Over the past 24hrs, price action reverted back to trading within its range, expansion is imminent.

New technical data printed over the last day indicates indecision present in the market. Bitcoin has had an intra-day rise only to give it back in the Asian session.

Liquidity is still considered above the current high, testing this area will full-fill the single print theory. The RSI is trading at its range mid-point, further consolidation is likely before it expands into oversold and or overbought conditions.

In recent news events, Tim Draper leads $2.5 million funding round for crypto startup and Bitcoin Gets Brief Boost After U.S. Employment Growth Revised Lower

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Daily Wisdom

Bitcoin Price Analysis

Current Price Action

Bitcoin’s price action is grinding again resistance, this type of price action often leads to an impulsive break. Bitcoin is currently trading with low volume, an influx will be imminent.

A key concept in price action is the Single Print candle stick pattern. This is when the body of the candle gets filled by price action before a rotation back in the opposite direction.

In Bitcoin’s case, the current single print candle remains exposed, this usually gets filled with a wick. Price action breaking into the single print candle will take the upside resting liquidity.

RSI Range Mid-Point

The current Relative Strength Index is trading within an equilibrium at the range mid-point. A break of this consolidation phase will coincide with an influx in volatility in Bitcoin.

Bitcoin has not revisited its oversold conditions, a correction in price action will prompt the RSI to trade lower. Oversold conditions will allow for better entries as price tends to revert around these regions.

The overbought conditions on Bitcoin is interesting, it is in confluence with technical resistance explained in previous issues. If price action expands towards these highs, it will place the RSI in an overbought region - allowing for a potential reversal.

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

Latest Market News

Tim Draper leads $2.5 million funding round for crypto startup

A new startup named Ark Labs, only three months into its journey, focuses on enhancing the efficiency of bitcoin transactions by making them faster and less expensive. It has successfully secured $2.5 million during its initial pre-seed funding phase, spearheaded by the well-known billionaire, Tim Draper.

The investment round saw contributions not only from Draper's venture capital firm, Draper Associates, but also included participation from Fulgur Ventures, Axiom Capital, and individual investor Stephen Cole, as announced by Ark Labs this past Thursday.

This investment highlights an increasing trend in Silicon Valley to back ventures aimed at transforming cryptocurrencies, especially bitcoin, into everyday payment methods.

Bitcoin Gets Brief Boost After U.S. Employment Growth Revised Lower

The U.S. job market, previously believed to be robust through 2023 into early 2024, has been revealed to be somewhat weaker than initially reported. This revision came from the Bureau of Labor Statistics, indicating that the U.S. economy added 818,000 fewer jobs than the earlier estimates for the year ending March 2024.

This adjustment suggests an average monthly job growth of 174,000, down from the previously stated 242,000. This news provided a brief, modest positive impact on Bitcoin's price during mid-morning U.S. trading sessions.

The underlying logic here is that a less robust job market might signal to investors that the Federal Reserve could adopt a less aggressive monetary policy, potentially easing interest rates. Such economic conditions are often perceived as favorable for alternative investments like Bitcoin, as lower interest rates decrease the opportunity cost of holding non-yielding assets.

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Daily Wisdom

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