Bitcoin Insider - 08/07/24 - Read Time: 3 Min

Continued weakness lurks on the chart, showing key inflection point at around $50,700 USD - where the .618 Fibonacci is in confluence.

On the higher timeframe, price action is showing clear rejection at range high, if current channel breaks, it will confirm the beginning of a bearish market.

In recent news events, Ethereum price tanks despite growing ETF interest and how the decline is US job market could actually increase Bitcoin’s price.

Today’s update will also include:

Current Price Action

The bearish continued price action is clear when observing the high timeframe (1D) on Bitcoin, this clearly suggests lower to come.

The next significant support is the circled area on the chart, that being the channel low support.

Price action must remain above this, breaking below it will signify the start if a bearish market with the technical target of range low support at $10,500 region.

***Remember this is MACRO trend which can take a year to play-out***

The .618 Fibonacci is approaching

From the previous update, we where observing the .618 Fibonacci where bounce zone on the smaller time-frame could occur..

Price action is currently approaching, patiently waiting for the .618 Fibonacci would have stopped you from longing the dips that just kept dipping…

.618 Fibonacci’s have a high probability of being tested which usually leads to oversold bounces in extended markets conditions.

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

A recent survey shows growing American interest in Ethereum-based ETFs. If the SEC approves an Ethereum ETF, nearly a quarter of voters might invest.

The potential launch of an Ethereum ETF in the U.S. could boost digital asset investments and accelerate crypto market maturity. This ETF could broaden crypto interest beyond Bitcoin, with a possible launch on July 15. Experts predict it could attract up to $15 billion in the first few months, marking a historic milestone for cryptocurrency adoption.

Crypto is becoming more significant to American voters, with one-third now more open to it and 47% considering it for their portfolios. Despite the excitement, Ethereum's price recently dropped by 1.72% to around $3,014 and might fall to $2,900.

The Ethereum ETF could attract traditional investors and voters, promising a significant shift in U.S. digital investments.

A weakening job market and rising unemployment in the U.S. could benefit Bitcoin and other risk assets. The U.S. unemployment rate rose to 4.1%, higher than the expected 4.0% and the highest since December 2021.

In June, the U.S. economy added 206,000 jobs, above the expected 191,000 but much lower than May's revised 218,000 (originally reported as 272,000), according to the Bureau of Labor Statistics.

Jag Kooner, head of derivatives at Bitfinex, told Cointelegraph that a weakening labor market might boost Bitcoin prices as it could increase expectations for future rate cuts, leading investors to seek alternative assets.

Bitcoin has been in a downtrend for over a month, falling below $60,000. On July 5, it dropped over 10.5% in 24 hours to a four-month low of $53,550, according to Bitstamp data.

Dark Personality Traits of People Who Invest in Crypto Revealed: Ever since the launch of Bitcoin's open-source software helped popularize the concept 15 years ago, people from all walks of life have waded into the cryptocurrency market

Interesting List: Top 10 Cryptocurrencies by 1-Year Fee Revenue (Analysis): As such, Ethereum has surpassed Bitcoin in terms of 1-year fee revenue, according to data compiled by Lookonchain. With a whopping $2.728 billion, Ethereum clearly leads the pack in fees, while Bitcoin follows in second place, generating $1.30 billion in fees.

Bitcoin, Binance, Ethereum, Solana and Ripple: The biggest crypto news of the past week: Between groundbreaking announcements, technological advancements, and regulatory turbulence, the crypto ecosystem continues to prove that it is both a limitless territory of innovation and a battlefield of regulatory and economic conflicts.

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