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The Bitcoin price tumbled 1% in the last 24 hours to trade at $61,127 as of 00:57 a.m. EST on trading volume that plunged 20% to $21 billion.
This comes as the US government transferred 3,940 BTC worth $240 million to a Coinbase Prime Address. The BTC is said to have been originally forfeited from Silk Road vendor and narcotics dealer Banmeet Singh in a trial that took place in January.
Update: US Government Sends $240M BTC to Coinbase Prime
The US Government just moved 3,940 BTC ($240M) to Coinbase Prime.
This BTC was originally seized from narcotics trafficker Banmeet Singh, and forfeited at trial in January 2024.
Transaction: https://t.co/hZ1CwqWCmF pic.twitter.com/9t6k8Wdizq
— Arkham (@ArkhamIntel) June 26, 2024
The wallet linked to US authorities moved $2 billion in BTC on April 2, which sparked speculation of a selloff at the time. This is the reason why, after this recent transaction, the market slid only modestly, along with BTC.
Still, BTC dropped below the $62,000 critical support, according to data from GeckoTerminal.
Bitcoin Price Set For A Bullish Trend Reversal Over The Bullish Pennant
The Bitcoin price is gearing up for a major price reversal over the lower boundary of the bullish pennant pattern. The BTC price trades well above the 200-day Simple Moving Average (SMA), which is a confirmation of the long-term bullish run over the pennant.
Moreover, the 50-day SMA acts as the immediate resistance level around $66,469.
The Relative Strength Index (RSI) also coincides with the slight retrace of the price of Bitcoins, as the RSI drops towards the 30-oversold level, currently at 32, an indication of intense selling pressure.
According to the BTC price analysis on the 1-day chart, BTC has been on a downtrend in recent days. If the bears sustain the bearish trend, the price of Bitcoin may breach the $60,000 support zone, as the bulls retreat to the $57,818 support level, which coincides with the 200-day SMA.
Conversely, the RSI is already trading within the oversold level, which may be a signal for the bulls to prompt a buyback campaign. In such a scenario, the bulls may stage a bullish trend reversal over the pennant, targeting $90,000.
Meanwhile, as the BTC price bulls search for support to push the crypto up, investors might want to consider pivoting to the learn-to-earn platform 99Bitcoins (99BTC).
According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1K into $10K after launch.
99Bitcoins Presale Hurtles Past $2.3 Million: Best Crypto To Buy Now?
The 99Bitcoins website is poised for a major relaunch in the third quarter of this year amid an explosive presale for the new 99BTC token.
99Bitcoins is an educational platform with over 700,000 subscribers on its YouTube channel and more than 2 million people registered for the website’s courses.
The platform aims to enhance the learning experience by gamifying Bitcoin education. Users complete challenges and lessons to earn higher rankings and earn $99BTC as rewards.
The L2E narrative could be the next big crypto thing, and already 99BTC has amassed over $2.3 million in its presale.
99Bitcoins also integrates with BRC-20, which allows users to easily build dApps on the Bitcoin network.
Introducing $99BTC on BRC-20! 🎓
Since 2013, #99Bitcoins has been the go-to resource for learning about #Cryptocurrency.
We're launching a platform that enables the building of #dApps on top of the #Bitcoin network!💡#LearnToEarn rewards users on the Bitcoin blockchain.🙌
— 99Bitcoins (@99BitcoinsHQ) April 30, 2024
As a token holder, you also have the opportunity to earn passively through the platform’s staking system, where you can stake $99BTC for an impressive 736% annual percentage yield (APY).
How many of these bad boys will @PeterSchiff be popping? 💊#99Bitcoins #CryptoCurrency #BTC pic.twitter.com/yIEeuGsSdx
— 99Bitcoins (@99BitcoinsHQ) May 26, 2024
You can buy 99BTC now for $0.00111. With a price hike coming in about five days, don’t procrastinate for too long and miss locking in the best deal.
To join the presale, you can buy $99BTC from the official website here. You have the option of buying the tokens using ETH, USDT, or a bank card.
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