Bitcoin Insider - Daily Edition: 01/05/24 - Read Time: 3 Min

The Cryptocurrency market is taking a tumble, but new price data suggests that the bottom is near for a rally back up

In this issue, we will analyse the critical price levels that must be defended by the bulls, these levels are being tested as your read this.

In recent news events, CZ from Binance has been slapped with a 4 month prison sentence after plea deal.

North Korean hackers have successfully managed to launder US$200 million according to blockchain sleuth

Today’s report will also include:

• Daily Cryptocurrency Price Report

• Other key market developments

• What Bitcoin Insider is Reading

• Crypto Meme Center

Bitcoin Price Analysis

The current price of Bitcoin is testing the 21 EMA and the 200 MA respectively. Previously this was tested back in January which subsequently lead to an 80% rise in price.

Spending some time and accumulating support here will increase the probability of a strong bullish rise.

The key price points to remain aware of is $59,314 and $55,397 respectively, these levels are the absolute lows that need to be defended.

From an Order Flow perspective, the heavy shaded blue signifies aggressive selling at the lows of the 21EMA and 200MA.

Bulls managed to defend selling at the lows despite the aggression, this is evident in the order flow signature.

Bitcoin bulls now need to produce a similar order flow signature to market a bottom in this current sell off.

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

Latest Market News

Binance's Zhao Gets a Sentence - What It Means for Crypto

Changpeng Zhao, a.k.a. CZ, has been handed a prison sentence

Here's the lowdown:

- CZ pleaded guilty to skipping past anti-money laundering laws.
- His actions let sanctioned cash flow through Binance.
- Now, he's stepping down as CEO and coughing up a hefty fine.

Despite this, CZ's fortune remains massive, holding onto his Binance shares.

CZ’s case isn't isolated - remember Sam Bankman-Fried’s 25-year sentence? Each case adds to the changing landscape we must navigate.

Korean Hackers - Over $200 million in crypto vanished - here's how they did it.

Korean Criminal masterminds have been moving mountains of stolen cryptocurrency, right under our noses.

Their Tactics:

• Using coin mixers to obscure stolen funds and utilizing P2P exchanges for converting stolen crypto to fiat.

• Operating across 25 hacks on various blockchains since August 2020 and using popular tools like Ethereum's Tornado Cash and Bitcoin's ChipMixer

• Exploiting P2P exchange accounts and connections, allowing them to received a staggering $200 million.

Crypto X Segment

Emerging news and trends

Bitcoin trades around $57K , market drops leading up to fed decision: BTC is down about 6.3% in the last 24 hours having dropped below the $60,000 support level late on Tuesday.

Azuki NTF sales soar to over US1.1 million in a day:Azuki’s daily sales surge pushes its all-time sales volume to approximately US$1.12 billion, making it the eighth-largest collection in the market.

South Africa’s larger Crypto Exchange expands to Poland:VALR, the largest cryptocurrency exchange in South Africa, is set to offer its crypto asset services in Poland and is actively exploring opportunities in other jurisdictions worldwide. 

What Bitcoin Insider is Reading 📕 📕 📕 

Meme Center

^{I Don’t hate you CZ but its just for the memes}

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