Trump in talks to speak at Bitcoin convention in July 🔈️

Welcome to the Daily Coinsauce Newsletter, its good to be back. If you like our regular updates, then let us know with a vote and comment at the end. Let’s get straight into today’s highlights.

📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• BTC has broken all it's AVWAPs, and also broke down of it’s crucial $60,800 support zone.

• The most important support zone to focus at on the higher time frames is at $ $56,700 to $57,700, which is a macro horizontal support and the 200 Day MA.

• So far, the price has respected this support level. Usually, buying in spot with a very long term perspective on the 200 Day MA has never been a bad idea.

• BTC dominance is approaching a support level at ~54%. Look for alts to slow down a bit if this support level is respected.

Trump Could Speak at Bitcoin 2024 Conference 🔈️ 

Former President Trump is in talks to speak at Bitcoin 2024 in Nashville from July 25-27, according to sources.

The event, organized by Bitcoin Magazine, is the biggest Bitcoin convention of the year.

Independent candidate Robert F. Kennedy Jr. will also be speaking. Previous speakers in the event have included key figures such as Jordan Peterson and Peter Thiel.

Mt. Gox To Start Repaying Creditors In July 📅 

Mt. Gox, the cryptocurrency exchange that lost 850,000 Bitcoin in 2014, will begin repaying its users from July 2024.

Over $9.4 billion in Bitcoin (BTC) and Bitcoin Cash (BCH) will be distributed to approximately 127,000 creditors.

However, the repayments may still face delays despite the announcement by the trustee Nobuaki Kobayashi.

Bitcoin fell below $60,000 after the news broke out yesterday, as investors fear a surge in selling activity from the old investors once their funds are returned.

📕 Educational

• Going beyond basic charts & indicators 🔍

• 5 effective but overlooked tools to unlock deeper insights into market trends & determine the market bias 👇

• ETF Inflows: Significant and consistent positive inflows typically indicate possible growing bullish momentum, while substantial outflows suggest a bearish trend could be incoming due to lack of institutional demand.

• Fear & Greed Index: When the market is in extreme greed, it often signals a potential downturn to flush out excessive leverage. Extreme fear, on the other hand, can indicate an upcoming bullish reversal.

• Funding Rates: High funding rates often reflect excessive optimism or pessimism. This can lead to a correction in the opposite direction of the prevailing sentiment.

• Orderbook Data: Analyzing imbalances in the order book, along with open interest and liquidity, reveals market sentiment and potential price movements. A divergence in open interest and price can suggest that the initial move is lacking strength and a correction in the opposite direction could be possible. Tools like MobCharts offer detailed orderbook insights.

• Liquidation Maps: A significant imbalance in liquidations (e.g., bulls being significantly overleveraged compared to bears) often suggests an imminent move in the opposite direction to reduce excessive leverage.

• Note : Using a combination of these indicators, along with fundamental and technical analysis, enhances the accuracy of predicting market trends. Avoid relying on any single indicator in isolation for making trading decisions.

📊 Stats

📈 Chart of the day

• The horizontal support of $56,700 to $57,700 is the key level for BTC to hold, with the following confluences :

• Horizontal support

• Weekly super-trend support

• Daily discount zone

• 200 Day moving average

• If this support is broken, BTC can easily fall till $52,800

• Source : Cointraction 

🤣 Meme of the day

Accurate 🤣

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

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