Bitcoin Insider: 10/08/24 - Read Time: 5 - Min

The weekend is not for trading, rather observing the market and planning trades ahead of time 📚 📚

In this issue we will focus on a high timeframe Trading Range that is slowing coming to fruition as time goes along.

Consecutive candle closes below the Range High will show continued weakness. On the smaller timeframe, we have a potential equilibrium forming that is yet to break.

In recent news events, CryptoPunks leads NFT sales, a leader in the space and the Philippines adopts USDT for social security payments

Today’s report will also include:

Current Price Action

Zooming out to the higher timeframes, we can clearly see how price action has failed to break above the overall Range High. Multiple attempts have all lead to local rejections.

If price action continues to trade here without breaking above this high, it will indicate macro weakness in the charts with lower prices to come.

Bitcoin is likely to trade within this channel for an extended time. We are currently in a sideways market with internal bullish and bearish cycles.

Intraday Price Action

On the smaller timeframe, we can see a clear down trend in price action with consecutive lower highs and lower lows.

Currently there is a probability of an equilibrium forming, that of a price action triangle with an inflection point.

How the break comes to fruition will indicate the direction of the market in the immediate short-term. Bitcoin simply is in a no trade zone until further price action develops.

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

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On Tuesday, Ethereum-based CryptoPunks topped the daily non-fungible tokens (NFTs) sales leaderboard, achieving a total of US$663,757 from 11 distinct buyers, as reported by CryptoSlam.

The average sale price for this collection reached US$60,341, contributing to an impressive all-time sales volume of US$2.86 billion, positioning it third in the industry rankings.

Following closely was NodeMonkes, a collection on the Bitcoin blockchain, which secured the second spot with a daily sales volume of US$627,789. This collection recorded 88 unique buyers and a total of 97 transactions.

Tether revealed on Monday that the Philippines has officially recognized USDT stablecoin as a payment method for the country's Social Security System (SSS).

This initiative, facilitated by a collaboration with Uquid, a firm focused on Web3 shopping and services, leverages the TON blockchain to improve the efficiency of these transactions.

The implementation of USDT for SSS payments is anticipated to simplify the process for millions, providing a more stable and effective means of transaction.

This development is part of a broader trend where companies such as PayPal are integrating stablecoins for cross-border transactions.

Crypto is sweeping South and SE Asia. Here’s why it matters to the rest of the world: A new dawn is breaking in the world of cryptocurrencies, and it’s rising in South and Southeast Asia. An intriguing phenomenon is unfolding, as five countries from this region — with Vietnam and the Philippines in the top two spots, followed by India, Pakistan and Thailand ranking 4th, 6th and 8th, respectively — have risen to the top 10 of the Global Crypto Adoption Index.

Philippines’ Coins.ph may have lost US$6 million worth of XRP in hack: Data from blockchain intelligence platform XRP Scan showed an alleged hacker stole roughly 12.2 million XRP tokens via Coins.ph. Within 30 minutes, the coins were transferred to various exchanges including OKX, WhiteBIT, OrbitBridge, SimpleSwap, ChangeNOW and Fixed Float, The Block reports.

Rampant scams highlight critical need for greater crypto literacy: Cryptocurrency-related scams are proliferating at an alarming rate in the Philippines. As cryptocurrencies and blockchain technology surge in popularity, scammers are shamelessly capitalizing on the nation’s lack of crypto understanding.

HODL is the only way 😃

Current Situation 😆

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