Bhutan Revealed To Be 4th Largest BTC Holder In The World ❗️

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious 🙏 

• BTC broke the key $62,400 level, but failed to re-test and hold it as support.

• It also failed to hold $56,000, a crucial support zone.

• BTC is now trying to re-test these levels as resistance.

• $60,000-$63,000 is a big resistance area that BTC must break, or risk further consolidation otherwise,

• This level is the bull-market support band (20 Week SMA & 21 Week EMA)

• It is wise to not take any new leveraged positions till BTC closes above this band, and till BTC dominance reverses it’s uptrend.

Bhutan Is All In On Bitcoin ❗️ 

Bhutan, a small Buddhist Nation in the Himalayas, and reportedly the “happiest” nation in the world has become the fourth-largest government holder of Bitcoin, with a stash of 13,011 BTC valued at around $780 million.

Unlike other nations that obtained Bitcoin through seizures, Bhutan actively invests in Bitcoin mining.

The operations, led by it’s sovereign investment arm Druk Holdings, have expanded significantly since early 2023, utilizing the country's abundant hydropower, making it one of the most eco-friendly crypto-mining efforts worldwide.

In May 2023, Bhutan teamed up with Bitdeer to create a fully carbon-neutral Bitcoin mining operation

CZ To Be Set Free 🙏 

Binance founder Changpeng Zhao (CZ) will be released from prison on September 29, 2023, after serving four months for failing to implement anti-money laundering measures.

His imprisonment followed a Department of Justice investigation into Binance’s alleged facilitation of cybercrime and terrorism.

Prior to this, CZ paid a $50 million fine and resigned as Binance CEO, concluding a multiyear legal saga.

📕 Educational

Bitcoin could be on the verge of a major move—and it could happen fast!

According to K33Research, the 30-day average perp futures funding rate has recently turned negative, a rare event that has only occurred 6 times in the past.

Historically, each of those instances was followed by significant price increases, with BTC showing an average return of 79% over the next 90 days.

If this trend continues, then we could see $100k relatively sooner than when most people expect!

📊 Stat of the day

📈 Chart of the day

BTC major resistances ahead : Despite negative funding rates being bullish for BTC historically, there are multiple resistances ahead that BTC needs to break between $61k - $65k, including

• Weekly bull market support band resistance

• Daily bearish orderblock resistance

• Daily horizontal resistance

• Daily equilibrium zone resistance

• 100 day moving average resistance

• 21 week moving average resistance

• Key support which is important to hold is $53,000.

• Source : Cointraction

🤣 Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.