Over the past 24 hours, Bitcoin has managed to break the pennant formation bullish - key resistance levels are now breached.

Over Last issues we have been discussing liquidity concepts and how market makers manipulate these areas. Bitcoin had a key high remaining which suggested liquidity to the upside - this has now been taken.

The market is in an interesting area where a directional move will lead to a strong expansion - more discussed in the technical analysis section.

In recent news events, Crypto Friendly RFK Jr. Drops White House Hunt, Will Lend Kennedy Name to Trump and Aave Token Has Beaten the Market With a 45% Price Surge.

Today’s report will also include:

Price Action False Break

As evident on the chart, price action has had a bullish break from a consolidating phase that was leading into the Triangle’s Apex - this took out all early short positions and the upside liquidity.

There is a case for a false break to be occurring here where the market reverses in a volatile manner - this will confirm a bull trap, trapping top longs for a perfect liquidity generation.

All though this is a strong break, caution is to be advised as price action is consolidated below resistance in a new trading range. The current most important resistance is the Point of Control (POC).

Daily Point of Control

The Point of Control on a chart is a level where the most amount of volume has been traded. Currently this sits around the $64,000 to $65,000 region for Bitcoin.

It is normal for price to hover around like this after a volatile move - the market needs to finds its equilibrium. How price action forms around this regions will be indicative of the next expansion.

A clean short entry will be a tap of the POC with a potential swing failure model playing out. Bitcoin also needs to hold and trade above the triangle support to maintain strength,

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

The cryptocurrency token AAVE, associated with the Aave lending platform, has surged by over 45% to reach $135 in just four weeks, outpacing all other major cryptocurrencies, including Bitcoin and Ethereum.

This impressive growth places AAVE far ahead of Helium's HNT, which saw a 26% increase, making it a distant second. The rally started towards the end of July, sparked by a proposal from Marc Zeller of the Aave-Chan Initiative to implement a 'fee switch'.

This mechanism would use some of Aave's surplus revenue to benefit key participants in its ecosystem, including buying back AAVE tokens from the open market. Joshua de Vos from CCData mentioned to CoinDesk that there's talk about this fee switch potentially rewarding AAVE stakers and GHO stablecoin creators with redistributed profits, which might be fueling the token's price surge.

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Kennedy's decision was influenced by his belief that systemic censorship and media bias have rendered his path to victory untenable. He highlighted that internal polls suggested his continued campaign could spoil Trump's chances, thereby benefiting the Democrats. ‘

This endorsement and campaign suspension come with Kennedy expressing agreement with Trump on issues like the war in Ukraine, censorship, and what he terms a "war on our children," despite their differences on other policies.

During a press conference in Arizona, RFK Jr. expressed his belief that systemic censorship and media control have made it impossible for him to win, indicating that his campaign's internal polls suggested his continued presence on the ballot would inadvertently help the Democrats by siphoning votes from Trump.

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