Over the past 24 hours, Bitcoin has broken bullish from the weekend consolidation phase, a pump occurred right into resistance early Monday morning in the Asian session. Price Action has continued to trade around the highs despite a minor pull back around the London open.

A prevalent high on the chart remains, this is an area that has high timeframe technical confluence, more disused in the Technical Analysis section.

In recent news events, CryptoPunks climbs back to NFT sales lead with over US$704,000 - the come back?

Today’s report will also include:

• Updated Technical Analysis

• Other key market developments

• Wisdom Drops

Bitcoin Price Analysis

Current Price Action

Observing the chart on the higher time-frame (1D), it is quite evident that Bitcoin is at a strong region of resistance where a reversal is probable. Price action is trading against volume resistance and Fibonacci resistant.

The volume resistance is the VWAP and the Point of Control pulled from the all-time high. Price action tends to trade around volume resistance levels for a while, this allows for lower timeframe accumulation and/or distribution schematics play out.

The Fibonacci resistance is also very prominent, the key remaining high is in confluence with the .618 Fibonacci high. Price action trading and taking the high out simultaneously will test the .618 Fibonacci high - a wick will be anticipated here.

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

Latest Market News

CryptoPunks leads NFT sales with over US$704,000

CryptoPunks led the non-fungible token (NFT) market on Wednesday with a total daily sales volume of $704,104, according to CryptoSlam data. Throughout the week, and DMarket have alternated as the top performers in daily NFT sales.

DMarket, an NFT collection tied to in-game virtual items on the Mythos blockchain, dropped to fourth place with $442,778 in sales. In second place was Solana Monkey Business, an NFT collection on the Solana blockchain, with $512,179 in sales. Known as SMB, it ranks 29th on the all-time NFT sales chart and holds the top spot for Solana-based collections.

Immutable's Guild of Guardians Heroes came in third with $502,144 in daily sales, while the DogeZuki Collection on Solana took fifth place with $342,557 in sales. The Ethereum blockchain, home to CryptoPunks, topped all blockchains in daily sales, with a total of $4.1 million.

Crypto X Segment

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Wisdom Drops

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