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The Bitcoin price dropped a fraction in the last 24 hours to trade at $64,463 as of 03:44 a.m. EST on trading volume that surged 9% to $39 billion.
This comes as MicroStrategy says it’s “extremely optimistic” about Bitcoin adoption amid increasing ”bipartisan” political support for the crypto industry in the US.
“On the adoption front, we are extremely optimistic with the improved understanding of bitcoin and the increasing support for the ecosystem from bipartisan politicians and institutions on display at the Bitcoin 2024 Conference in Nashville,” said MicroStrategy in a press release in connection with its second-quarter earnings.
Although MicroStrategy reported a Q2 loss of $180.1 million on its BTC holdings, the firm still holds 226,500 tokens worth about $14.4 billion.
Bitcoin Price Aims For A Sustained Rally
The Bitcoin price has been in a sustained rally from July 12 to July 31, surging from the $57,000 support to as high as $70,000 in that time, according to data from GeckoTerminal.
The bulls were unable to sustain the bullish trend as Bitcoin tumbled to $63,000 support, which now coincides with the 200-day Simple Moving Average (SMA).
However, there seem to be some bullish prospects, as the token now trades above the 200-day SMA. The 50-day SMA at $66,466 now acts as the immediate support level, which the bulls aim to overcome to push BTC higher above the ascending triangle.
Meanwhile, the Relative Strength Index (RSI) is rebounding from the 30-oversold region as it hurtles towards the midline level, currently at 44, indicating positive momentum.
Based on Bitcoin’s price analysis, the token is currently on a bullish trend reversal as it heads back to the ascending triangle pattern. If this trend continues, the price of Bitcoin could soar, as the bulls target $70,600 in the long term.
The 50-day SMA trades above the 200-day SMA, with a golden cross at $61,727, which supports the bullish prospects.
However, if the bears take control of the price at this level, BTC could plunge further to the next support level of $60,000.
While MicroStrategy is optimistic about Bitcoin adoption, investors are piling into the 99Bitcoins (99BTC) project before its presale ends in four days.
99Bitcoins Presale Raises Over $2.5 Million – Buy Now Before Presale Ends
The 99Bitcoins token is ending its presale with a bang, crossing the $2.59 million mark and stirring conversation among top crypto influencers about the new and innovative Learn-to-Earn crypto sector.
According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1K into $10K after launch.
The next four days are the last chance to buy $99BTC as intense FOMO kicks in. The final stage of the presale concludes on August 6 at 9.30 a.m. UTC, meaning prospective buyers have no time to lose.
The platform has over 2 million registered users for its courses and more than 706,000 subscribers on its YouTube channel.
Their latest innovation is its ICO’s inception, fueling a groundbreaking learn-to-earn (L2E) model. The project will gamify crypto education by allowing users to tackle challenges and complete lessons to earn higher rankings and rewards through $99BTC tokens.
Token holders can also earn passively from the project’s staking option, which offers a head-spinning annual percentage yield (APY) of 666%.
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 tokens for $0.00116 each until the presale closes on August 6.
Buy $99BTC on the official website here using ETH, USDT, or a bank card.
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