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The Bitcoin price dropped over 2% in the last 24 hours to trade at $96,059 as of 02:12 a.m. EST on trading volume that surged 24% to $47 billion.
This comes as Strive, an asset manager founded by Vivek Ramaswamy, has asked United States regulators for permission to list an exchange-traded fund (ETF) investing in convertible bonds issued by MicroStrategy and other corporate Bitcoin buyers.
The Strive Bitcoin Bond ETF will be actively managed and will gain exposure to “Bitcoin Bonds” either directly or through financial derivatives, such as swaps and options.
Strive files for “Bitcoin Bond” ETF…
Would seek exposure to convertible securities issued by MicroStrategy. pic.twitter.com/ybJjbVFWUN
— Nate Geraci (@NateGeraci) December 26, 2024
Ramaswamy has been an outspoken ally of President-elect Donald Trump. He founded Strive in 2022 to help investors harness the power of capitalism.
Industry analysts see Trump’s presidential win as a green light for more than half a dozen proposed crypto ETFs waiting for regulatory approval to list in the US.
Bitcoin Price Aims For A Rebound
The Bitcoin price on the daily chart shows a clear uptrend after a prolonged sideways consolidation during the summer months. The price action has formed a well-defined rising channel pattern in November and December. This channel reflects a bullish structure with higher highs and higher lows after hitting the $108,135 all-time high (ATH).
Recently, the Bitcoin price tested the lower boundary of the channel, near $95,000, which coincides with the 50-day Simple Moving Average (SMA), a critical support level.
While the price briefly dipped below this line, it has quickly recovered to trade just above $96,000, indicating a potential bounce within the channel, according to data from GeckoTerminal.
The 200-day Simple Moving Average (SMA) is sitting at $70,925. This is a long-term support level, which remains well below the current price. The large gap between the two SMAs confirms the strong bullish momentum.
Moreover, the Relative Strength Index (RSI) is at 47.60, indicating a neutral to slightly bearish sentiment. It is neither in the overbought zone (above 70) nor the oversold zone (below 30).
This neutral reading suggests the market is consolidating and could go either way, depending on whether the price breaks out of or continues trading within the channel.
Bitcoin Price Prediction
If the Bitcoin price holds above the 50-day SMA and the lower boundary of the ascending channel near $95,000, it is likely to resume its upward movement. The next key resistance is near $100,000, the channel’s upper boundary, which aligns with a psychological level. A break above this mark could trigger a rapid move toward $110,000.
Conversely, BTC could test lower levels if the price fails to sustain above the $95,000 support. In a worst-case scenario, the immediate downside target would be around $90,000, followed by the 200-day SMA near $70,925.
As the Bitcoin price aims for a rebound, some investors are turning to presale meme coins like the newly launched Flockerz (FLOCK). According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, FLOCK has the potential to soar 100X after its launch.
Flockerz Raises Over $7.9 Million—Last Chance To Buy Before Its Launch
Flockerz has reached a significant milestone by raising $7.9 million in its presale, making a strong case for being a top meme coin. The project stands out from typical meme coins with its FlockTopia DAO.
The key innovation is that FLOCK holders can earn more tokens by voting on important decisions. Here’s how it works: when someone acquires FLOCK, they automatically join FlockTopia.
They can vote on things like marketing strategies and token burns, and the smart contracts reward participants with extra tokens.
Anyone fancy a quick dip? 🐦🏊♀️
They are practicing for the Flocklympics diving competition. I'm smelling gold this year! 🥇🥇🥇 pic.twitter.com/Yo37QMeTD9
— Flockerz (@FlockerzToken) December 24, 2024
Apart from V2E rewards, users can earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 345%.
Investors interested in joining the presale can visit the official Flockerz website to buy FLOCK tokens at $0.00653 each using BNB, ETH, or USDT.
You can also make a purchase using your bank card. Buy before the token launches in about 26 days.
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