Bitcoin Insider: 21/08/24 - Read Time: 3 Min

Price is at local resistance where volatility is likely to increase - stay alert.

The current price action on Bitcoin still remains range bound, price is currently floating around resistance.

There are technical areas on the chart that indicates resting liquidity. Resting liquidity is where stop-losses are placed that have remained un-tapped - more discussed in the TA section.

In recent news events, ASIC Clamps Down on 615 Crypto Scam Websites and World-largest State Pension Fund “Unintentionally” Buys Bitcoin

Today’s report will also include:

Current Price Action

Observing the past few weeks of price action, we can clearly see Bitcoin is still trading within its range.

The current range high is being tested, an area of technical confluence that has not been broken yet. A rejection here could start the rotation back towards the low.

It is important to remember that price is at resistance, liquidity is also resting lower meaning there is merit for a rotation after a rejection.

Resting Liquidity on a chart?

A key concept to understand is that the market moves where liquidity is most, this is how market makers work.

Liquidity areas are simply obvious market highs and lows, price action traders tend to place stop loses at these levels- hence creating the liquidity.

Wen these highs are tapped, market makers like to fill in their positions for the opposite direction, this is what creates wicks.

The price action on Bitcoin here can take out the highs and place a wick - this will be a classical swing failure short entry.

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

The Australian Securities and Investment Commission (ASIC) has made investment scams a priority for its task force for the past 12 months – and the team has seen some excellent results.

Since June of the previous year, ASIC has dismantled more than 7,300 phishing and investment scam websites, including 615 associated with fraudulent cryptocurrency “investment” schemes.

However, despite these advancements, investment scams continue to be prevalent in Australia, resulting in losses amounting to AUD $1.3 billion for victims throughout 2023.

The Government Pension Fund of Norway (NBIM), recognized as the largest sovereign wealth fund globally, has notably augmented its indirect Bitcoin holdings in the first half of 2024. The fund's Bitcoin assets rose from 1,507 BTC at the conclusion of 2023 to 2,446 BTC by June 30, 2024, marking an approximate 62% increase within a mere six-month period.

Currently, the fund manages assets valued at around AU$2.5 trillion, equating to nearly AU$500,000 for each citizen of Norway.

Vetle Lunde, a Senior Analyst at the cryptocurrency research firm K33, posits that this surge in Bitcoin holdings is not indicative of a strategic initiative by the Norwegian Government to bolster its Bitcoin investments

Tether Mints Additional $1 Billion on TRON Following July’s Issue: The largest stablecoin issuer, Tether, made headlines again by minting an additional $1 billion worth of USDT tokens on the TRON blockchain.This move follows a similar issuance on Ethereum earlier in August, highlighting Tether’s ongoing efforts to maintain sufficient inventory and manage liquidity across different blockchain networks

Starknet to Launch STRK Staking via Community Vote Starknet ecosystem, an Ethereum layer-2 scaling solution, has announced the introduction of STRK staking, an anticipated update to its governance structure.For the first time, STRK holders will be able to vote on the Mainnet, which gives them the power to directly influence the staking mechanism and shape the network’s future

US Judge Rejects SEC’s Attempt to Hamper Justin Sun’s Defense: The case, which began in March 2023, alleges that Sun and the Tron Foundation engaged in the unregistered offer and sale of securities, manipulative trading, and illegal promotion of crypto assets, specifically Tron (TRX) and BitTorrent (BTT) tokens.

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