Over the last 24 hours, Bitcoin has had a bearish expansion after rejecting from yesterday's key resistance level.

Bitcoin’s price action broke the rang low support at the Daily Open for the Asian session. The low was established early in the day, price action has since been consolidating on the lower timeframe.

This move can be deemed as a capitulation style event, the current low needs to be defended for a temporary bottom to be in place.

In recent news events, FBI warns crypto firms of aggressive social engineering and Fed's Rate Cut Is Not A Good Sign For Bitcoin.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

The recent bearish expansion took out a key low, tapping into a void of liquidity before having a bounce. Price action has now established a clear low that need to be defended.

The price action is a valid Swing Failure Pattern, Bitcoin is currently holding its ground above the recent low. This needs to stay in place over the coming hours and days for price action to trend up.

Bearish continuation will become more highly probable if price action takes out the current low on increasing volume.

Bitcoin Weekly Support

Referring to the chart above, price action is trying to bounce from the current weekly support that is in confluence with the swing failure pattern. The previous test of this area ended up being a wick.

This support level is quite critical to hold during the remainder of this week. It is important to remember that wick can take a full 7 days of the week to form until the weekly candle closes.

Overall, in Bitcoin Insider’s opinion, price action is looking to establish a low that will lead to a relief rally before a further potential sell-off.

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

Latest Market News

Fed's Rate Cut Is Not A Good Sign For Bitcoin

At the core of his analysis are reverse repurchase agreements (RRP), a financial tool that's often ignored. Currently, RRPs provide a compelling return of 5.3%, which is higher than the 4.38% yield of U.S. Treasury bonds. This difference in returns is setting off a chain reaction.

Large money market funds are increasingly shifting their investments from Treasury bonds to the more profitable RRPs. The direct result is a reduction in liquidity for riskier investments, including Bitcoin.

Hayes notes that since the hint of a potential rate cut in September, there's been a significant shift of $120 billion into RRPs. An insightful analogy from the X account 'ELI5 de TLDR' likens RRPs to an 'overnight parking lot' for financial entities. This means money is being securely and profitably parked in RRPs, which in turn starves the real economy and financial markets of necessary funds.

FBI warns crypto firms of aggressive social engineering

The FBI has recently issued a warning highlighting the activities of North Korean hacking groups, which are intensifying their efforts to target the cryptocurrency sector, particularly focusing on cryptocurrency exchange-traded funds (ETFs) and their associated companies. These hackers are employing advanced social engineering techniques, which are meticulously crafted to bypass even robust cybersecurity measures.

Here's what you need to know based on the latest information:

• Target Focus: North Korean hackers are zeroing in on employees of cryptocurrency companies, especially those linked to ETFs, aiming to steal digital assets through malware deployment.

• Attack Method: The attacks are characterized by sophisticated social engineering. Hackers conduct thorough pre-operational research, often leveraging personal details about their targets to craft convincing scenarios. This includes posing as recruiters, known contacts, or even using deepfake technology to impersonate individuals.

• Objective: The primary goal is to infiltrate company networks to steal cryptocurrency assets. This involves tricking employees into downloading malware disguised as legitimate files or links, often under the pretense of employment offers or other enticing opportunities.

Crypto X Segment

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Daily Wisdom

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