Bitcoin Insider - Daily Edition: 02/07/24 - Read Time: 3 Min

As you may already know, Bitcoin price action has seen some stabilisation over the past few days however weakness continues to lurk as the trend is still bearish.

Observing the charts, price action is approaching key a resistance level that will play a critical role in this weeks market direction.

In recent news events, Sony has laid out its plans to launch a Cryptocurrency exchange in Japan and Ethereum gas fees have plummeted to records lows.

Today’s update also includes:

• Updated Technical Analysis

• Other key market developments

• Crypto Meme Center

Bitcoin Price Analysis

Current Price Action

Bitcoin has had a local rise from the lows over the weekend into Monday. This type of price action is to be expected and is know as a short squeeze.

A short squeeze is a situation when Bitcoin price rises after extensive selling causing traders who have lower shorts to cover their positions in order to limit their losses, causing the price to rise.

The short squeeze is still ongoing, key resistance level of $64,492 is yet to be tested. If price is to find resistance at this level, it will likely mark to top for the week.

Larger Trading Range

Market moves in ranges that can last a long time, this is currently is the case with Bitcoin on the higher timeframe.

Price action has been range bound since early March, given the current location on the chart, Bitcoin is approaching its absolute range low support.

Finding support in this area will just confirm another rotation back up, continuing the overall range. It is important to not get overly bearish here until a decisive break occurs.

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

Latest Market News

Sony to launch a cryptocurrency exchange 

Sony, a major Japanese conglomerate, is entering the cryptocurrency exchange sector by acquiring Amber Japan.

With a market valuation of $100 billion, Sony is diversifying its holdings. Last year, Sony Network Communications partnered with Startale Labs to create its own public blockchain network.

WhaleFin, now rebranded as S.BLOX Co., plans to collaborate with other Sony Group companies to enhance its cryptocurrency trading services.

The update includes a new mobile app and user interface, with the official launch date yet to be announced. Sony already excels in music, gaming, and camera industries.

Ethereum GAS fees are at hitting record lows

A year ago, median gas prices were between 15 to 20 Gwei, much higher than today's levels. On March 5, 2024, peak gas prices reached 83 Gwei, according to Dune Analytics.

Following the Dencun upgrade on March 13, gas prices declined steadily. By April 27, the median gas price hit a three-year low of 6.43 Gwei. On June 23, it dropped below 3 Gwei, a level not seen since 2020, marking some of the lowest gas fees in seven years.

Experts believe that these low gas prices indicate that Ethereum's L2 networks are successfully reducing transaction costs.

Crypto X Segment

Emerging news and trends

‘Roaring Kitty’ fraud lawsuit over GameStop drops after 3 days A GameStop investor who accused Roaring Kitty of committing securities fraud has voluntarily dropped the complaint "without prejudice" meaning he can file another similar lawsuit again in the future.

Biggest phish of the week: Attacker targets Hedera users: On June 26 a marketing email for Hedera was hacked, with the attacker sending out phishing emails to the team’s subscribers. Hedera is the developer of Hedera Hashgraph, a proof-of-stake blockchain network launched in 2018.

German, US gov‘ts move $150M in crypto The German and United States governments have drawn significant attention after transferring millions of dollars of crypto holdings.

Meme Center

HODL is the only way 😃 

Current Situation 😆 

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