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The Bitcoin price is down a fraction in the past 24 hours to trade for $67,353 as of 04:40 a.m. EST on trading volume that plunged 6%.
The Bitcoin price is down 3% in the past seven days, but up 6% in the past month, CoinGecko data shows. With the Bitcoin price recording lower highs with a series of red candlesticks for three consecutive days, 75,516 traders were blown out of the water across the cryptocurrency market.
This brings the total liquidations to $158.54 million, Coinglass data shows. The largest single liquidation order happened on the Binance exchange, where the liquidated BTC/USDT value was $2.69 million. Analysts observe that if the downtrend extends for the Bitcoin price to slip below the $67,000 threshold, more traders would be liquidated.
Possible sweep of 67K again to nab those last liquidations left on $BTC pic.twitter.com/eKRpLm448d
— Francky (@franckster25) May 30, 2024
Trader and analyst Crypto Rover on X says a strong move above the $74,000 threshold would see more than $9 billion worth of BTC shorts liquidated.
There will be over $9b worth of #Bitcoin short liquidations if $BTC hits $74k. pic.twitter.com/g579DCxv7h
— Crypto Rover (@rovercrc) May 29, 2024
Meanwhile, all eyes are on BlackRock as the firm’s iShares Bitcoin Trust, IBIT, became the world’s largest Bitcoin spot exchange-traded fund (ETF). It has surpassed Grayscale’s GBTC in terms of BTC holdings.
Total assets now approach $20 billion since its listing in the US at the beginning of this year. BlackRock holds a total of 288,670 Bitcoin, slightly more than Grayscale’s 287,450 Bitcoin.
#BLACKROCK HAS FLIPPED GRAYSCALE IN TERMS OF THE NUMBER OF #BITCOIN📷 HOLD. 👀 pic.twitter.com/t8PrwEMSho
— hinchibun (@hinchibun) May 30, 2024
BlackRock is also making headlines after filing an updated version of its spot Ethereum ETF S-1 application. It comes after VanEck pulled a similar move, with the development being part of a series of filings expected in the coming weeks as the SEC prepares to review the applications.
The filing has sparked optimism among crypto enthusiasts, who anticipate significant price movements for Ethereum after ETH ETF approvals on May 23.
BLACKROCK FILED AN UPDATED VERSION OF ITS SPOT ETHEREUM ETF S-1 APPLICATIONhttps://t.co/FqVaudgusR pic.twitter.com/n3RoETGIsY
— Phoenix » PhoenixNews.io (@PhoenixTrades_) May 29, 2024
Bitcoin Price Prediction
The Bitcoin price is dumping, testing immediate support due to the centerline of the Bollinger indicator at $66,825. The confluence of this buyer congestion level and the support offered at $66,547 is critical for the Bitcoin price. If it breaks, BTC could spiral all the way to the $60,500.
A breakdown of the $60,500 threshold, followed by an extended leg down to record a lower low near the $55,000 threshold, would negate the big-picture bullish outlook.
Notice the Relative Strength Index (RSI) that is subdued and could drop below the mean threshold of 50 if the bears have their way. The Moving Average Convergence Divergence (MACD) is also hinting at a possible sell signal, which though already executed, is pending confirmation. An extended slip below the orange band of the signal line could trigger more selling pressure.
It is also impossible to ignore the red histogram nodes on the volume profile whose sizes are dwindling. This suggests a burgeoning bearish sentiment that could see the downtrend extend for the Bitcoin price.
GeckoTerminal: BTC/USD 1-day chart
On the other hand, if the RSI holds above the threshold of 50, the Bitcoin price could bounce above the $66,547 support level. To confirm the continuation of the climb, however, BTC bulls must achieve a stable close above $71,147 in the one-day timeframe.
While the Bitcoin price holds the risk of more bearish sentiment, some trader are pivoting to 99BTC, a new learn-to-earn ICO that YouTuber Crypto Boy says has the potential to 100X after launch.
Promising Alternative To Bitcoin
99BTC powers the 99Bitcoins ecosystem, a long-established educational platform that’s 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.
Revolutionizing #Learn2Earn! 📘
🎓 Why It’s the Future:
With the $99BTC Token, you can earn rewards simply by expanding your #Cryptocurrency knowledge.
The Numbers: 🔢
– 79 hours of Courses
– 709K Followers
– 2.85M SubscribersTake a look: https://t.co/NXD7DAamqr#Bitcoin pic.twitter.com/rtBrEJjaZA
— 99Bitcoins (@99BitcoinsHQ) May 5, 2024
You can also stake your 99BTC holdings for rewards as high as 968% annually. So far, upwards of 1.12 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
Investors looking to buy 99BTC tokens can do so for $0.00107 each. This price will change in less than five days, so buy now if you are interested.
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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