Bitcoin Insider: 07/08/24 - Read Time: 3 Min

Currently recovering from an illness, I however have energy to update you all. 😃 😄 

From the previous update, we can clearly saw signs of weakness in the previous technical analysis. Bitcoin is currently currently having a bounce that is likely to roll-over.

As usual, we will go over the current key technical levels for bitcoin by observing the recent price action, the bottom does not seem to be in.

In recent news events, Bitcoin volatility hits 20-month high, traders hedge against further slump and the Australian federal police to probe 2,000 exploited crypto wallets.

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Current Price Action

Current price action on the chart is consolidating after a very strong sell off into the key channel low support, resulting into a bounce.

Price as such is expected after a strong volatile move, this indicates that the market has now completed it expansion and is now attempting to consolidate.

The current wick on the chart does not look pleasing, price action as such tends to get filled before rotating back to.

This simply increases the probability of a rotation back towards channel support.

Intra-day resistance

Observing price action on the 4H timeframe, its is evident that a resistance zone is approaching.

The Range High and the .618 Fibonacci indicates the next trade location where a rejection is plausible. If this occurs, it will indicate the start of a trading range, meaning consolidation.

The key price points in the immediate short-term to observed is between $59,453 - $60, 170.

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

Latest Market News

Crypto Volatiltiy hits 20-Month high, further downside?

A significant indicator of Bitcoin volatility has surged to its highest point in 20 months following Bitcoin's drop below the $50,000 mark, leading futures traders to anticipate a potential further decline in Bitcoin's price.

As of the time of this report, Bitcoin has rebounded to a trading value of $56,676; however, futures traders continue to speculate on the possibility of additional downward movement.

The direction of future trading, whether upward or downward, will be contingent upon our proximity to the critical key levels previously discussed.

The Australian Police to probe 2,000 crypto wallet - developing news.

The Australian Federal Police announced that it is conducting an investigation into the financial losses resulting from a series of cryptocurrency phishing scams, which have affected a minimum of 2,000 crypto wallets owned by Australians.

This development comes in the wake of an investigation by Chainalysis, known as Operation Spincaster, which revealed that numerous Australian crypto wallets had been compromised through "approval phishing" methods.

Approval phishing scams deceive users into authorizing a harmful transaction, enabling the scammer to transfer the victim's tokens to a wallet address of their choosing. It is crucial to remain vigilant and safeguard your assets.

Crypto X Segment

Emerging news and trends

Historic Drop in Bitcoin Revenue Leaves Miners Struggling: Bitcoin miners are facing considerable challenges as revenues have diminished since the fourth block reward halving. In early August, the hashprice—the estimated daily earnings per petahash per second (PH/s)—dropped to a record low of $42.78 per PH/s on Aug. 4,

Grayscale launches new crypto investment trusts for SUI and TAO: Grayscale launched the Grayscale Bittensor Trust and Grayscale Sui Trust on Wednesday, according to a release shared with The Block. The Grayscale Bittensor Trust invests in Bittensor's native token TAO, and the Grayscale Sui Trust solely focuses on Sui protocol's SUI token.

Hundreds of dormant wallets linked to PlusToken scam moving 'large amounts' of ether: Lookonchain: Hundreds of wallets linked to the PlusToken scam that had been dormant for over three years are moving “large amounts” of ether, according to blockchain analytics platform Lookonchain.

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Meme Center

HODL is the only way 😃 

Current Situation 🤣 

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