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The Bitcoin price recorded a small gain over the past 24 hours to trade at $67,728.33 as of 7:55 a.m. EST as some investors identify the crypto’s current levels as a buying opportunity.
MicroStrategy Announces Proposed Private Offering of $500 Million of Convertible Senior Notes $MSTR https://t.co/5K8TqAi1D7
— Michael Saylor⚡️ (@saylor) June 13, 2024
A wave of institutional capital could soon give the BTC price a boost after MicroStrategy announced its intention to offer $500 million in convertible senior notes to qualified institutional investors.
The majority of the net proceeds from the offering will then be used to acquire additional Bitcoin, according to a press release.
The Bitcoin Price Trying To Reclaim Crucial Support
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price was able to overcome a medium-term negative trend line that has appeared on its 4-hour chart. However, sellers quickly pushed the leading crypto’s price back below this trend line in the last 24 hours. This resulted in BTC dropping below the $67,970 support as well.
Now, the Bitcoin price is attempting to reclaim a position above $$67,970. Buyers have stepped into the crypto’s charts, as evident by the wicks present underneath the last three 4-hour candles. Should BTC close a 4-hour candle above this mark within the next 12 hours, BTC might have the technical foundation needed to re-challenge the negative trend line.
If the Bitcoin price manages to break above the trend line, it could attempt to climb to $70,195. Continued buy volumes should BTC reach this resistance might then lead to the crypto rising to as high as $71,800 in the short term.
The bullish thesis could be invalidated if the Bitcoin price is rejected by the $67,970 threshold. In this alternative scenario, BTC might fall to the immediate support level at $66,085 throughout the following 48 hours.
Technicals Suggest The Bitcoin Price Has The Backing Needed To Rise In The Short Term
Technical indicators on BTC’s 4-hour chart suggest the crypto has the backing from buyers needed to climb above $67,970. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bullish signs.
Bulls also have a slight upper hand against bears, as signaled with the RSI’s position above its Simple Moving Average (SMA) line. Buyer strength is on the rise as well, which is evident by the positively-sloped RSI line.
Meanwhile, the MACD line is positioned above the MACD Signal line on the 4-hour chart. Traders usually identify the former positioned above the latter as an indication that a crypto is in a short-term positive cycle.
If the technical flags presented by the RSI and MACD indicators are validated, the Bitcoin price might break above $67,970 soon. Conversely, a rejection could result in BTC printing another lower high before potentially dropping in the short term.
With BTC looking to reclaim the $67,970 support and MicroStrategy gearing up to purchase more Bitcoin, investors could flock to 99Bitcoins (99BTC) as well.
An Innovative Learn To Earn Project
99Bitcoins is an established educational platform that has broken down complex terms in the Web3 space for hundreds of thousands of people over the years. Now, the team is looking to expand the project’s offerings by launching their own crypto.
With the 99BTC token, 99Bitcoins aims to revolutionize crypto education through an innovative learn to earn model. Instead of passively consuming content, platform users will be able to earn crypto by brushing up on their knowledge on all things related to digital assets.
Users will receive 99BTC for each course that they complete, similar to a cash back rewards program.
YouTuber TodayTrader recently analyzed the crypto, and told his 11.8k subscribers that 99BTC has huge potential.
Immediate Access To A Large Community
Unlike other newly-launched cryptos that have to try and gain traction in the market, 99BTC already has access to a wide pool of potential investors. With around 709k community members and over 2.8 million newsletter subscribers, 99BTC could surge as the educational platform’s users start to buy into it.
There is also a lucrative staking program that is offering a 779% APY. All of these factors have resulted in investors sending over $2 million to 99BTC’s presale.
🎉 BIG NEWS! 🎉
We’ve officially raised over $2 MILLION in our $99BTC #Presale! 🚀🔥
A massive THANK YOU! 🙌
Join the ultimate learning tool where you can earn while you learn.
Don’t miss out—get started today! 👉 https://t.co/NXD7DAamqr#99Bitcoins #BTC #Crypto #Learn2Earn pic.twitter.com/zpDn90jBM3
— 99Bitcoins (@99BitcoinsHQ) June 10, 2024
Anyone looking to purchase the crypto and gain access to the 779% APY can do so via the project’s official website. There is a simple buy widget embedded on the site’s home page that investors can use to acquire the token.
Selling for $0.00109, 99BTC can be bought using either ETH, USDT, BNB or bank card.
Purchase 99BTC here for up to 779% in annual rewards.
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