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The Bitcoin price is up a fraction in the past 24 hours to trade for $69,316 as of 03:32 a.m. EST on trading volume that surged 26%.
The BTC price continues to flirt with the $70,000 psychological level amid multiple bullish fundamentals, starting with Australia’s first BTC ETF (exchange-traded fund) hitting markets on Tuesday, June 4.
Australia’s first spot Bitcoin ETF, the Monochrome Bitcoin ETF, debuts on the CBOE Australia exchange today.
BREAKING: 🇦🇺 Australia's first #Bitcoin ETF to start trading tomorrow. pic.twitter.com/79EyJyHCqV
— Bitcoin Archive (@BTC_Archive) June 3, 2024
Banking woes in the US are also bullish for Bitcoin with the FDIC warning that 63 Lenders are on the brink of insolvency as banks sit on $517 billion in unrealized losses.
BREAKING 🚨: U.S. Banking System
FDIC warns that 63 Lenders are on the brink of insolvency due to banks sitting on $517 billion in unrealized losses pic.twitter.com/creciUQo7k
— Barchart (@Barchart) June 4, 2024
Increased financial instability causes investors to seek safe-haven assets like Bitcoin as a hedge against potential economic downturns. This has the potential to drive up demand for BTC and potentially increase the Bitcoin price.
The open interest for the Bitcoin price, constituting the sum of all open long and short positions, has increased by over $1.3 billion across exchanges.
#Bitcoin That's some massive stack of orders sitting between $64-69K.
Well over $900M worth and that's just Binance alone.
Open Interest also increased by $1.3B+ this day on all exchanges combined.
More volatility ahead 🚨 pic.twitter.com/OxsIELf369
— Daan Crypto Trades (@DaanCrypto) June 3, 2024
Meanwhile, trader and analyst @CryptoTony_ on X says the upside potential for the Bitcoin price is contingent on the $67,300 threshold holding.
Once again, same update, $67,300 needs to hold for healthy continuation from the bulls pic.twitter.com/gj6JoGPUme
— Crypto Tony (@CryptoTony__) June 4, 2024
Bitcoin Price Prediction
The Bitcoin price is trading with a bullish bias on the one-day timeframe and higher timeframes as well. It is consolidating within the confines of an ascending parallel channel, which promises more gains provided the bulls hold it within these confines.
Notably, the position of the Bitcoin price above the 50% Fibonacci placeholder of $65,120 is a bullish sign, reinforced by the Relative Strength Index (RSI) position well above the 50 threshold.
If the bulls manage a decisive move above the centerline of the ascending parallel channel, effectively overcoming resistance due to the 23.6% Fibonacci retracement level of $69,581, sidelined and skeptical bulls would be encouraged to come in. The ensuing buying pressure could see the Bitcoin price extend the climb.
The highly bullish case could see the Bitcoin price reclaim the $73,570 peak, levels last tested on March 13.
GeckoTerminal: BTC/USD 1-day chart
On the flipside, if seller momentum increases, the Bitcoin price could drop below the lower trendline of the ascending parallel channel. A break and close below the 38.2% Fibonacci retracement level of $67,114 would confirm the fall over the cliff.
Nevertheless, the bullish outlook would only be invalidated after the Bitcoin price records a candlestick close below $65,120 on the one day timeframe.
Meanwhile, investors are flocking to 99BTC, a Learn-to-Earn crypto ICO that YouTuber TodayTrader says has ”huge potential.”
Promising Alternative To Bitcoin
99Bitcoins is a long-established educational platform that is pioneering a new Learn-to-Earn rewards model.
Boasting best-in-class educational resources and visual learning courses for crypto beginners, this project has earned a place among the most trusted names in crypto circles.
The project traces back to 2013. Starting out as BitcoinWithPayPal.com, what was once a simple domain has since transcended to a true Web2 fashion. Transitioning to Web3 with its $99BTC token, 99Bitcoins promises a groundbreaking earn-as-you-learn experience for users of the website.
Since 2014, $99BTC has been at the forefront of #Crypto education.💡
🧠 Experienced Guidance: Decades of combined knowledge.
⚡ Wide Range: Covers multiple #Cryptocurrencies.
📖 #LearnToEarn: Reap rewards while you learn!
Get started: https://t.co/NXD7DAamqr#Bitcoin $BTC pic.twitter.com/lJjLgkgVI2
— 99Bitcoins (@99BitcoinsHQ) May 5, 2024
99Bitcoins incentivizes learning through a unique mix of gamification and a leaderboard reward system. This ensures users feel like their learning is producing tangible benefits. Put simply, you earn crypto while learning about crypto.
You can also stake your 99BTC holdings for an 868% annual yield. So far, upwards of 1.2 billion tokens have been staked.
Short on time? Simply stake your $99BTC tokens on our website and earn passive rewards effortlessly!
Join now! 👉 https://t.co/nA4Lw89WA0#99Bitcoins #Crypto #Presale #Alts pic.twitter.com/av0mkMvIbR
— 99Bitcoins (@99BitcoinsHQ) April 19, 2024
Presale sales have already soared past $1.9 million with 99BTC tokens currently priced at $0.00108. This price will change in less than seven days so don’t delay too long to buy if you want to lock in the best deal.
Visit and buy 99Bitcoins here.
Also Read:
- 99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
- 99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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