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The Bitcoin price is up almost 1.5% in the past 24 hours to trade for $63,258 as of 01:54 a.m. EST.
Trading volume surged 38%, perhaps due to spot Bitcoin and Ethereum exchange-traded funds (ETFs) listing on the Hong Kong Stock Exchange today.
The 3 Hong Kong spot #Bitcoin ETFs are going to start trading in a few hours. They're ready to go on Bloomberg/@TheTerminal pic.twitter.com/SSCB09p57b
— James Seyffart (@JSeyff) April 29, 2024
In the immediate aftermath of the Hong Kong BTC ETFs going live, the Bitcoin price rose by $600, with reports indicating that it recorded up to $6.3 million in volume.
Hong Kong opens for #Bitcoin ETF business and we are up $600 bucks in a matter of minutes. Lets hope this is a nice harbinger of hardness . pic.twitter.com/zqnpiz3oBp
— InvestAnswers (@invest_answers) April 29, 2024
Elsewhere, the largest corporate holder of Bitcoin, MicroStrategy, has reported a net loss of $53.1 million in the first quarter (Q1) of 2024. Despite that, it continues buying BTC.
MicroStrategy Committed To Buying More Bitcoin Despite Q1 Net Loss Hitting $53.1M
The net loss was the result of the company recording a $191.6 million digital asset impairment loss in the first quarter. This was 10X higher than the previous year, with revenues falling 5.5% relative to Q1 of 2023 to hit $115.2 million.
MicroStrategy has not yet adopted the new digital asset fair value accounting standard. If they had, the standard would have accommodated the 65% increase in market value that BTC has recorded in the quarter.
As a result, the firm’s carrying value of BTC was marked at $5.07 billion at $23,680 per Bitcoin. This is based on the traditional accounting model. The fair value approach would have reached as high as $15.2 billion.
Nevertheless, MicroStrategy still bought an additional 122 BTC for $7.8 million in April. This brings MicroStrategy’s total Bitcoin bucket to 214,400 Bitcoin, worth $13.5 billion. The average purchase price is $35,180.
In April, @MicroStrategy acquired an additional 122 BTC for $7.8 million and now holds 214,400 BTC. Please join us at 5pm ET as we discuss our Q1 2024 financial results and answer questions about the outlook for #BusinessIntelligence and #Bitcoin. $MSTR https://t.co/h40yyrgEb0
— Michael Saylor⚡️ (@saylor) April 29, 2024
Bitcoin Price Outlook
The Bitcoin price is range-bound, trading sideways as part of a horizontal chop. The odds favor the downside, considering the Relative Strength Index (RSI) is subdued below the mean level of 50. The same is seen with the Awesome Oscillator (AO), which is stuck in negative territory.
While the bulls struggle to defend the area around $62,000 to $63,000, it is impossible to ignore the fact that there is a lot of bearish pressure waiting to descend on BTC once the price crosses above the $65,600 threshold.
If the bears have their way, the Bitcoin price could drop into the liquidity pool that extends from $60,600 to the March 5 low of $59,005.
In a dire case where the pool of liquidity fails to hold as support, the Bitcoin price could roll over to the $52,000 area where a large herd of BTC bulls is waiting to interact with the Bitcoin price. This would be a possible turnaround point and entry for the late bulls.
TradingView: BTC/USDT 1-day chart
On the flip side, if the bulls have their way, Bitcoin price could push north. To invalidate the bearish thesis, however, the price must ascend past $70,000, to record a candlestick close above $72,000. This is because there is also a large herd of bears around this threshold, as shown by the grey spikes on the volume profile.
On-chain Metrics For Bitcoin Price
Data according to IntoTheBlock shows that Bitcoin price could face significant resistance in the range between $64,175 and $72,500. Within this bracket, 4.32 million addresses hold approximately 2.47 million BTC tokens purchased at an average price of $67,531. Any efforts to push the BTC price high would be countered by this many addresses.
Meanwhile, many investors are considering shifting to 99BTC, a learn-to-earn cryptocurrency that analysts say could 10X at launch. Its presale has already raised almost $1 million.
Promising Alternative To Bitcoin
Even as Hong Kong BTC ETFs go live on the Stock Exchange, and with MicroStrategy committed to growing its BTC portfolio, 99Bitcoins is the latest sensation among Bitcoin-inspired projects.
It is an educational platform committed to monetizing education for end users. To this end, it leverages its pioneering new Learn-to-Earn rewards model, where users enjoy top in-class educational resources.
🌟📚 Start Your $99BTC Journey with Our Free Crash Course! 🌟🎓
Over 100,000 students have enjoyed our course, receiving daily emails with essential $BTC alpha. ✅
From over 750 participants, it's designed to be short, sweet, and super educational!
👉 https://t.co/PepIrsQGUi pic.twitter.com/UohphNbGbS
— 99Bitcoins (@99BitcoinsHQ) April 29, 2024
The project traces back to 2013, four years after Bitcoin’s 2009 launch, and two before Ethereum arrived. Starting out as BitcoinWithPayPal.com, it’s now transitioning to Web3 with its $99BTC token.
Exclusive access to advanced modules is available for $99BTC token holders. 🏆
Dive into topics from sophisticated trading strategies to in-depth #Blockchain technology applications.
Join the #Presale now!
👉 https://t.co/NXD7DAamqr#99Bitcoins #Bitcoin #CryptoNews pic.twitter.com/M5p0dtDc9f— 99Bitcoins (@99BitcoinsHQ) April 28, 2024
99Bitcoins incentivizes learning through a unique mix of gamification and a leaderboard reward system. This ensures users feel like their learning is bearing tangible and therefore spendable benefits. Basically, you earn crypto while learning about crypto.
Our #Learn2Earn platform is at the heart of our mission to educate. 🤝
You’ll be able to dive into a wide array of topics, from #Blockchain basics to advanced trading strategies, all while unlocking rewards!
Discover More: https://t.co/NXD7DAamqr#99Bitcoins #CryptoNews $BTC pic.twitter.com/l9sjDsjOAb
— 99Bitcoins (@99BitcoinsHQ) April 27, 2024
Out of a total of 99 billion 99BTC tokens, 15% have been set aside to be sold over the course of a fourteen-round presale. The objective is to raise the funds required to expedite cutting-edge development around the project’s BRC-20 integration.
🚀 #99Bitcoins milestone alert! 🚀
We've surpassed 900K in our $99BTC #Presale! 🔥
With stage 3 ending in just 1 day, now's the time to secure your tokens!
Join our presale now!
👉 https://t.co/NXD7DAamqr#AltSeason #CryptoCurrency #BTC pic.twitter.com/51pCWPJjEP— 99Bitcoins (@99BitcoinsHQ) April 29, 2024
You can also stake your 99BTC holdings for an annual yield of 1,983%. So far, upwards of 549 million 99BTC tokens have been staked.
Stake your $99BTC tokens today and start receiving rewards! ⭐️
This not only secures the network but also contributes to the platform's liquidity. 🔐
Learn More: 👉 https://t.co/NXD7DAamqr#99Bitcoins #BlackRock $BTC $ETH pic.twitter.com/fx8o9zj4Zj
— 99Bitcoins (@99BitcoinsHQ) April 29, 2024
99BTC tokens sell for $0.00102, but that price will change soon. So, if you are interested, buy soon.
Visit and buy 99Bitcoins here.
Also Read:
- 99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
- 99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
- 99Bitcoins Token Unveils Learn 2 Earn Crypto ICO, Next BRC-20 Project To Explode?
- Top Gaming Coins to Buy Before the Upcoming Bull Run – 99Bitcoins Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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