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The Bitcoin price is up 1% in the past 24 hours to trade for $64,093 as of 01:10 a.m. EST.
Trading volume is down 12% as traders come out of an eventful weekend after Bitcoin price moved from the $62,000 $64,000 range on Saturday, liquidating over $175 million positions on that day alone. The surge came after reports that Grayscale Bitcoin exchange-traded fund (ETF), GBTC, had experienced its first inflow after a record 77 deadlock days.
Grayscale's $GBTC saw a significant inflow of $63.1 million, the first since its anticipated conversion to an ETF.
This could be a sign of renewed institutional interest in #Bitcoin pic.twitter.com/rE24On6EmA
— Ajay Kashyap (@EverythingAjay) May 5, 2024
Other bullish catalysts for the Bitcoin price include reports that Hong Kong asset managers had scooped up BTC ETFs despite having a similar investment product of their own. The asset managers are Yong Rong Asset Management and Ovata Capital Management. The former has $38 million worth of BlackRock’s iShares Bitcoin Trust (IBIT), while the latter invested in four other Spot BTC ETFs with a value of more than $74 million.
While you sold your $BTC, Bitcoin whales snapped up 47,000 BTC in just 24 hours, worth a whopping $2.7 billion! pic.twitter.com/NmP0uoaABW
— Kyledoops (@kyledoops) May 3, 2024
Michael Saylor, the founder of MicroStrategy, also helped prop up Bitcoin price in the days leading up to the weekend. Specifically, he dissed other crypto assets, including XRP, ETH, BNB, SOL, and ADA, saying, “None of them will ever be wrapped by a spot ETF[…]accepted by Wall Street[…]or mainstream institutional investors as crypto assets”. For BTC, however, Saylor highlighted in the webinar that there is no second best to BTC.
#Bitcoin – There is No Second Best pic.twitter.com/PLDgwGwF9J
— Michael Saylor⚡️ (@saylor) May 2, 2024
With these fundamentals on Friday, bullish sentiment frothed in the BTC market across the weekend, sending the Bitcoin price above the $64,000 threshold. Amidst the same euphoria, the Bitcoin network surpassed the one billion threshold in terms of transactions, which marks a landmark achievement for the network in the 15 years of its existence, since the first block was mined on January 3, 2009.
BTC Network Transactions Nick One Billion Threshold, Bitcoin Price Holds Above $64,000
The news follows a report on Clark Moody’s Bitcoin dashboard, showing the attainment of transaction number 1,000,000,000. This was mined into block 842,241 at 9:34 pm UTC on May 5.
JUST IN ‼️ – #Bitcoin has officially processed over 1 BILLION transactions.
🚀🚀🚀 pic.twitter.com/yxcLMefHIh
— Swan (@Swan) May 5, 2024
Bitcoin has existed for 15 years, four months, and four days, making a total of 5,603 days. With this, the attainment of this milestone suggests that an average of 178,475 daily transactions have been made on Bitcoin in existence.
Notably, these transactions are separate from the ones made on the Lightning Network, a protocol meant to reduce transaction costs. The Lightning Network has processed hundreds of millions of transactions so far since it debuted in January, 2018. This assumption comes as data from the Bitcoin-only exchange River shows that this protocol processed a conservative estimate of 6.6 million transactions alone in August 2023.
Bitcoin Price Prediction
The Bitcoin price is trading with a bullish bias, confirming a break above the resistance presented by the descending trendline. The upside potential appears stalled, however, given buyer momentum is currently lull. The Relative Strength Index (RSI) indicates this, moving horizontally along the mean level of 50.
The position of the Awesome Oscillator (AO) in negative territory is also concerning, suggesting that while the market favors the upside, bearish sentiment is still present.
With this outlook, traders looking to enter new long positions for Bitcoin price should probably consider waiting for a break above the $67,133 threshold. This ought to be backed by a decisive move of the RSI above the mean level or 50, marking a higher high for the momentum indicator.
A decisive candlestick close above the $67,133 blockade on the one-day timeframe would draw more bulls. The ensuing buying pressure could send Bitcoin price to the supply zone between $71,333 and $73,072. To confirm the uptrend, however, the bulls must wait for a candlestick close above the mean threshold of $72,223.
A break above the aforementioned level would set the path clear for the Bitcoin price to attempt to reclaim the $73,777 all-time high. In a highly bullish case, BTC could clear this peak and record a new ATH above the $74,000 threshold.
TradingView: BTC/USDT 1-day chart
On the other hand, if the bears have their way, the Bitcoin price could drop. A flip of the $62,822 support would open the path for a continued downtrend, potentially as low as below the foothold of the descending trendline. This could see Bitcoin price provide another buying opportunity around the $50,000 level.
Meanwhile, investors are flocking to 99BTC, the latest Bitcoin derivative token that is poised for parabolic gains. Crypto analysts and YouTuber 99Bitcoins says it could 10X at launch.
Promising Alternative To Bitcoin
99Bitcoins is a long-established educational platform that’s pioneering a new Learn-to-Earn rewards model.
Boasting best-in-class educational resources and visual learning courses for crypto beginners, this project has earned a place among the most trusted names in crypto circles.
The project traces back to 2013. Starting out as BitcoinWithPayPal.com, what was once a simple domain has since transcended to a true Web2 fashion. Transitioning to Web3 with its $99BTC token, 99Bitcoins promises a groundbreaking earn-as-you-learn experience for users of the website.
Since 2014, $99BTC has been at the forefront of #Crypto education.💡
🧠 Experienced Guidance: Decades of combined knowledge.
⚡ Wide Range: Covers multiple #Cryptocurrencies.
📖 #LearnToEarn: Reap rewards while you learn!
Get started: https://t.co/NXD7DAamqr#Bitcoin $BTC pic.twitter.com/lJjLgkgVI2
— 99Bitcoins (@99BitcoinsHQ) May 5, 2024
99Bitcoins incentivizes learning through a unique mix of gamification and a leaderboard reward system. This ensures users feel like their learning is producing tangible benefits. Put simply, you earn crypto while learning about crypto.
Revolutionizing #Learn2Earn! 📘
🎓 Why It’s the Future:
With the $99BTC Token, you can earn rewards simply by expanding your #Cryptocurrency knowledge.
The Numbers: 🔢
– 79 hours of Courses
– 709K Followers
– 2.85M SubscribersTake a look: https://t.co/NXD7DAamqr#Bitcoin pic.twitter.com/rtBrEJjaZA
— 99Bitcoins (@99BitcoinsHQ) May 5, 2024
You can also stake your 99BTC holdings for rewards as high as 1,624% annually. So far, upwards of four million tokens have been staked.
Short on time? Simply stake your $99BTC tokens on our website and earn passive rewards effortlessly!
Join now! 👉 https://t.co/nA4Lw89WA0#99Bitcoins #Crypto #Presale #Alts pic.twitter.com/av0mkMvIbR
— 99Bitcoins (@99BitcoinsHQ) April 19, 2024
So far, the project is in the second stage of its presale, where each 99BTC token is selling for $0.00103. This price will change imminently, so buy now if you are interested.
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
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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