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The Bitcoin price dropped 5% in the last 24 hours to trade at $59,427 as of 00:49 a.m. EST on trading volume that rose 46% to $41.6 billion.
The plunge has resulted in $287.03 million being liquidated from long traders. Overall, $322.03 million has been liquidated from the market, according to data from Coinglass.
Bitcoin Price Could Still Rally
The Bitcoin price has been on a downtrend in the last two days, as BTC went back to trading within a sideways pattern. According to data from GeckoTerminal, BTC price bulls are currently struggling to push the price of Bitcoin above the $66,000 resistance zone.
BTC now trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the current price downtrend.
Moreover, the Relative Strength Index (RSI) is trading below the 30-oversold level, which shows that BTC is currently under intense selling pressure and is undervalued.
The asset being undervalued opens up positions for the bulls to buy more. In this scenario, the price of Bitcoin may rebound, which could push BTC to the $67,000 resistance level.
The 50 SMA is now crossing above the 200 SMA, forming a golden cross at $61,500, further supporting the bullish sentiments.
However, recent price movements have formed a bearish rounding top pattern. If bears capitalize on the rounding top, the price of Bitcoin may plunge and correct to the $56,000 support.
Meanwhile, as the Bitcoin price aims for a rebound, Solana GameFi lovers are buying the new token Mega Dice (DICE).
Influential crypto YouTubers such as TodayTrader predict a substantial return on investment, speculating a potential “100x” for DICE post-launch.
DICE: The Next 100X Crypto? Join the Mega Dice Ecosystem Today
Solana’s promising GambleFi token, Mega Dice, has now raised over $1.75 million in its ICO as investors continue to support this established name in the online betting world.
Mega Dice Casino is no ordinary platform—it boasts over 11,000 active users and processes more than $50 million in monthly bets. Offering a vast array of over 4,000 casino games and more than 50 sports and eSports betting options, Mega Dice is quickly becoming a go-to destination for gaming enthusiasts.
What makes DICE truly stand out is its innovative staking model. Token holders can earn daily rewards based on the casino’s profits, providing an attractive incentive to hold onto this potentially lucrative cryptocurrency.
In addition, the seamless integration with the popular TON Wallet on Telegram means that managing your funds has never been easier.
Mega Dice casino now supports the best Telegram wallet! #TON💳
Easily use your TON by choosing it as your deposit method and connecting your wallet in just a few steps. Start playing and winning today! 🔥
Join now👇https://t.co/FjIFjfAnCY pic.twitter.com/hlqt50vBUF
— Mega Dice Casino (@megadice) August 7, 2024
With DICE already raising over $1.75 million through its presale, momentum is building fast. Tokens are currently priced at just $0.110529 each.
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