Over the last 24 hours, Bitcoin has retraced all of its recent bullish price action - now trading at a key support where volatility will increase.

It is important to note the Bitcoins price action is trading with a bearish trend on the higher time frame. The structure needs to switch bullish first for a new all time high.

The intra-day price acton is currently in a battle between the bulls and the bears, rotational price is likely to continue until this current range is broken.

In recent news events, Russia attempts to Use Crypto to Get Around Sanctions and El Salvador's Bukele Says Bitcoin is 'Net Positive,' but Adoption Lags

Today’s report will also include:

Current Price Action

Observing the larger timeframe (1D), since March we can see price action on a steady decline with consecutive lower lows and lower highs. This is the characteristics of a bearish market structure.

From a technical point of view, price action has failed to make a new higher high, this simply indicates continued weakness in price action. Bitcoin needs to defend the current low, otherwise lower becomes a greater probability.

Having a zero bias approach, as long as the market structure remains bearish, one is to expect lower. Price action needs to break this trend to establish a switch in the directional bias.

Fibonacci to Fibonacci play?

One cool concept in price action is the Fibonacci to Fibonacci play. This is when price action bounces off the .618 Fibonacci support and rotates directly into the .618 Fibonacci resistance.

This is currently present on the chart, Becton needs to hold the current support, that is the .618 Fibonacci and the Point of Control. If respected, the next target will be the resistance that is the Value Area Low in confluence with the .618 Fibonacci.

Overall, this type of strategy is designed to catch intra-day rotations in price action, especially at volume levels. The strategy works better with more technical confluence at the Fibonacci regions.

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

Nayib Bukele, the president of El Salvador known for his support of Bitcoin (BTC), has described his initiative to turn the country into a Bitcoin hub as overall beneficial, though it didn't meet all his adoption goals.

In a conversation with TIME Magazine, Bukele acknowledged, "Bitcoin hasn't been embraced as widely as we anticipated." He expressed a belief that the implementation could have been more effective, yet he remains optimistic about future enhancements, stating there have been no adverse effects so far.

Bukele also highlighted that El Salvador has seen several advantages from promoting itself as a Bitcoin-friendly nation. He pointed out that the potential downsides highlighted by organizations like the IMF have not come to pass.

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Russia is set to initiate trials for cross-border cryptocurrency payments next week as a strategy to navigate around the international sanctions imposed due to its military actions in Ukraine. This move follows legislation passed in late July, which President Vladimir Putin quickly signed into law. However, this does not imply a legalization of cryptocurrencies for domestic transactions within Russia; rather, it specifically targets international trade.

The legislation's details on how these transactions will be facilitated remain vague, as it delegates authority to Russia's central bank to manage what's described as an "experimental" legal framework.

This framework aims to explore the practicalities of using cryptocurrencies for payments beyond Russia's borders, potentially allowing Russian businesses to bypass traditional financial systems restricted by sanctions.

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