Bitcoin Insider - Daily Edition: 02/05/24 - Read Time: 3 Min

Today’s issue will analyses why Bitcoin is on the rise to $183,000.00, based purely on technical analysis and high timeframe trends.

A very bullish pattern: The Falling Wedge is currently in the making, this suggests a strong continuation in the bull market.

In today’s news events, the US Justice Department has charged Roger Ver (early crypto investor) with taxation fraud.

The Australia Security Exchange (ASX) maybe on the brink of approving a Spot-Bitcoin ETF.

Today’s report will also include:

• Updated Daily Crypto Price Report

• Updated Daily Technical Analysis

• What Bitcoin Insider is Reading

• Crypto Meme Center

Daily Bitcoin Analysis

It is clear the Bitcoin is trading in a local down trend, however the bigger picture shows a very bullish sign - The Falling Wedge Pattern.

A Falling Wedge is a chart formation that squeezes price action before an impulsive break, once this occurs, price expands in a bullish manner.

It is important to remember that this formation is still currently forming. Bitcoin needs to break the wedge with increasing volume for it to become activated.

$183,000.00 per Bitcoin ?

The high timeframe chart is in a multi-year channel, the highs and lows of the channel have marked the beginning and ends of all previous bull and bear cycles.

As of current, price action is trading in the middle of this huge channel, this signals a drawn out consolidation period to come first..

Maintaining the channel mid-point (white line) will greatly increase the probability reaching the $183,000.00 Bitcoin sooner than later!.

Latest Market News

The Fall of "Bitcoin Jesus" - Crypto Community Shaken

"Bitcoin Jesus," Roger Ver, found himself in some deep water; he's facing serious charges. The U.S. Justice Department's got him on the hook for mail fraud, tax evasion, and more.

Apparently, he hid around $48 million in capital gains from Uncle Sam and sold a whopping 70,000 BTC right before Bitcoin mooned in 2017.

Now, the plan is to drag him from Spain to the U.S. for a trial that's got everyone talking.

The crypto community is all buzzed up, some say this is just desserts; others are more sympathetic.

The ASX remains tight-lipped on crypto ETFs

Big news in the crypto world, but it's shrouded in mystery.

Investors and traders are left guessing about what's next for the ASX.

Despite not commenting on applications, we know the ASX engages with issuers who are advocating an ETF.

What does this mean for you?

1. The ASX's silence suggests potential developments are approaching.

2. Engagement between the ASX and issuers means proposals are under consideration.

3. Investors should keep an eye on announcements for a possible market shake-up.

Stay vigilant and ready to act.

Crypto X Segment

Emerging news and trends

Wasabi and Phoenix wallets halt US services due to increasing regulatory scrutiny: The companies behind these wallets, zkSNACKs and ACINQ, announced the suspensions following actions taken by U.S. authorities against similar cryptocurrency services.

Exploring the impact of three notable altcoins within the crypto space: KangaMoon (KANG)’s SocialFi and play-to-earn platform is turning heads during its presale, raising nearly $6 million while delivering a 290% ROI for early buyers.

India’s financial watchdogs seize over $30m in crackdown on crypto fraud: The ED has managed to seize a staggering INR 90 crores (approximately $10.7 million) worth of cryptocurrencies, dealing a severe blow to the ‘E-Nugget’ scam.

What Bitcoin Insider is Reading 📕 📕 📕 

Meme Center

I asked a hooker if she accepted bitcoin.

She told me no because it goes up and down more than she does.

See you in the next one! 👊