Bitcoin Insider - 12/07/24 - Read Time: 3 Min

Slow week in Bitcoin price action, the recent Daily Closes have been indicative of a new Trading Range.

On the smaller timeframes, price action has been extremely technical. The recent high was a Swing Failure, allowing for a short.

In recent news events, CEO of Binance has commented in prices fluctuating however fundamentals remain strong and JP Morgan expect market recovery to begin this August.

Today’s update will also include:

Last Price Update

The bullish projection of price acton had ended once Bitcoin broke it golden trend line.

Price action is currently trading below it, now with multiple candle closes, it increases the probability of a range forming.

This essentially means that price action will continue to create value in this new trade location on the chart.

Intra-day Trading

Despite the slow price action, money can still be made by catching intra-day market rotations.

This weeks high is a classic example of a Swing Failure at the range high in an internal trading range.

The current price action failed to break above the range high, signalling a high probability short trade that is currently playing out.

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

Binance CEO Richard Teng highlighted the strong interest in bitcoin and other crypto assets, noting that U.S.-listed bitcoin ETFs saw over $14.7 billion in net inflows in the past six months.

Teng emphasized that despite fluctuations in token prices and market caps, the industry's long-term fundamentals remain strong. He urged the community to stay focused and continue building.

In a post on X, Teng shared his optimistic outlook for the next year, highlighting new use cases, innovations, improved user experiences, increased retail adoption, growing institutionalization, and regulatory progress. He asserted that the industry is still in its early stages with much more to offer.

Teng became CEO after Changpeng Zhao (CZ) stepped down following enforcement actions. In November 2023, Binance and CZ pleaded guilty to charges from the U.S. DOJ, including Bank Secrecy Act violations and ineffective anti-money laundering measures, resulting in $4.3 billion in fines and compliance commitments.

JPMorgan expects a decrease in crypto liquidations this month, with market recovery anticipated starting in August, according to their Wednesday report. The bank lowered its year-to-date crypto net flow estimate from $12 billion to $8 billion, citing a decline in bitcoin reserves across exchanges over the past month.

This decline is attributed to bitcoin liquidations by creditors of the defunct Mt. Gox exchange, Gemini creditors, and the German government's sale of seized assets. The German government has been actively liquidating its bitcoin, reducing its stash from 13,110 BTC on Wednesday to 9,925 BTC by Thursday morning.

Additionally, Mt. Gox's Rehabilitation Trustee began repaying creditors last week. Mt. Gox, once the largest bitcoin exchange, collapsed in 2014 after a hack that lost 850,000 bitcoins. After 10 years, the trustee has started distributing approximately $9 billion in bitcoin (BTC) and $50.8 million in bitcoin cash (BCH) to creditors.

Crypto Speculation Index Slide Suggests Bitcoin Bull Market Reset: Capriole Investment's crypto speculation index shows that the speculative excesses prevalent during the first quarter have dissipated, indicating a potential for a renewed bullish price action in bitcoin (BTC), the leading cryptocurrency by market value.

Crypto trading volume to exceed $108T in 2024, with Europe in the lead: The study revealed that the end-of-year estimate is 90% higher than in 2022. The United States leads with the highest projected crypto trading volume for the year, surpassing $2 trillion.

Singapore Exchange CEO Discusses Future of Crypto Listings: Singapore Exchange (SGX) CEO Loh Boon Chye has shared his insights on whether Singapore’s largest stock exchange will offer crypto-based listings. The executive emphasizes the need for a sustainable ecosystem, stating: “That really means demand, that really means governance, that really means structure.”

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