Bitcoin Insider: 17/06/24 - Read Time: 3 Min

New and developing data on the chart indicates potential strength in the current price action.

Bitcoin continues to trade in a triangle and is currently above the $55,840 key support. Continued daily closes above this will change the structure to more bullish in the immediate term.

In recent news events, MetaMask Starts Rollout of Blockchain-Based Debit Card and Goldman Sachs Holds Over $400M in Bitcoin ETFs.

Today’s report will also include:

Current Price Action

Bitcoin continues to trade in a triangle pattern, price action is currently bouncing from lower support, starting the rotation back up.

Price action is heading towards both dynamic support and resistance levels- these are converging which will create an apex that price will break from.

The price breakout is imminent in the immediate short-term. Price action is coiling up for strong impulsive move.

$55,690 key support area

From a swing traders perspective, price action is trading above a key support level of $55,690

The more time price spends above the level the more bullish bitcoin will become - this is due to the greater volume traded.

Bitcoin has a likelihood of testing the lower key support which will allow for a great long entry with defined risk.

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

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Goldman Sachs (GS) has disclosed its investments in various bitcoin (BTC) exchange-traded funds (ETFs) through a recent 13F filing. The investment bank's quarterly 13-F report reveals that it maintains positions in seven of the eleven BTC ETFs available in the United States.

The most significant investment is in the iShares Bitcoin Trust (IBIT), valued at $238.6 million, followed by Fidelity's Bitcoin ETF (FBTC) at $79.5 million.

Additionally, Goldman Sachs holds $56.1 million in Invesco Galaxy's BTC ETF (BTCO) and $35.1 million in Grayscale's GBTC. Smaller investments are also present in BITB, BTCW, and ARKB.

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MetaMask, a widely recognized self-custodial cryptocurrency wallet for the Ethereum (ETH) network, has commenced the introduction of its blockchain-based debit card, created in collaboration with payments leader Mastercard (MA) and crypto payment expert Baanx.

Initially, the MetaMask Card will be accessible through a "limited pilot program featuring a few thousand digital-only cards" for users located in the European Union and the United Kingdom, as stated by MetaMask to CoinDesk on Wednesday.

The company intends to expand its distribution later this year, aiming for a "full rollout" in the EU and UK, along with additional pilot programs in other regions in the upcoming quarters.

Protocol Village: GOAT Network Releases Economic Model, Restaking Protocol Solayer Hits Mainnet MetaMask, the popular self-custodial crypto wallet for the Ethereum (ETH) network, is starting the rollout of its blockchain-based debit card developed with payments giant Mastercard (MA) and crypto payments specialist.

Top Crypto Startup Drove Other Projects' Airdrops to Its Employees Many regard EigenLayer as one of the most promising projects in the sprawling Ethereum blockchain ecosystem. The app provides what it calls a "credibly neutral" platform for building blockchain apps and keeping them safe from theft and cyberattacks.

Binance Completes Registration With India's Financial Intelligence Unit Months After Being Fined: Binance, the world's largest cryptocurrency exchange, completed registration with India's Financial Intelligence Unit (FIU-IND) just months after it was fined $2.2 million for providing services in the country without authorization.

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