Over the past 24 Hours, Bitcoin has has a bullish expansion within its trading range after establishing a bullish retest of the current range low.

Bitcoin has been rising over the past hours, key resistance regions are approaching where a rejection is plausible. If this occurs, there is a probability of a bearish harmonic pattern - more discussed in the technical analysis section.

In recent news events, a surge in Nvidia stock triggers bullish momentum for AI tokens.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Crypto Wisdom

Bitcoin Price Analysis

Bearish Harmonic ?

Price action has been trading with a bearish sentiment off the past few weeks, this current rise can also be considered a dead cat bounce where the bearish trend continues.

The current structure of price action is morphing in a bullish harmonic that has a $44,950 target as a potential bottom. This will only come to fruition if the current rise ends at the .618 Fibonacci - confirming/ activating the final leg down.

Overall, this harmonic has not been activated, it is currently considered speculation. Confirmation will be when price action holds the overall support region at $44,950 for a new trend back towards the highs.

Channel Mid-Point Resistance

Over the past couple days we have also discussed the devotion and/or failed auction of this current rage. This has given Bitcoin fuel to trade back within the range towards local higher prices.

As of current, the most key resistance is the Chanel Mid-Point that needs to be flipped in order to target the overall range high. Price action is considered in no mans land, this mean volatility is probable.

Overall, for continued strength in price action, the channel mid-point needs to be flipped - failure will put emphases on a bearish retest,.

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

Latest Market News

Surge in Nvidia stock triggers bullish momentum for AI tokens

Artificial intelligence (AI)-related cryptocurrencies saw significant gains following a sharp rise in Nvidia's stock price.

On September 11, Nvidia Corp's stock increased by 8.15%, closing at $116.91. The company's market capitalization reached $2.86 trillion, according to MarketWatch. Nvidia has experienced a remarkable 142.7% rise so far this year.

Following Nvidia's upward trend, AI-focused cryptocurrencies also saw a 0.3% increase in value over the last day. CoinGecko data shows that the total market capitalization for AI tokens now stands at $23.46 billion, with a daily trading volume of $1.5 billion.

NEAR Protocol, the top AI-related token, gained 5.3% in the last 24 hours, trading at $4.15 at the time of writing. The Artificial Superintelligence Alliance token surged by 8.4% and is now trading at $1.42.

Meanwhile, Internet Computer (ICP) saw a 4.3% decline and is currently priced at $8.39.

The recent trends in Nvidia's stock price have mirrored the movement of AI-related tokens. According to a crypto.news report from September 4, major tokens like FET and Render (RNDR) suffered double-digit losses when Nvidia’s stock dropped 9.5%, causing a $280 billion market value loss for the company.

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Daily Wisdom 

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