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The Bitcoin price dropped a fraction of a percent in the last 24 hours to trade at $65,720 as of 04:01 a.m. EST on trading volume that dropped 5% to $34 billion.
This comes as asset manager Hashdex recently proposed a combined spot Bitcoin and Ethereum ETF (exchange-traded fund) to the US Securities and Exchange Commission. The Hashdex Nasdaq Crypto Index U.S. ETF is aimed at providing investors with direct exposure to the two leading cryptocurrencies, Bitcoin and Ethereum.
Hashdex is set to use Coinbase and BitGo to secure custody of its Bitcoin and Ethereum holdings. The SEC has 90 days to review the proposal, with a final decision expected by March 2025.
James Seyffart, an ETF analyst at Bloomberg Intelligence, notes that the ETF has the potential to include other digital assets as they are approved by the SEC.
@hashdex already has a crypto index ETF that's traded down in Brazil. These are the assets it currently holds and their weights in the fund. 90% is Bitcoin and Ethereum. pic.twitter.com/5yRCDsfUs0
— James Seyffart (@JSeyff) June 18, 2024
Bitcoin Price Outlook: Bulls Target $77K
The Bitcoin price has since May capitalized on the inverse head and shoulders pattern to push the token to the resistance zone around $72,108, data from GeckoTerminal shows. However, the price of Bitcoin has been trading within this range, within a consolidation channel.
In the last week, the bears seem to have won the struggle for dominance, pushing the token down as it breached the lower boundary of the channel.
BTC price also dropped below both the 50-day and 200-day Simple Moving Averages (SMAs), which now act as the immediate resistance levels at $66,658 and $68,069.
Moreover, the Relative Strength Index (RSI) also trades below the 50-midline level, currently at 47, but with signs of trading up, which could signal an incoming buying frenzy.
Bitcoin Price Prediction
The Bitcoin price analysis on the 4-hour chart shows that the Bitcoin price is currently on a downtrend, having breached the lower boundary of the consolidation channel.
Moreover, the 50-day SMA has crossed below the 200-day SMA, forming a death cross of around $67,887. A death cross could encourage investors to sell the asset, which could further push the BTC price to the next support level of around $63,000.
However, if the bulls stage a trend reversal at this level to cross the $66,658 resistance level, BTC could negate the bearish sentiments and soar above the channel as the bulls target $77,000.
Meanwhile, some investors are turning to Bitcoin-themed tokens that might benefit from another bull run. Such a coin is $99BTC, which has already raised more than $2.2 million in its presale.
99Bitcoins Presale Surges Past $2.2 Million
99Bitcoins (99BTC) has been a pillar of crypto education since 2013. It has over 2 million registered users for its courses and more than 700,000 subscribers on its YouTube channel.
With the inception of its ICO, the project plans to incentivize learning through the Learn-to-Earn concept, where users can enhance their blockchain knowledge via interactive courses and quizzes on the 99Bitcoins platform while earning $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
$99BTC holders can also benefit from attractive annual percentage yields (APYs), currently at 759%, when they stake their tokens.
According to Jacob Bury, a crypto analyst and YouTuber, the $99BTC token could soar 10X after its launch.
You can buy $99BTC tokens for $0.0011 each. With a price hike coming in less than six days, buy soon to lock in the best deal.
To join the presale, buy $99BTC from the official website here using ETH, USDT, or a bank card.
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