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The Bitcoin price plunged 2.1% in the last 24 hours to trade at $60,989 as of 7:30 a.m. EST on a 14% drop in trading volume to $20.7 billion.
Despite experiencing a slight drop, Bitcoin received a massive boost with news Susquehanna International Group has bought into 10 Bitcoin ETFs (exchange-traded funds) in the US.
Quantitative trading firm Susquehanna International Group, with assets of more than $400 billion, disclosed on May 7 that it has combined investments in spot Bitcoin ETFs of more than $1.3 billion, with over $1 billion in Grayscale’s GBTC.
Spot #Bitcoin ETF Surge: Susquehanna Announces 1.3 Billion Dollars Investment
https://t.co/cqJQXoY6fm#BTC #BNB #CryptoNews #USDT #Crypto #BitcoinETFs pic.twitter.com/jROOc9525B— Smith 💙 Eric (@SmithEric_121) May 8, 2024
This marks the largest single known ownership of Bitcoin ETFs to date, highlighting significant demand for Bitcoin ETFs among institutional investors.
Bitcoin Price Forms A Bullish Pennant: Is Another Bull Rally Near?
After a moderate dip, Bitcoin is rebounding significantly, suggesting that the last correction might have concluded at the $57,514 support level. Traders should look for a bullish continuation which could drive the price back towards all-time highs in the 74k-80k range.
BTCUSDT Analysis. Source: Tradingview.com
The bullish pennant formation suggests that there’s potential for a continued upward trend. This pattern indicates that the bullish momentum might persist, possibly leading to price targets surpassing the previous all-time high of $73,737.
The price currently trades below the 50-day simple moving average (SMA). However, the 200-day SMA provides immediate support, keeping the general bullish momentum alive. A further push upwards could confirm the expected rally above the 50-day SMA and the upper trendline of the pennant.
Additionally, the Relative Strength Index (RSI) has bounced back from the 30 oversold level to the midline level of 50, indicating intense buying pressure. If the momentum continues to increase, the RSI might enter the overbought zone.
The green bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover above the signal line bolstered confidence in Bitcoin’s bullish sentiment.
Bitcoin Price Bulls Gearing Up For A Rally Above The Bullish Pennant
The Bitcoin price might be on the brink of a bull rally as traders capitalize on the presence of the bullish pennant to drive the bullish momentum towards a new high of $81,527.
However, if the bears continue the downtrend, the price might drop to $59,400 within the pennant. Further downward pressure could lead to a retracement towards the lower trendline at $57,514.
Given the uncertainty over the BTC price direction, some investors might want to consider diversifying their portfolios with 99Bitcoins ($99BTC), a learn-to-earn platform that has soared past $1.1 million in funds raised in its presale.
Introducing $99BTC on BRC-20! 🎓
Since 2013, #99Bitcoins has been the go-to resource for learning about #Cryptocurrency.
We're launching a platform that enables the building of #dApps on top of the #Bitcoin network!💡#LearnToEarn rewards users on the Bitcoin blockchain.🙌
— 99Bitcoins (@99BitcoinsHQ) April 30, 2024
99Bitcoins Presale Blasts Past $1 Million: Best Crypto To Buy Now?
99Bitcoins is an educational platform with over 2 million registered users for its courses, and more than 700k subscribers on its YouTube channel.
#Bitcoin whales bought 47,000 $BTC worth $2.7Bn while prices tanked below $57,000 last week. 🐳
Find out why these whales are buying!
👉 https://t.co/UXakDu2t7o#99Bitcoins #Crypto #BullMarket— 99Bitcoins (@99BitcoinsHQ) May 9, 2024
More Rewards Through Staking And Gaming Options
Now 99Bitcoins is gamifying crypto education. This means that users who successfully tackle challenges and complete lessons will earn higher rankings and rewards through $99BTC tokens.
Holders of 99BTC can also stake their tokens for a 1,507% annual percentage yield (APY). About 14% of the 99 billion token supply has been allocated for staking rewards.
Jacob Bury, a prominent crypto YouTuber, believes that 99BTC has the potential to turn $1K into $10K after launch.
You can buy 99BTC tokens for $0.00104 each. With a price hike coming in less than five days, buy them soon to lock in the best deal if you are interested.
To join the presale, buy $99BTC from the official website here using ETH, USDT, or a bank card.
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