Bitcoin Insider: 17/08/24 - Read Time: 3 Min

Better buying opportunities on the horizon?

Analysing the higher timeframe, Bitcoin is simply trading in a channel, the next high timeframe support is the channel mid-point trading at around $35,500.

The immediate trend is considered bearish with consecutive lower lows, this paints a potential inverse parabola - more discussed in the TA section.

In recent news events, Donald Trump Holds Over $1M in Ether and NYSE Scrubs Plan to List Bitcoin ETF Options.

Today’s report will also include:

Current Price Action

Zooming out onto the higher timeframe, price action continues to trade away from its channel high resistance - an area that has not been breached for quite some time now.

The next real high timeframe support is situated at around $35,500, here the channel mid-point is located - acting as a trade location on the chart.

Continued weakness below the channel range high will simply increase the probability of rotating lower the towards channel low support - this will allow for great spot entries!.

Bitcoin Inverse Parabola?

There are bullish parabolas and there are bearish parabolas, Bitcoin is currently painting a bearish one meaning the bottom is not likely in.

Consecutive lower lows and lower highs have been the theme for the past few weeks. Bitcoin has simply not changed its market structure to allow for a trend change.

Bering aware of this potential inverse parabola will allow for better trade plans and entries for when the drop eventually comes.

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

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The operator of the New York Stock Exchange has retracted its application to list and facilitate trading of options related to the Bitwise Bitcoin ETF and the Grayscale Bitcoin Trust, as indicated in a filing with the Securities and Exchange Commission (SEC).

The SEC had extended its review period several times following the public comment period initiated in February 2024, ultimately commencing formal proceedings in April.

However, the exchange chose to withdraw the proposal prior to a conclusive decision being reached. Additionally, the CBOE, which hosts several Bitcoin (BTC) ETFs, also rescinded its application but has since submitted a new, more comprehensive proposal, as reported by Bloomberg's James Seyffart.

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According to election disclosures, Donald Trump possesses between $1 million and $5 million in Ether (ETH) and generates substantial income from licensing fees related to non-fungible tokens (NFTs).

Although the filings do not specify the exact amount of Ether, Arkham Intelligence estimates the value of Trump's wallet holdings at approximately $3.6 million.

In addition to his Ether assets, the disclosures indicate that Trump earned $7.15 million through a licensing agreement with a company named NFT INT, while former First Lady Melania Trump reported an income of $330,609 from NFT sales.

Protocol Village: Quai Releases Mainnet-Compatible Devnet, Crunch Lab Raises $3.5M: Quai Network, a programmable proof-of-work blockchain with a "zone layer" that functions as a collection of individual Ethereum-like chains running in parallel, released a mainnet-compatible devnet and tooling upgrades, prepping for the Golden Age testnet.

CoinDesk 20 Performance Update: UNI leads with 3.8% Gains as Index Rises: CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.The CoinDesk 20 is currently trading at 1860.56, up 1.0% (+18.69) since yesterday's close.

Bitcoin Mining Profitability Fell to All Time Lows in August, JPMorgan Analyst Says:Bitcoin (BTC) mining stocks gave back artificial intelligence (AI) related gains in the first two weeks of August as the network hashrate rose which pushed mining profitability to record lows, JPMorgan (JPM) said in a research report on Friday.

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