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Bitcoin currently is trading upon a key resistance area on the chart, breaking bullish from this region will greatly increase the probability of an expansion towards $61,000 to $62,000 - the overall range high.

In the latest news, MicroStrategy adds 18,300 Bitcoin, now holds $14.14B worth of BTC and Vitalik Buterin ups X activity in August.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Technical Crash Course

• Daily Wisdom

Bitcoin Price Analysis

Rotation Price Action in current trading range.

In yesterday’s price action update, Bitcoin was trading at the overall range mid-point, currently this remains the same. The rang mid-point is a critical level to break for the bulls to trade bitcoin to the range high - $61,000 to $62,000.

The context of price action is important to consider here, we can see a deviation of the range low and a confirmed bullish retest. These two signs are considered bullish in the immediate short-term, hence why price is rising now.

The overall objective or path of least resistance will naturally be the range high. This is backed by Market Auction Theory where price action rotates between Value Levels within a range - that being the Value Area High, Value Area Low and and Point of Control.

Higher Time-Frame Trend

On the Daily Chart, Bitcoin has been in a clear down-trending channel, currently also trading within the midd-point. As evident, all previous price action here has been oscillating closing to the mid-point - expansion will eventually come.

Currently it is not quite clear how long this constricting price action will remain, this places more emphases on extended ranging price until Time forces Price to reach either the channel high and or channel low boundary for a reaction. 🧠 (read again it if does not make sense - key Alpha here ✍️ ).

Overall, Bitcoin is still range bound, however recent developments have show some local strength. Price action also seems to be morphing into a tradable pattern, this will become more clear as time progresses.

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

Technical Analysis Crash Course - The Falling Wedge Patter  🧠 ✍️ 

The Falling Wedge is considered a bullish price action pattern that has a dynamic support and resistance level. These two levels create an apex where price action trades into before breaking out. The breakout must breach the dynamic resistance to confirm the activation of the pattern.

Key characteristics of the Falling Wedge

•  Bullish price action pattern that breaks out with an impulse

• Consists of two dynamic support and resistance levels

• The break of the resistance activates the pattern

This pattern is use in a LONG trade setup.

Latest Market News

Vitalik Buterin ups X activity in August,

Ethereum co-founder Vitalik Buterin has significantly increased his presence on X, posting more in the past month than he did in the previous 18 months, following criticism that he had neglected the platform.

In August alone, Buterin posted or responded about Ether, the Ethereum blockchain, and other subjects at least 158 times, as noted by trader and economist Alex Krüger in a Sept. 12 post on X.

By contrast, Buterin made only 44 posts between January and July and just 13 posts throughout 2023.In an Aug. 20 post on X, Buterin mentioned that he had been advised to "do less philosophizing and do more Ethereum bullposting."

Buterin faced criticism, with some accusing him of abandoning X for the smaller Farcaster platform. Accounts like "Autism Capital" urged him to return to X to promote Ethereum. Autism Capital speculated in a response to Elon Musk that Buterin left X for Farcaster to interact with a smaller, like-minded community with less public scrutiny.

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MicroStrategy adds 18,300 Bitcoin, now holds $14.14B worth of BTC

MicroStrategy, a publicly traded business intelligence and software company, has announced the purchase of roughly 18,300 Bitcoin between August 6 and September 12.

According to the company's Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), the $1.11 billion acquisition was made at an average price of $60,408 per Bitcoin, including associated fees and expenses.

Under the leadership of CEO Michael Saylor, MicroStrategy has steadily increased its Bitcoin holdings over the past four years, starting with its first purchase on August 11, 2020. This latest acquisition brings the company's total Bitcoin holdings to approximately 244,800 BTC, currently valued at around $14.14 billion.

Since August 2020, MicroStrategy's average purchase price for Bitcoin has been $38,585 per BTC, with a total investment of approximately $9.45 billion. While the company's aggressive Bitcoin strategy has sparked debate, it continues to expand its holdings without slowing down.

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Daily Wisdom

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