Bitcoin Insider - 04/07/24 - Read Time: 3 Min

Major weakness on all time frames as Bitcoin continues its relentless sell-off, technicals suggest $50,000 USD.

Key support levels continue to break, leading to fresh lower lows in the market. The next support is trading at $50,430 where a potential bottom could form.

In recent news events, German govt. transfers $172M to multiple locations and “Buy the Dip” surges as Bitcoin stumbles.

Today’s report will also include:

Last Price Updates

Price action is showing major weakness as it starts to penetrate a new internal range.

The critical support level currently is $58,298.5, price has recently started to find acceptance below it.

If Bitcoin continues to close below this critical level, it will greatly increase the probability of a rotation towards lower support at $50,763.0.

The .618 Fibonacci

One the 4H timeframe, the $50,000 region has technical confluence with the .618 Fibonacci.

Through historical data, price has always bottomed locally at this Fibonacci ratio, this gives technical reasonings for lower prices to come.

In market environments like these, it is important to have a game plan and not blindly ‘buy the dip’, patience will be rewarded once a trend reversal is confirmed.

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

The German government has recently shifted a substantial amount of Bitcoin, sparking questions about its investment approach and possibly influencing recent price drops.

Lookonchain, an on-chain analytics platform, reported the transfer of 3,000 BTC worth $174 million to major exchanges Bitstamp, Coinbase, and Kraken.

The government now retains 40,359 Bitcoins, valued at $2.33 billion, this seems to be the narrative for the current drop is price.

As Bitcoin's price fell below $60,000 for the second time in four months, mentions of "buy the dip" surged on social media platforms like Reddit, X, 4chan, and Bitcoin Talk.

In a post on X, Santiment observed, “The crowd views this as a buy the dip opportunity. Ideally, it's better to buy when enthusiasm fades and skepticism rises.”

Currently, Bitcoin is trading at $58,900, down 4.2% in the last 24 hours, its lowest since May 3, according to CoinGecko. The dip has elicited varied reactions from analysts and investors.

Trader Roaring Kitty sued over GameStop stock frenzy: Keith Gill, the day trader and social media personality better known as Roaring Kitty, is at the center of a class-action lawsuit filed on June 28 in New York, accused of securities fraud in connection with the erratic movements of GameStop’s stock prices.

US offers US$5 mln for capture of “Cryptoqueen” Ruja Ignatova: The U.S. Department of State has upped the bounty to US$5 million for information leading to the arrest of Ruja Ignatove, also known as “Cryptoqueen.”

Philippines adopts USDT for social security payments: Tether announced Monday that the Philippines now accepts USDT stablecoin as a payment option for the nation’s Social Security System (SSS).

Current Situation 😆

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