Bitcoin Insider - 22/07/24 - Read Time: 3 Min

Big developments since last update, now it is time to pay attention as Bitcoin is testing a key high timeframe level.

Price action is also testing high time volume level- the POC and an Order Block, above this will be extreme strength.

In recent news events, Wild Rumors Donald Trump Will Create A U.S. Bitcoin Strategic Reserve and Mt. Gox Repayments Are Coming in the near future.

Today’s update will also include:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Current Price Action

Bitcoin has had a strong rise from the lows, now testing a key volume level where resistance is to be expected.

The current resistance is the POC - Point of Control. This volume level on the chart indicates where the most amount of transactions have occurred at a price point.

If price fails to break above this level, it will greatly increase the probability for a rotation lower.

Order block resistance

Another key point to consider on the chart is the current order block resistance that is being tested.

Order block levels are zones on the chart where price has consolidated previously, this indicates high market participation.

If price closes multiple candles below and is not able to break the region, it will increase the of trending to a lower order block region.

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

Latest Market News

Wild Rumors Donald Trump Will Create A U.S. Bitcoin Strategic Reserve

Bitcoin has surged by 0.7%, soaring past $60,000 per coin, following an incident where former U.S. president and 2024 presidential candidate Donald Trump was injured in an assassination attempt.

The price increase, up from $53,000 earlier this month, coincided with a significant rise in Trump's chances of winning the November election on the crypto-based Polymarket prediction platform.

The shooting occurred at a Pennsylvania rally on Saturday, and Trump's odds of securing the presidency jumped by about 10 points to 70% on Polymarket, where users can bet cryptocurrency on various outcomes.

Mt. Gox Repayments Are Coming in the near future.

After a decade, early Bitcoin investors are on the verge of reclaiming their digital coins from the defunct exchange Mt. Gox.

Earlier this week, movements by the trustee of the now-collapsed exchange alarmed investors by sending a test transaction that transferred $2.8 billion in BTC to one of its cold wallets, according to data from crypto analytics firm Arkham Intelligence.

However, focus shifted back to a previous series of large transfers to exchanges when leading American crypto exchange Kraken notified customers on Wednesday that they could receive their Bitcoin within “7-14 days.”

Crypto X Segment

Emerging news and trends

Bitcoin ‘real bull run’ out of reach as retail demand metric hits 3-year low: A metric aimed at representing retail interest in Bitcoin has just hit its lowest point in three years, and crypto analysts say a rebound is needed before the “real bull run” can begin.

Market Giants are Anticipating the Next Bitcoin Rull Run!: The bitcoin market has recently gone through weeks marked by fear and uncertainty, with a notable drop in prices. Amid this turbulence, giants like Binance and other savvy investors are betting on a promising future for bitcoin.

Bitcoin large sellers 'exhausted' as $67K price holds: “Bitcoin large sellers are exhausted and valuation metrics suggest positive momentum,” CryptoQuant head of research Julio Moreno wrote in a July 20 X post, referring to Bitcoin investors holding a balance of 1,000 to 10,000 Bitcoin.

Meme Center

HODL is the only way 😃 

Current Situation 😆 

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