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The Bitcoin price is up 3% in the last 24 hours to trade for $59,168 as of 00:12 a.m. on trading volume that plunged 20%.
The mismatch between the price rise and the plunging trading volume suggest there is still a lack of conviction among BTC bulls.
But sentiment improved on July 9 after Federal Reserve Chair Jerome Powell said the Fed is not ready to cut interest rates just yet, citing the need for “more good data” to increase confidence that inflation is under control.
⚠️ SUMMARY OF POWELL'S PREPARED TESTIMONY:
1. Powell signaled that the Fed is in no rush to cut interest rates.
2. Powell said policymakers remain attentive to the risks that inflation poses and don’t want to ease up too soon and too much.
3. Powell added that easing too… pic.twitter.com/vRvNFYOuFN
— Jesse Cohen (@JesseCohenInv) July 9, 2024
Meanwhile, as BTC bulls show their lack of conviction, K33 Research warns that BTC may plunge to the low $50,000 range.
This just in.
K33 Research predicts $4-7 billion in selling pressure to weigh on prices.
My opinion? Don't expect a smooth ride.
Analysts advise caution despite the rebound.
Is Bitcoin headed for $60K or another correction?
Let’s hear it.
— Iqbal Khan (@_iqbalkhan777) July 10, 2024
Senior analyst Vetle Lunde said the third quarter’s weak seasonal trends are not favorable for Bitcoin, adding that there’s selling pressure from the German state of Saxony, which is offloading seized BTC, and the ongoing distribution of Mt. Gox refunds.
Some 75,000 to 118,000 BTC ($4.3 billion to $6.8 billion) will need to be absorbed by the market over the summer, leading to choppy market conditions expected to last until October, Lunde said.
Bitcoin Price Prediction
The Bitcoin price is nurturing a recovery this week, boasting a successive series of higher highs with green candlesticks. With this streak, the Bitcoin price has overcome resistance due to the 78.6% Fibonacci retracement level of $57,543.
The green nodes on the volume profile support the bullish supposition, suggesting a bullish sentiment in the market. Nevertheless, BTC remains in the woods considering the bearish outlook in the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD).
With the RSI below the 50 threshold and the MACD still in negative territory, the bears still have their say. If they have their way, the Bitcoin price could slide below the $57,543 support. Potentially, it could go as low as the $53,185 support, the bottom of the market range.
In a dire case, the downtrend could extend to the $50,000 psychological level, validating K33 Research’s prediction.
GeckoTerminal: BTC/USD 1-day chart
Converse Case
On the other hand, increased buying pressure could send the Bitcoin price further north, foraying into the Fibonacci Golden Zone. Considering this is a highly volatile zone, only an escape above it would render BTC ripe to buy. This is unless one is a Bitcoin maxi driven by the belief that it is always a good time to buy BTC.
Nevertheless, futures traders looking to take long positions on BTC should wait for the Bitcoin price to record a stable candlestick close above $65,772. This is earmarked by the 38.2% Fibonacci retracement level.
In a highly bullish case, the gains could extend higher to shatter resistance due to the 23.6% Fibonacci retracement level of $68,746. Beyond this blockade, the pioneer cryptocurrency would have a chance to reclaim its peak near the $74,000 level.
Meanwhile, investors are flocking to 99Bitcoins (99BTC), the latest Bitcoin derivative token that crypto YouTuber Today Trader says is poised for parabolic gains.
Promising Alternative To Bitcoin
99Bitcoins is a long-established educational platform that uses a new Learn-to-Earn rewards model.
99Bitcoins traces back to 2013, when it started out as BitcoinWithPayPal.com. Once a simple domain, the project has evolved into a true Web2 model and is now transitioning to Web3 with its $99BTC token.
The project incentivizes learning through a unique mix of gamification and a leaderboard reward system. With this mechanism, users’ learning experiences are incentivized with tangible benefits.
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
Token holders can also stake 99BTC for an annual yield of 705%. So far, upwards of 1.5 billion 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
Investors can buy the 99BTC token for $0.00113. Those interested to add to the $2.3 million already pumped into the project shouldn’t wait too long because a price hike is coming in about six days.
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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