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The Bitcoin price tumbled 4% in the past seven days and more than 1% in the past 24 hours to trade for $65,507 as of 00:15 a.m. EST on trading volume that soared 125%.
Every bounce from $72,000 is weaker than the one before it.
Matter of time until it breaks — just like it did in 2018.
Send it lower 😉.#Bitcoin pic.twitter.com/pQ8zPHvkQh
— Jelle (@CryptoJelleNL) June 17, 2024
The dump saw 190 traders lose their positions, causing nearly $500 million in total liquidations across the market.
Meanwhile, a JPMorgan analysts reported that US Bitcoin miners reached a record market capitalization of $22.8 billion in the first half of June. The report, prepared by Reginald Smith and Charles Pearce, featured in a June 17 report to clients, citing rising hashrate share and AI data center diversification opportunities.
Bitcoin miners listed in the United States have reached a record market capitalization of $22.8 billion, according to JPMorgan analysts. The stocks of the 14 companies listed in the US have experienced a rally in the first half of June, with gains of up to 117%. Marathon Digital… pic.twitter.com/ffNa81By4k
— Mindthechart.io (@mtc_terminal) June 17, 2024
The report says the 14 US-listed mining stocks soared in the first half of June. Core Scientific, TeraWulf and IREN, took the lead with 117%, 80% and 70% gains, respectively. The only miner that suffered a price drop in June was Argo Blockchain.
The analysts highlighted that the sector’s aggregate market capitalization has soared by 24%, representing a $4.4 billion increase since the end of May.
U.S.-listed BTC miner market cap, Source: JPMorgan
The analysts ascribe the surge to investors reacting to an agreement between Core Scientific and AI cloud provider CoreWeave. Specifically, CoreWeave offered to buy BTC miner Core Scientific for $1.6 billion earlier this month. This valuation marked a 55% premium above its market price.
Notably, the bid was turned down following a 12-year, $3.5 billion partnership contract between the two entities. This enabled CoreWeave to host its AI-related services atop Core Scientific’s data centers.
NEW: #Bitcoin ⛏️ miner Core Scientific signs 12-year, 💵 $3.5B partnership deal with Nvidia-backed cloud AI company CoreWeave.
Core Scientific will provide 200 MW of data center space for high-powered computing operations, and modify existing facilities for a launch in 2025. pic.twitter.com/FuMnB0Ng8T
— Bitcoin News (@BitcoinNewsCom) June 4, 2024
Bitcoin Price Prediction
The Bitcoin price is trading with a bearish bias, recording lower highs since early June. The cascade of red candlesticks has seen the pioneer cryptocurrency drop by almost 10%. The market hints at a further downside, seen with the technical indicators leaning to the downside.
To start with, the Relative Strength Index (RSI) is dropping, suggesting falling momentum. The Moving Average Convergence Divergence (MACD) is also subdued below the orange band of its signal line. These show abounding bearish sentiment in the BTC market.
If selling pressure increases and the Bitcoin price drops below the 50% Fibonacci placeholder at $65,120, it would trigger panic selling. An extended slip below the 61.8% Fibonacci retracement level of $63,125 would invalidate the big-picture bullish outlook.
GeckoTerminal: BTC/USD 1-day chart
On the other hand, a show of strength among the BTC bulls could send the Bitcoin price above the 38.2% Fibonacci retracement level of $67,114. This move, effectively marking an escape from the Fibonacci Golden Zone, would set the pace for a further upside.
Increased buying pressure could see the Bitcoin price reclaim above the 23.2% Fibonacci retracement level of $69,581. In a highly bullish case, the gains could extrapolate for BTC to reclaim the $73,570 peak, levels last tested in mid-March.
Meanwhile, investors are flocking to 99BTC, a learn-to-earn platform that YouTuber TodayTrader says has ”huge potential.”
Promising Alternative To Bitcoin
99Bitcoins is a long-established educational platform that boasts best-in-class educational resources for crypto beginners.
The project is now transitioning to Web3 with its $99BTC token and a new, groundbreaking learn-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 762% annually. So far, upwards of 1.43 billion tokens have been staked.
🎉 Exciting milestone alert! 🎉
We have now raised over $2.2 MILLION in our $99BTC presale! 🚀
Secure your spot now before the #Presale price increases! 👀
Don’t miss out—get started today!
👉 https://t.co/NXD7DAamqr#99Bitcoins #BTC #Crypto #L2E pic.twitter.com/xQC6lg0euI— 99Bitcoins (@99BitcoinsHQ) June 17, 2024
Investors have already pumped more than $2.2 million into the project. If you want to join them, you can buy 99BTC tokens for $0.0011 before a price hike in less than seven days.
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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