Over the past 24 hours, Bitcoin has traded sideways with all levels remaining the same.

Some important observations in the current price action on Bitcoin to take into consideration. There is a high timeframe confluence with the .618 and VWAP resistance - more discussed in the Technical Analysis section.

Bitcoin is consolidating at current levels dues to technical reasons, that being support and resistance imposed by high timeframe indicators,

In recent news events, Robert Kiyosaki Pushes Bitcoin as US Debt Soars and DMarket snatches NFT sales lead from CryptoPunks

Today’s report will also include:

Current Price Action

Strong technical confluence is present on Bitcoin’s current price action - that is the .618 Fibonacci and the VWAP pulled from the all time high. Previous tests of these confluences have resulted in strong expansions,

VWAP stands for: Volume Weighted Average Price, this indicator serves as support and or resistance - depending on the context. The VWAP is considered a strong indicator because it is calculated by the rolling volume of an asset.

The classic .618 Fibonacci Golden Pocket is not to be taken lightly, especially when there is confluence with other indicators. The Golden Pocket has marked many intra-day expansions on Bitcoin.

Order-block Support

Bitcoin has a noticeable Order Block region that has merit to be tested, it will fill in the current exposed Single Print pattern - these are essentially market inefficiencies.

Through historical data, mark inefficiencies as such on Bitcoin have gotten filled more often than not. There is a way for market makers to re-balance and eradicate inefficiencies.

Testing the Order Block needs to hold, this will be a sign of strength. If price action fails, it opens the door for a drop towards new lows.

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

On Thursday, DMarket took the lead in the NFT market with sales totaling US$643,600, surpassing CryptoPunks according to CryptoSlam's data.

This boost increased DMarket's cumulative sales to US$492 million, putting it close to being the 14th collection to reach US$500 million in sales. Solana DeGods came in second, achieving US$586,670 in sales through 115 transactions, marking a significant increase from the previous day's US$186,567.

The Bored Ape Yacht Club, operating on the Ethereum blockchain, claimed the third position with sales amounting to US$550,430. In fourth place, the NFT collection inspired by the popular game Black Myth Wukong saw sales of US$533,257 from 87 transactions. Lastly, Immutable's Guild of Guardians Heroes rounded out the top five with sales reaching US$501,415.

Robert Kiyosaki, the author of "Rich Dad Poor Dad," has once again voiced his concerns over the U.S. economy, pointing out the alarming rate at which the country's debt is increasing. He emphasized this by illustrating the magnitude of a trillion dollars, equating it to a trillion seconds, to underscore the gravity of the situation where the U.S. adds a trillion dollars to its debt every 100 days.

This statement comes at a time when the national debt has reached $35.256 trillion, highlighting what Kiyosaki perceives as an unsustainable financial trajectory. In response to this economic scenario, Kiyosaki has reiterated his investment advice, advocating for assets like gold, silver, and Bitcoin.

He sees these as hedges against the potential economic downturn or inflation that could result from such high levels of national debt. His recommendation stems from a belief that these assets can serve as a store of value, potentially preserving or even increasing in worth amidst economic instability or currency devaluation.

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