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The Bitcoin price is up 0.5% in the past 24 hours to trade for $62,340 as of 04:12 a.m. EST on trading volume that dipped 13%.
Despite multiple attempts to breakout, the Bitcoin price continues to consolidate within a descending parallel channel. There is, though, a clear attempt by BTC bulls to gain control, with the BTC price maintaining a sequence of higher lows since bottoming out on May 1.
Meanwhile, the State of Wisconsin is making the news for buying spot Bitcoin ETFs (exchange-traded funds).
The State of Wisconsin invested $164 million in spot Bitcoin ETFs (exchange-traded funds) in the first quarter as institutional interest in the king of cryptos grows.
The state’s investment board acquired 94,562 iShares Bitcoin Trust (IBIT) ETF shares worth about $100 million and $64 million worth of shares in the Grayscale Bitcoin Trust (GBTC), according to a filing with the US Securities and Exchange Commission (SEC).
JUST IN: 🇺🇸 State of Wisconsin Investment Board discloses it holds almost $100 million of BlackRock's spot #Bitcoin ETF. pic.twitter.com/Jdv4uKSi9J
— Bitcoin Magazine (@BitcoinMagazine) May 14, 2024
According to Bloomberg Intelligence senior ETF analyst Eric Balchunas, this is a good sign, pointing to a growing interest for the investment product among institutional players.
Wow, a state pension bought $IBIT in first quarter. Normally you don't get these big fish institutions in the 13Fs for a year or so (when the ETF gets more liquidity) but as we've seen these are no ordinary launches. Good sign, expect more, as institutions tend to move in herds https://t.co/leKVe2CK1S
— Eric Balchunas (@EricBalchunas) May 14, 2024
Such revelations show that large TradFi funds continue to invest in spot BTC ETFs in the US. This is since their landmark approval on January 10 and subsequent launch the next day.
Bitcoin Price Prediction
The Bitcoin price is pushing toward recovery, shown by the higher lows as the price grinds above the ascending trendline. The same is seen on the Relative Strength Index (RSI), showing growing bullish sentiment.
If the RSI manages a higher high that moves it above the mean level of 50, the Bitcoin price could extend the climb. A move above the centerline of the Bollinger Band indicator at $62,186 would encourage more buy orders.
This could send BTC to the upper boundary of the descending trendline before confronting the upper band of the Bollinger indicator at $65,285. A candlestick close beyond this level would confirm a change in market structure in favor of the upside.
In a highly bullish case, the Bitcoin price could extend the climb to the $72,577. A stable close above this level would not only make the all-time high of $73,777 reclaimable, but also set the tone for a new peak price.
GeckoTerminal: BTC/USD 1-day chart
Conversely, if selling pressure increases, the Bitcoin price would break below the support offered by the ascending trendline. This could see BTC slip below $60,457, where holders would be spooked, provoking panic selling.
Such an outcome could see the Bitcoin price roll over to provide another buying opportunity around the $56,000 level. This threshold was last tested on May 1.
Meanwhile, investors are flocking to 99BTC, a Learn-To-Earn crypto presale that is offering high rewards for early stakers.
According to Crypto Boy, a famous cryptocurrency YouTuber, the project has great potential and is currently offering affordable entry.
A Promising Alternative To Bitcoin
99Bitcoins is an educational platform with over 700,000 subscribers on its YouTube channel and more than two million people registered for the website’s courses. It uses a simplified approach by using interactive videos to make learning easy.
Wisconsin makes a strategic move in the #Crypto market with a $99 million investment in #BlackRock’s #Bitcoin ETFs, joining financial giants like JPMorgan and Wells Fargo. 🇺🇸
This signals state level approval of $BTC as a legitimate asset class. 🤯 https://t.co/PepIrsQGUi
— 99Bitcoins (@99BitcoinsHQ) May 15, 2024
99Bitcoins intends to enhance the learning experience by the gamification of crypto education, as users who complete challenges and lessons earn higher rankings and $99BTC tokens as rewards.
🌟📚 Start Your $99BTC Journey with Our Free Crash Course! 🌟🎓
Over 100,000 students have enjoyed our course, receiving daily emails with essential $BTC alpha. ✅
From over 750 participants, it's designed to be short, sweet, and super educational!
👉 https://t.co/PepIrsQGUi pic.twitter.com/UohphNbGbS
— 99Bitcoins (@99BitcoinsHQ) April 29, 2024
It also integrates with BRC-20, which allows users to easily build dApps on the Bitcoin network.
Our #Learn2Earn platform is at the heart of our mission to educate. 🤝
You’ll be able to dive into a wide array of topics, from #Blockchain basics to advanced trading strategies, all while unlocking rewards!
Discover More: https://t.co/NXD7DAamqr#99Bitcoins #CryptoNews $BTC pic.twitter.com/l9sjDsjOAb
— 99Bitcoins (@99BitcoinsHQ) April 27, 2024
Holders of 99BTC can also stake their tokens for an annual percentage yield (APY) of an impressive 1,359%. About 14% of the 99 billion token supply has been allocated for staking rewards.
Jacob Bury, a prominent crypto YouTuber, believes that 99BTC has the potential to turn $1K into $10K after launch.
You can buy 99BTC now for $0.00105. However, with a price hike coming in less than six days, buy quickly to lock in the best deal.
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
- 99Bitcoins Token Unveils Learn 2 Earn Crypto ICO, Next BRC-20 Project To Explode?
- Top Gaming Coins to Buy Before the Upcoming Bull Run – 99Bitcoins Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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