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

Last issue price action was indicating a short term-rise in Bitcoin before a drop, this is exactly what happened, so whats next?

The market is in an interesting spot, there is a higher probability of price dropping to lower levels which will give greater buying opportunities.

In recent news events, Donald Trump vows to end Joe Biden’s regime in crypto and Brazil’s largest bank opens crypto access to all their customers, adoption is happening in real time.

Today’s report will also include:

Last Price Updates

Current Price Action

As evident, previous price action suggested an impulse after taking a key high out, this is technical known as a short squeeze.

Price Action immediately followed with a rejection, this lead to establishing a new market low, confirming the local down trend.

Having a zero bias approach, price is currently projecting for a trend lower, this will give amazing opportunities for buying lower, patience will be rewarded.

CME Futures Chart

The Chicago Mercantile Exchange (CME) does not trade over the weekend, this creates gaps in the chart when price moves over the weekend, remember cryptocurrency market trades 24/7.

Through historical data, price has a high 80% plus probability of filling open gaps, this is evident on the chart.

This gap fill is likely to occur during this week, meaning Bitcoin has a probability of reversing this recent pump on the lower timeframe.

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

Itaú Unibanco, the largest financial institution in Latin America, has made Bitcoin and Ethereum trading available to all users on its investment platform Íon via its app.

Guto Antunes, head of Itaú Digital Assets, told Valor Econômico that the decision followed positive feedback from initial client surveys.

The Íon app has over 3.5 million downloads. Currently, the offering is limited to BTC and ETH, with other tokens under consideration. Itaú awaits clear regulations on stable coins from Brazil's central bank.

The bank entered the crypto market in late 2023, competing with local and global players like MB, BTG Pactual’s Mynt, and Binance.

Trump criticised Biden's strict crypto policies, labelling him the worst president. He posted on Truth Social, asserting that the U.S. must lead the crypto industry.

Trump also supports Bitcoin mining, wanting all remaining Bitcoin to be mined in the U.S. as he prepares for the 2024 presidential race against Biden.

He has also promised to ensure the future of crypto and Bitcoin stays in America, especially Florida. Trump aims to boost Florida's crypto presence for crypto taxes due to no state income tax and supportive regulations.

Advisors ‘cautious’ with Bitcoin ETF adoption, says BlackRock exec: BlackRock’s chief investment officer for ETF and index investments, Samara Cohen, has hinted that financial advisors remain “wary” of adopting spot Bitcoin (BTC) exchange-traded funds (ETFs) despite the success recorded by the investment vehicle. 

Indian authorities freeze Highrich Group’s assets over alleged crypto fraud: The ED has accused the company’s promoters and stakeholders of engaging in illegal cryptocurrency trading activities on several exchanges and promoting their own cryptocurrency, HR Crypto Coin.

Stablecoin issuer Paxos cuts 20% of workforce: report: Crypto publication The Block reported on Wednesday that Paxos co-founder and CEO Charles Cascarilla wrote to employees to inform them of the “difficult decision” to let go of 65 team members.

HODL is the only way 😃

Current Situation 😆

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