Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. WazirX Hack Victim Fund: CoinSwitch launched a $70M recovery fund for WazirX hack victims. "CoinSwitch Cares" aims to support affected users by distributing funds over two years.

2. CFTC Chair Resigns: CFTC Chair Rostin Behnam will step down on Jan. 20 after a tenure of crypto enforcement.

3. 📈Technical Analysis Masterclass - Watch UseTheBitcoin’s latest Youtube video “Stellar Traders: Watch This Fair Value Gap NOW! (XLM)” to see if it presents a favorable indicator for bullish momentum or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Bitcoin $116K Prediction: Bitcoin analysts predict prices could reach $116K based on bullish patterns like "cup and handle."

   
   All this and more in today’s headlines!

📰 News Highlights:

Funding WazirX Hack Victims [Source][Source][Source]

CoinSwitch has announced a $70 million recovery fund for users affected by the alleged July 2024 WazirX hack.

Named “CoinSwitch Cares,” the initiative aims to support affected users by distributing funds over two years while fostering trust in the Indian crypto ecosystem.

To claim, users must provide WazirX loss statements and other evidence as required by CoinSwitch.

Eligible users will receive rewards through sign-up bonuses, revenue sharing, and referral incentives, though crypto withdrawals are currently unsupported.

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CFTC Chair Steps Down [Source][Source][Source]

Rostin Behnam will resign as chair of the Commodity Futures Trading Commission (CFTC) on Jan. 20, concluding a tenure marked by significant enforcement in the crypto sector.

Behnam has highlighted regulatory gaps in digital assets, advocating for stronger oversight to address market integrity and growing adoption.

Brian Quintenz, a former CFTC commissioner and policy lead at Andreessen Horowitz, has emerged as a likely replacement.

 📈Technical Analysis Masterclass:

Stellar Traders: Watch This Fair Value Gap NOW! (XLM)

Trading Strategy:

• Layered Approach:

  • Start with a small position at the current price to capitalize on ongoing momentum.

  • Reserve funds to add more if the price revisits the $0.42–$0.41 range, allowing for a better average entry and reduced risk.

• RSI Insight: The Relative Strength Index (RSI) is above its median line, signaling continued bullish momentum. However, remain cautious, as pullbacks are possible.

Action Plan:

1. Initial Position: Take advantage of current levels with a small entry.

2. Monitor Pullback: Watch for a move toward the $0.42–$0.41 FVG zone, where the 20-day moving average sits.

3. Add to Position: If prices reach the FVG, consider adding to your position to strengthen your overall trade.

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💡 Feature of the Day: 

Bitcoin $116K Prediction [Source][Source][Source]

Bitcoin remains above $100,000, with analysts predicting further bullish trends.

Analyst Aksel Kibar noted that invalidating the head and shoulders pattern could push Bitcoin to $116,000, while a breakdown might still see support around $73,800.

Other traders point to the cup and handle as a long-term bullish signal, targeting prices between $120,000 and $140,000.

Observers like Keith Alan caution that Fibonacci levels will influence the bull market’s trajectory, with resistance expected at $110,000 and $122,500.

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And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com