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The Bitcoin price dropped 1% in the last 24 hours to trade at $57,954 as of 5.30 a.m. EST on trading volume that skyrocketed 78% to $27.7 billion.
The oldest cryptocurrency initially saw a larger drop from a resistance at $58.5k to a support at $57.3k, only to then see a slight recovery. However, since dropping below the support at $58,000 per coin, BTC was unable to return back above this level.
BTC’s price lost nearly 9% of its value in the last seven days, as the end of August brought another strong correction. The bear market seemingly continued in the early days of September, which is historically not among the most profitable months for the crypto sector. Even so, with the expectation of the major year-long rally, it is likely that September will continue to see major price fluctuations, not unlike what was seen last month.
Furthermore, Bitcoin miners have recently recorded their lowest revenue-generating month since September of last year. The number of mined coins severely dropped in August, with the revenue reaching $827.56 million last month. Compared to July, when the revenue hit $927.35 million, August has seen a 10.5% drop.
Bitcoin Price Prediction
While Bitcoin suffered a drop that pushed it below $58k, there are numerous technical indicators that suggest that the coin will soon see a strong recovery. In fact, its price could potentially return to the resistance at $58.5k, but it remains uncertain whether this resistance will fall or continue to hold BTC back from returning to the $60k range.
The coin’s Bollinger bands have seen a major widening in the past few hours only to then see a sudden narrowing again, which might be seen as a bearish signal at first. However, coupled with the project’s Relative Strength Index (RSI), the signal suggests that the price will continue its recovery.
Bitcoin’s RSI dropped from the overbought zone to the neutral area in the last several hours, but it is now bouncing back up again. This suggests that traders are buying the coin once again, and that the recent drop was caused by the traders’ decision to take profit as the price saw its first attempt at recovery.
The RSI value is currently at 58.75 as of the time of writing, which leaves it with plenty of room to grow, even if market participants take profit again once it climbs back to 70.
Right now, BTC is experiencing a period of strong volatility, but while this provides opportunities for the experts, there is great risk for less experienced traders, who should remain cautious, and potentially even consider promising alternatives, rather than BTC itself.
Promising Alternatives to Bitcoin
With Bitcoin price still struggling and a strong resistance in its way, many traders and investors are turning to the altcoin market, especially high-potential presales such as Base Dawgz (DAWGZ).
Base Dawgz is a new meme coin on the Base blockchain. The project recently concluded its presale, and is about to see its first DEX listings in only two days. However, it still allows users to invest in its token at the ICO price, currently at $0.008582.
The project’s ICO raised over $3.25 million as investors developed a deep interest in the DAWGZ token thanks to its multi-chain nature. Once it goes live, DAWGZ will not only run on Base blockchain, but also Ethereum, Solana, Avalanche, and BSC all at the same time. These won’t be wrapped versions but the real DAWGZ tokens, allowing users to easily move their money from chain to chain.
We're making moves in this period!
3.2 million raised for $DAWGZ 🪂 pic.twitter.com/tw6cIdhNOP
— Base Dawgz (@BaseDawgz) August 30, 2024
This opens up new opportunities, with each of the five chains having their own unique benefits and perks. You get access to all of their DEXes, which includes some of the largest decentralized exchanges in the crypto industry, as well as DeFi, GameFi, AI, and other projects. DAWGZ has massive potential to unlock true interoperability in the crypto world, and that is why its ICO became a major success.
A major crypto YouTuber, ClayBro, who has over 130k subscribers, even said that DAWGZ has at least 20x potential, if not more, making it an excellent investment. But, with only two days before its listing, this is the last chance to invest in the token before it goes live, and its price blows up.
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