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The Bitcoin price tumbled 1% in the last 24 hours to trade at $64,465 as of 03:41 a.m. EST on trading volume that soared 36% to $25.7 billion.
Despite the drop, MicroStrategy remains super bullish on BTC, and has acquired another 11,931 Bitcoin for $786 million.
MicroStrategy has acquired an additional 11,931 BTC for ~$786.0M using proceeds from convertible notes & excess cash for ~$65,883 per #bitcoin. As of 6/20/24, $MSTR hodls 226,331 $BTC acquired for ~$8.33B at average price of $36,798 per bitcoin.https://t.co/jE9dGqqnON
— Michael Saylor⚡️ (@saylor) June 20, 2024
This purchase makes MicroStrategy the owner of an astounding 226,331 BTC valued at approximately $14.5 billion.
Founder Michael Saylor has been key in the company’s transformation from a lesser-known software company into a major player in the cryptocurrency space.
Bitcoin Price Bearish, Bulls Gearing Up For A Bullish Trend Reversal
The Bitcoin price, after hitting its all-time high (ATH) of $73,737, has been trading between this range and $60,000, data from GeckoTerminal shows. Moreover, since mid-May, the token has been in a consolidation phase, as the bulls and the bears struggle for dominance.
However, the bears seem to be winning the fight, with the token breaching the lower boundary of the channel below $65,916. With the bulls retesting this level, the price of Bitcoin is set for a bullish trend reversal.
BTC price, however, trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which now act as the immediate resistance levels at $66,036 and $68,063, respectively.
The Relative Strength Index (RSI) is trading on a downtrend, dropping from the 50-midline level to currently trading at 41. If the bears sustain the selling pressure, the RSI may drop further below the 30-oversold level.
Bitcoin Price Prediction – BTC Could Retrace To $63,000
The Bitcoin price analysis shows that BTC is currently on a bearish trend, as the RSI shows that the bears are in a selling frenzy. If the bears sustain this trend, the BTC price could retrace further to breach the $64,000 crucial support, with the bulls retreating to the $63,000 support zone.
Furthermore, the 50-day crosses below the 200-day SMA, forming a death cross at $67,826, which further encourages investors to sell more.
However, with the token being oversold, the bulls may stage a buyback campaign in the coming weeks, with the Bitcoin price likely to rebound towards a bullish trend reversal. In such a scenario, the bulls may target prices above the channel at $77,000.
As the BTC price bulls look for more entry positions, other investors are turning to the Learn-to-Earn platform 99Bitcoins, which has already raised more than $2.2 million in its presale.
Over $2.2 Million Raised For 99Bitcoins In Explosive 99BTC Crypto Presale
The 99Bitcoins (99BTC) platform has transformed into a crucial resource for newcomers who are navigating the complexities of the crypto world. It has garnered over 2 million registered users for its courses and more than 700,000 subscribers on its YouTube channel.
99Bitcoins is now set to incentivize learning through its Learn-to-Earn model, where users can easily enhance their blockchain knowledge via interactive courses and quizzes on the 99Bitcoins platform and earn $99BTC in the process.
Token holders also have an opportunity to benefit from staking 99BTC tokens to earn an annual percentage yield (APY) of 753%.
How many of these bad boys will @PeterSchiff be popping? 💊#99Bitcoins #CryptoCurrency #BTC pic.twitter.com/yIEeuGsSdx
— 99Bitcoins (@99BitcoinsHQ) May 26, 2024
Crypto analyst and YouTuber Jacob Bury says that the $99BTC token could soar 10X after its launch.
You can buy $99BTC tokens for $0.0011 each. With a price hike coming in about four days, buy soon to lock in the best deal.
To join the presale, buy $99BTC from the official website here using ETH, USDT, or a bank card.
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