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The Bitcoin price plummeted 8% in the last 24 hours to trade for $54,417 as of 23:44 p.m. EST on trading volume that soared 44%.
The plunge came amid a crypto crash that triggered $671 million in total liquidations, the largest since the FTX contagion in 2022. Still, some traders saw the carnage as a great opportunity to buy the dip.
Around 670m $ liquidation !
Largest after FTX !
Highest liquidations are the major reversal area! pic.twitter.com/xEl6iV2uMN
— MP Traderrrrr (Sherlock) (@BTCsherlockDOGE) July 5, 2024
The massive selloff came amid anxiety over Mt. Gox and the German government selling their BTC holdings. The German government sold 20% of its BTC balance sheet, worth around $ 3.5 billion. The selling pressure started two weeks ago and could continue to bleed for another eight weeks if they keep selling a tenth of their holdings every week.
Amid the sell-off, Tron founder and Huobi Global advisor Justin Sun offered to negotiate with the German governments to purchase all BTC off-market in order to minimize the impact on the market.
I am willing to negotiate with the German government to purchase all BTC off-market in order to minimize the impact on the market.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) July 4, 2024
As regards Mt. Gox, the bankruptcy estate is giving 142,000 BTC back to investors, with markets fearing that many will sell.
The Mt Gox fud is honestly overrated and has caused 100x more loses every year than the amount they will be paying out.
Mt Gox : 9 billion USD
German Government: 2.4 billion USDTotal value loss in Crypto market cap:
143 billion in the last 2 days! https://t.co/9vEHnjECAO— Sohail Merchant (@inkparadox) July 5, 2024
Bitcoin Price Outlook Amid Massive Selloff
The Bitcoin price is trading with a bearish bias, recording lower lows as the German government and Mt. Gox narratives trigger panic selling in the market. Santiment observes that social media shows historic levels of FUD (fear, uncertainty, and doubt).
📉 Markets have continued to bleed, and social media is now showing historic levels of FUD. It is rare for an hour to go by where there are more mentions of "sell" than there are "buy" across crypto forums. But we've seen a few of these instances in just the past 24 hours,… pic.twitter.com/DdXAYP6n81
— Santiment (@santimentfeed) July 5, 2024
As the Bitcoin price continues to slide lower, the area between $47,213 and $41,246 will be critical as it represents a demand zone. Renowned crypto investor and trader Miles Deutscher says the level to watch is $48,000.
Can we just nuke to $48k already and get this sh*t over with?
Dear Germany & Mt. Gox – please just jeet your entire stack.
Dear retail, please just panic sell your low conviction alts.
Just get the pain over with quickly, then up only. Thanks.
— Miles Deutscher (@milesdeutscher) July 5, 2024
Nevertheless, it is imperative to note that the market structure is yet to change, with the big-picture outlook still bullish.
#btc 'ers got to take the good with the bad… still technically in a bull market. pic.twitter.com/jd39SITnxB
— dave the wave🌊🌓 (@davthewave) July 5, 2024
Traders looking to open long positions hoping the dump is over should probably hold their horses. This is because the Relative Strength Index (RSI) continues to nosedive, showing falling momentum. In the same way, the Moving Average Convergence Divergence has crossed below its signal line (orange band). This suggests that bearish sentiment abounds in the BTC market.
Evidence of the bearish sentiment is seen with the red nodes on the volume profile, accentuating the bearish thesis. As it stands, chances of a further dump remain high, with the Bitcoin price likely to extend lower to the $47,213 threshold before possible recovery.
GeckoTerminal: BTC/USD 1-week chart
In case of a reversal, however, a stable candlestick close between the $66,333 and $70,159 thresholds would be a good sign. Nevertheless, only a candlestick close above this range would confirm the continuation of the uptrend.
Meanwhile, as the BTC bulls search for support to turn things around, investors might want to consider pivoting for shelter to the learn-to-earn platform 99Bitcoins (99BTC), a presale that is immune to market forces until it lists.
As the 2024 US presidential election approaches, #Crypto has become a powerful topic. 💪 @realDonaldTrump recently supported the crypto industry, aiming to make the US a leader in #Bitcoin mining. #99Bitcoins #BTC #Altcoins pic.twitter.com/Gl0eH4TniP
— 99Bitcoins (@99BitcoinsHQ) July 4, 2024
According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1K into $10K after launch.
Promising Alternative To Bitcoin
The 99Bitcoins website is poised for a major relaunch in the third quarter of this year amid an explosive presale for the new 99BTC token.
99Bitcoins is an educational platform with over 705k subscribers on its YouTube channel and more than 2 million people registered for the website’s courses.
The platform aims to enhance the learning experience by gamifying Bitcoin education. Users complete challenges and lessons to earn higher rankings and earn $99BTC as rewards.
The L2E narrative could be the next big crypto thing, and already 99BTC has amassed over $2.3 million in its presale.
99Bitcoins also integrates with BRC-20, which allows users to easily build dApps on the Bitcoin network.
Introducing $99BTC on BRC-20! 🎓
Since 2013, #99Bitcoins has been the go-to resource for learning about #Cryptocurrency.
We're launching a platform that enables the building of #dApps on top of the #Bitcoin network!💡#LearnToEarn rewards users on the Bitcoin blockchain.🙌
— 99Bitcoins (@99BitcoinsHQ) April 30, 2024
As a token holder, you also have the opportunity to earn passively through the platform’s staking system, where you can stake $99BTC for an impressive 713% annual percentage yield (APY).
How many of these bad boys will @PeterSchiff be popping? 💊#99Bitcoins #CryptoCurrency #BTC pic.twitter.com/yIEeuGsSdx
— 99Bitcoins (@99BitcoinsHQ) May 26, 2024
You can buy 99BTC now for $0.00112. With a price hike coming in about four days, don’t procrastinate for too long and miss locking in the best deal.
Buy $99BTC from the official website here using ETH, USDT, or a bank card.
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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