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The Bitcoin price dropped 1% in the last 24 hours to trade at $56,311 as of 00:23 a.m. EST on trading volume that tumbled 4% to $30 billion.
The BTC price fell slightly below $56,000, sparking concerns among investors, before rebounding. The Crypto Fear & Greed Index slumped to 22, showing ”extreme fear” among investors.
BitMEX co-founder Arthur Hayes added to the bearish narrative when he said he’s shorting Bitcoin and predicted BTC will plunge to $50k this weekend following the US jobs report today.
$BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.
— Arthur Hayes (@CryptoHayes) September 6, 2024
Such a prediction comes amid concerns about the sluggish U.S. economy and disappointing employment data.
Bitcoin Price Bearish – A Bullish Trend Reversal Incoming?
The Bitcoin price, as it coincides with the overall negative sentiment of the market, has been trading within the falling channel pattern, according to data from GeckoTerminal. The $60,000 resistance still remains a challenge for the bears.
BTC now trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which aligns with the current price correction.
Even though the Relative Strength Index (RSI) still trades below the neutral zone, currently at 39, it shows signs of a rebound, which could suggest that buying pressure may pick up at this level.
With the asset being undervalued and investors selling more, the Bitcoin price may rebound in the coming days as the selling opens up more buying positions. In this scenario, the bulls may propel the price of Bitcoin to a bullish trend reversal as they target $64,000.
However, if the selling continues and the price of Bitcoin maintains the bearish momentum, BTC price could plunge further back to the $54,300 support level.
Meanwhile, as the Bitcoin price market remains uncertain, some investors are diversifying their portfolios with Shiba Shootout (SHIBASHOOT), a new Shiba Inu derivative that has hurtled past the $1 million milestone in its presale.
Shiba Shootout Presale Blasts Past $1 Million, Best Meme Coin To Buy Now?
Shiba Shootout is gaining attention for its Wild West-themed platform. This community-driven project combines creativity and competition in a unique digital frontier setting.
Its P2E game called Shiba Sharpshooters is built around the town of Shiba Gulch, a bustling digital settlement that is a favorite with Shiba lovers who come together to challenge each other.
Master #Crypto strategy with #Shiba cowboys in thrilling duels for big rewards! 🌟 Join the adventure!
Sign up now to get your free $SHIBASHOOT tokens!
Jump in the fun! 🚀 https://t.co/jCeu7XMBqR pic.twitter.com/YjlGaaluBT
— shibashootout (@shibashootout) June 28, 2024
The mobile game has already amassed over 1,000 downloads on the Google Play Store, with a Web3 app launching soon.
Apart from P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can also easily earn passively through the platform’s staking mechanism, which offers 868% in annual rewards.
According to the crypto channel 99Bitcoins, with more than 706k subscribers, investors who buy $SHIBASHOOT can earn “insane rewards.“
If you are interested to join the presale, you can buy the token now for $0.0201. But hurry as the price will increase in less than three days.
You can buy SHIBASHOOT tokens on the official website here using ETH, BNB, USDT, or a bank card.
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