Over the last 24 hours, Bitcoin remains under its key daily resistance level, showing immediate weakness.

Price action is morphing into a pennant formation , it is currently trading at it resistance where a rejection is plausible. This is a pennant formation with an apex, a breakout will eventuate in the immediate short term.

This current resistance levels is also in confluence with the .618 Fibonacci that we have analysed a few issues back. This levels has proved its significance over the past few weeks.

In recent news events, CZ, Binance Face New Legal Challenge as Former CEO Moves to Halfway House and Pi Network Cracks Down on Fraudulent Accounts.

Today’s report will also include:

Current Price Action

The current price action on Bitcoin is consolidating within its triangle formation that has been morphing over the past few weeks - this will come to an end.

Sideways price action usually trades in an equilibrium, this is when two dynamic support and resistance levels converge - creating a triangle type formation.

When price eventually trades into the apex, a decisional move in price action will occur. This is when a pattern breaks with in impulsive candle that leads to either a bullish and or bearish expansion.

The .618 Fibonacci

As noted in the previous issues, price action is at a key resistance zone that is the .618 Fibonacci. As evident, price has failed to break this zone off resistance, signifying weakness.

For a Bullish case to formulate, price action needs to flip this area and confirm it as support - this will highlight strength in the immediate short-term.

If price action however fails to break above this resistance and continues to show weakness, it increases the probability of a bearish expansion. This will likely continue the current down trend and establish a new low.

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

Recently, Pi Network has made it clear that trading Pi through unofficial means is not allowed. The network is in a restricted phase of its Open Mainnet and hasn't been introduced to any crypto trading platforms yet.

As a result, the main team at Pi Network is vigilant, watching for any illicit trading activities and actively removing the accounts that participate in these transactions.

A representative from Pi Network stated, "We are dedicated to detecting and dealing with accounts engaged in scams. It's essential for maintaining the trustworthiness and security of our platform."

With Pi Network still in a controlled mainnet stage and absent from crypto exchange listings, adhering to the no-trading rule is critical. At this time, there are no approved external methods for trading Pi.

Changpeng Zhao, commonly known as CZ, the ex-CEO of Binance, has transitioned from prison to a halfway house as he approaches the end of his sentence related to anti-money laundering violations. His scheduled release date is September 29, 2024. Despite nearing the end of his incarceration, CZ's legal challenges persist.

A new class-action lawsuit has been filed by three cryptocurrency investors who claim that due to inadequate anti-money laundering measures at Binance during CZ's tenure, their cryptocurrencies were stolen and laundered through the platform, making recovery impossible.

This lawsuit adds to the legal scrutiny Binance and CZ have faced, following CZ's guilty plea to failing to maintain an effective anti-money laundering program at Binance.

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