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The Bitcoin price managed to print a slight gain in the last 24 hours to trade at $64,183.60 as of 5:40 a.m. EST as investors slowly buy into the largest crypto by market cap.
BTC’s flat trading might not last for long. Former BitMEX CEO Arthur Hayes predicts the crypto market could see a “re-acceleration” of its bull market due to a potential shift in the US economy.
Moves led by Treasury Secretary Janet Yellen might lead to a $1.4 trillion liquidity injection, Hayes said in an Apr. 26 X post. This additional capital could lift riskier asset classes, including cryptos.
The Bitcoin Price Loses A Key Support
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price dropped below the $65,104.05 support in the past 48 hours and has not been able to recover back above this point since. Bulls attempted to push the leading crypto’s price back above this key level over the last 24 hours, but sellers have managed to prevent any significant moves.
As a result, BTC is currently at risk of dropping to the next support level at $60,714.87 in the coming couple of days. This bearish thesis could be invalidated if the Bitcoin price closes a 4-hour candle above $65,104.05 within the next 12 hours.
Traders might identify a 4-hour candle close above this barrier as a long entry. With the potential influx of buy pressure, the Bitcoin price could keep climbing to the $69,085.36 resistance level.
Enough bullish momentum might even lead to the market leader flipping this price point into support. BTC could then have a platform to rise off from to possibly reach as high as $74,005 in the short term.
Bitcoin Price Attempting To Enter A New Bullish Phase
Technical indicators on BTC’s 4-hour chart are sending mixed signals. On one hand, the Relative Strength Index (RSI) is positioned bearishly below its Simple Moving Average (SMA) line. The former is also sloped negatively.
This not only suggests that sellers have the upper hand against buyers, but also warns that they are growing stronger. It will therefore be easier for bears to pull the Bitcoin price down in the next 24 hours than it will be for bulls to boost it.
On the other hand, the Moving Average Convergence Divergence (MACD) is on the cusp of triggering a major bullish technical flag. With the MACD line rising towards the MACD Signal line, it seems BTC is close to entering a fresh bullish phase.
With BTC looking to enter a new bullish period and Hayes seeing the possibility of a $1.4 trillion liquidity injection into the US economy, Bitcoin derivative 99Bitcoins looks nicely positioned to benefit.
A New Token With A Big Community
99Bitcoins is a prominent crypto education platform that has broken down complex crypto concepts for many over the years. The team is now looking to add to its educational offering through the launch of its own token, 99BTC.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
By actively taking part in the multitude of interactive tutorials and courses available on the 99Bitcoins platform, users will be able to earn crypto rewards.
This earning potential is increased by the fact that a user will gain access to more educational content as they complete tasks.
With around two million users registered on its platform, and more than 700k community members across all of its social platforms, 99BTC will immediately have access to a large pool of potential investors.
Investors Rush To Buy 99BTC And Take Part In Its Lucrative Staking Program
Investors have poured more than $830k into 99BTC’s presale, a frenzy around the learn-to-earn token that might be partly due to the fact that there is a 2,237% annual staking return on offer.
Currently trading for $0.00102 per token, the crypto can be bought using either ETH, USDT, BNB or bank card.
Purchase 99BTC tokens on its official website here.
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