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Bitcoin Insider - Daily Edition: 20/06/24 - Read Time: 3 Min

Bitcoin has notably slowed down its down-trend price action since the last update, creating a base is a strong bullish sign.

On the technical aspect, there is a Bullish Harmonic pattern forming, waiting for a confirmation will be key.

In recent news events, $440 Million wiped out in Alt-Coin liquidations and a strong warning on the increase of AI cryptocurrency scams.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Current Price Action

This recent downtrend has slowed down with the last 24-hrs, this is a sign in seller-exhaustion.

Price Action is currently trading at the lows on this local range, this is a logical place for a bounce to occur.

The Bounce will need to be back with increasing volume, failure will just be another lower high in the greater trend.

Bullish Harmonic

Every once in a while, price action forms into a pattern, this time we have a clear Bullish Harmonic,

These types of patterns are Fibonacci based, this specific pattern is known as a Bullish Gartley Harmonic.

Confirmation of this Bullish Harmonic will be an impulsive break from the current local consolidation point.

Once this pattern is activated, it will increase the likelihood of a rally back to the highs.

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

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Latest Market News

Be Warned, AI Crypto Scams Are on the Rise

AI is transforming the crypto world. Coders use it to code, researchers to research, and scammers to scam. A new Elliptic report highlights AI's role in crypto crimes.

The rise of AI drives innovation in crypto but also brings risks. Elliptic identifies five ways AI is exploited: creating deepfakes for scams, building scam tokens, using AI for hacks, spreading disinformation, and making convincing phishing sites.

Awareness of these scams helps users stay vigilant. Sumsub also reports that 90% of deepfake scams in 2023 targeted crypto, with U.S. crypto investment losses growing 53% to $3.9 billion last year.

Crypto Winter: $440M Lost in Altcoin Liquidations

As the crypto market declines for a second day, investors face major liquidations in altcoins, totaling over $440 million in just 24 hours.

The last 24 hours tested the crypto market, with overall capitalization dropping 3% to $2.45 billion. Nearly all top 100 digital assets saw significant losses.

Bitcoin fell 2% and Ethereum 3%. Altcoins suffered the most, with Fantom (FTM), Enjin (ENA), SUI, and Uniswap (UNI) dropping up to 17%. Bitcoin's dominance rose to 56%, the highest since March.

CoinGlass reports these fluctuations led to the liquidation of 161,137 traders, amounting to $443.93 million. Ethereum saw $75 million in long liquidations, while Bitcoin had $47 million.

Crypto X Segment

Emerging news and trends

Crypto's Long-Tail Disruptive Trends: Interoperability between blockchain networks. Restaking. EVMs. Some major trends giving digital assets markets a lift in the new cycle, Santiago Velasco, Senior Trader, Nonco.

Bitcoin Mining Stabilizes Power Grids Strained by AI Data Centers: Bitcoin miners help expand the use of renewable energy and balance energy networks, says Ryan Condron, co-founder of Lumerin.

Why You Should Diversify Your Digital Asset Portfolio: Institutions need to broaden their holdings of crypto holdings in order to capture the full range of innovation in the market, says Felix Stratmann, head of research at Outerlands Capital.

Meme Center

HODL is the only way 😃 

Current Situation 😆 

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