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The Bitcoin price dropped 3% in the last 24 hours to trade at $63,878 as of 00:52 a.m. EST on trading volume that surged 26% to $35 billion.
Bitcoin’s price plunged below $65,000 for the first time since July 25 after the US Federal Reserve decided to keep interest rates unchanged while Chair Jerome Powell hinted at an interest rate cut in September.
The BTC price correction is also influenced by reports of escalating conflict in the Middle East, prompting investors to become more risk averse.
Bitcoin Price Bearish – Could The Bulls Stage A Bullish Trend Reversal?
The Bitcoin price was on a rally in July, as it soared from $57,256 support to rally to as high as $69,968 on July 29, according to data from GeckoTerminal. However, the BTC price has formed a double-top pattern, which has created some bearish prospects, with BTC trading within the neckline.
The Relative Strength Index (RSI) is dropping towards the 30-oversold level, currently at 31, showing that the asset is undervalued and under intense selling pressure.
However, BTC trades above the 200-day Simple Moving Average (SMA), which the bulls could use to stage a bullish trend reversal. If the price surges, the 50-day SMA, at $66,707, acts as the immediate resistance.
According to the Bitcoin price analysis on the 4-hour chart, BTC is currently on a bearish trend. The bears capitalize on the double top pattern, as the RSI shows sellers have the upper hand.
If this pattern sustains, the BTC price could breach the $62,535 support to drop to the next support zone at $57,500.
Conversely, with the token trading above the 200-day SMA, there could be a bullish stance in the coming days, with a bullish trend reversal likely to push BTC up to $68,507.
Moreover, Bitcoin’s RSI is now at the oversold level, which could be a potential buy signal, pushing the price of Bitcoin up.
Amid uncertainty over the outlook for the Bitcoin price, some investors are shifting to 99Bitcoins (99BTC), which is offering a last chance to buy before its presale closes in just 5 days.
According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1K into $10K after launch.
99Bitcoins Presale Hurtles Past $2.5 Million – Last Chance To Buy
99Bitcoins is an educational platform with over 700,000 subscribers on its YouTube channel, and more than 2 million customers registered for the website’s courses.
The platform aims to enhance the learning experience by gamifying crypto education, with users completing challenges and lessons to earn higher rankings and $99BTC as rewards.
The L2E narrative could be the next big thing in crypto, as evidenced by the 99BTC presale, which has soared to over $2.5 million raised
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— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
Token holders can earn passively through the platform’s staking system, which offers an impressive 669% annual percentage yield (APY).
You can buy 99BTC now for $0.00116. But with a price hike coming in about five days, don’t wait too long to secure the best deal.
To join the presale, buy $99BTC from the official website here. You have the option of buying the tokens using ETH, USDT, or a bank card.
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