Bitcoin Insider: 12/08/24 - Read Time: 3 Min

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Bitcoin’s recent price action has remained between two key support and resistance levels, that being $55,840 and $61,712 respectfully.

The weekend dump has printed and open CME Futures Gap on the chart, there is a probability of this being filled - discussed in the TA section.

In recent news events, Israeli tourists robbed of $700k in Costa Rica Bitcoin heist and Kyrgyzstan set to launch its own digital currency by 2027

Today’s report will also include:

Previous Updated Price Action

Current Price Action

The previous couple updates highlighted the importance of the .618 Fibonacci, price action still remains below this resistance region.

Bitcoin has had a local correction, now trying to find a local bottom where a bounce is probable.

The current move happened on the weekend, prior to the weekly close. Weekend price action likely gets retraced as it has left a gap on the futures chart.

CME Futures Chart

Chicago Mercantile Exchange (CME) chart is an important tool to keep a track off. The Gap on these charts have a high probability of being filled,-almost all previous gaps have closed.

The current move has left a Gap to the upside, this is because price action closed below market on the weekly open. The CME does not trade the weekend which causes these gaps.

It is important to remain aware of this CME Gaps during the week as there is a high probability of it being filled.

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

The National Bank of Kyrgyzstan has launched public discussions concerning amendments to constitutional law that are intended to facilitate the integration of its digital currency, known as the digital som, into the national financial system. This initiative signifies a major progression towards a digitized economy.

The amendments proposed on August 8 detail the incorporation of the digital som into the financial framework via a "specialized software system" that will be administered by the central bank. The draft notably omits terms such as "blockchain" and "distributed ledger," yet it does include references to "smart contracts," which leaves the technical specifications of the platform somewhat vague.

The design of the system encompasses the creation of "digital accounts" and "digital wallets." Digital accounts will be specifically tailored accounts managed by the platform operator for participants, while digital wallets will be available to individual users for transaction purposes. Access to these wallets will be provided through applications from banks and other financial institutions involved in the platform.

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The incident of robbery transpired during a social gathering attended by the group, where a minimum of eight assailants approached them. These attackers arrived in two luxury vehicles and swiftly overpowered the security personnel assigned to the group.

The perpetrators, believed to possess police training, coerced the tourists into surrendering their possessions, which included a significant quantity of Bitcoin. Surveillance footage reveals the assailants, some of whom appeared to be clad in police attire, relocating the victims from one site to another.

Authorities suspect that the attackers had prior knowledge of the tourists' financial dealings, indicating that an individual close to the group may have provided information to the criminals. The Judicial Investigation Agency is diligently pursuing leads in this matter.

Dmarket NFTs return to the top of the sales chart: DMarket led daily non-fungible tokens (NFTs) sales on Wednesday for the first time since May, according to CryptoSlam data.

Pudgy Penguins leads NFT sales with over US$1.14 million: The Pudgy Penguins collection soared to the top of the non-fungible tokens (NFTs) market on Monday with over US$1.14 million in daily sales, according to CryptoSlam data.

Solana’s Mimay leads NFTs as Bitcoin and crypto market plunges: Mimany led the non-fungible tokens (NFTs) daily sales chart on Sunday as the cryptocurrency market capitalization fell below US$2 trillion for the first time since February.

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Current Situation 😆

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