of it as their way of dipping toes in the water without causing too much of a splash

Some of their Perks: Trade Without Getting Nipped

• Zero fees for trade makers? Yes, please.

• And, it’s just 0.09% fees for takers - that's it.

Real-Time Trading with a Dash of Tech

• Tap into real-time trading with advanced analytics designed for crypto fans.

• Technical indicators and TradingView charts are at your fingertips.

Monitor the market like a hawk with their sleek tools.

Crypto X Segment

Emerging news and trends

FTX says it has billions more than owed to victims:The firm says that once it has sold off its remaining assets it will have as much as $16.3bn (£13bn) to cover the debts, which stand at around $11bn.

Binance CEO calls for release of executives detained in Nigeria:Binance Chief Executive Officer Richard Teng has demanded the release of Tigran Gambaryan, the cryptocurrency exchange’s executive, who has been detained in Nigeria since late February on allegations of illegal transaction profits.

Robinhood to challenge SEC’s notice over crypto operations: Robinhood Markets Inc. is contesting a Wells Notice from the U.S. Securities and Exchange Commission (SEC), which could lead to enforcement action against its cryptocurrency division, Robinhood Crypto (RHC).

What Bitcoin Insider is Reading 📕 📕 📕

Meme Center

IYKYK

Bitcoin Insider bouncing back to work, See you in the next one! 👊 PS. If you’d like to unsubscribe from this valuable newsletter, please email “Unsubscribe” to [email protected]