Bitcoin Insider - 11/07/24 - Read Time: 3 Min

Bitcoins recent price action has been very technical, currently trading in a low-timeframe range.

If this range remains in-tact, the high of the week is likely in for a rotation towards lower prices.

In recent news events, Kraken and Coinbase for a blockchain council to develop security standards and bill passes in congress to limit Fed’s CBDC authority.

Today’s report will also include:

Current Price Action

Slow week with the recent price action on Bitcoin, this is the rebalancing period of the market.

Studying the technical aspect of price action, you will understand the concept of a Failed Auction - currently present on Bitcoin.

A Failed Auction is when price takes out a high to trigger stop-losses only then to rotate lower. This generates liquidity in the market for bigger player to take one positions.

Confirming this on Bitcoin will increase the probability of lower prices to come.

CME Futures Chart

Expanding on Liquidity, these points occur when price trades above a key high and or low. These lows must be obvious to the naked eye.

Bitcoin for example has taken our the previous high - tapping into liquidity and then trading back lower.

The low however remains - this signals lower resting liquidity, which overall increases the probability of a rotation lower.

A long as price remains below the current high, from a liquidity perspective, lower is to come.

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

Coinbase and Kraken, along with blockchain firms like Fireblocks, have formed the Blockchain Security Standards Council (BSSC) to tackle emerging security threats. This new non-profit aims to establish uniform security standards to enhance industry confidence.

The founding team includes Kraken, Coinbase, Anchorage Digital, Bastion, Figment, Fireblocks, Halborn, OpenZeppelin, Ribbit Capital, and Sentinel Global.

BSSC plans to develop industry security benchmarks and a robust audit process by the end of 2024, focusing on threats like fraud, targeted campaigns, and contract exploitation.

The U.S. House of Representatives passed a bill requiring the Federal Reserve to get congressional approval before issuing a central bank digital currency (CBDC). The CBDC Anti-Surveillance State Act, passed 216-192, aims to protect financial privacy and prevent government overreach.

Debates highlighted Republican concerns over financial surveillance and Democratic interests in innovation. Proponents cited China's use of CBDCs for monitoring as a reason for strict regulations.

The Atlantic Council notes 134 countries are exploring CBDCs, with three launched and 36 in pilot trials.

Trump to Speak at Bitcoin Conference in Nashville on July 27: The presumptive Republican U.S. presidential nominee will be speaking at the upcoming Bitcoin conference in Nashville, Tennessee, later this month, the conference organizer announced Wednesday…

High-conviction Bitcoin traders targeted in new long BTC ETFs: On July 10, investment managers REX Shares and Tuttle Capital Management launched two new exchange-traded funds (ETFs) that enable high-conviction Bitcoin traders to double down on long or short positions with 200% exposure to Bitcoin’s price volatility. 

Marc Andreessen Sends $50K in Bitcoin to an AI Bot on Twitter: Marc Andreessen just tossed $50,000 at an AI bot, and as any good tech leader would, he paid in Bitcoin. The Silicon Valley mogul and Andreessen Horowitz co-founder decided to play Santa Claus with cryptocurrency, gifting a tidy sum to an AI agent on X (aka Twitter) called the “Truth Terminal.”

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