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The Bitcoin price dropped 2% in the last 24 hours to trade at $62,352 as of 02:51 a.m. EST on trading volume that rose 19% to $21 billion.
This comes as Bloomberg reported that the Australian Securities Exchange (ASX), which holds a 90% share of Australia’s equity market, is set to approve its first spot-Bitcoin ETFs (exchange-traded funds) before the end of the year.
BREAKING:
🔹ASX Ltd., which handles around four-fifths of the Australia’s equity trading, is expected to approve the first spot #Bitcoin ETFs for the main board before the end of 2024.
🔸Australia’s $2.3 trillion pension market may help drive inflows.$BTC— House of Chimera (@HouseofChimera) April 29, 2024
Two Bitcoin ETF applications have already been submitted by VanEck Australia and BetaShares, a local ETF-focused fund manager, and a third application is in progress, the Bloomberg story said.
The move towards ETFs has picked up in and around Asia after US approvals in January.
Bitcoin Price Set To Soar Over The Bullish Pennant
The Bitcoin price has been trading to higher lows and higher highs, fluctuating within the bullish pennant pattern after a markup phase it experienced in 2024. March saw Bitcoin breach its previous all-time high (ATH) of $69,000 to a new ATH at $73,737.
However, BTC has dropped below the $65,104 support and has been unable to recover above this point since. Sellers have managed to prevent further price increases for the king of crypto, with BTC trading within the lower boundary of the bullish pennant.
BTC is currently at risk of dropping to the next support level at $60,714, as it trades below the 50-day Simple Moving Average (SMA). However, the Bitcoin price trading above the 200-day SMA could invalidate the bearish thesis.
Additionally, the downtrend coincides with the movement of the Relative Strength Index (RSI), as it trades downwards towards the oversold level at 41.
Bitcoin Price Prediction: BTC Bulls Aim To Push The Price To A New ATH Around $85,000
Technical indicators on BTC’s 4-hour chart are sending mixed signals. On one hand, the 50-day SMA is trading above the 200-day SMA, forming a golden cross at $28,507, which indicates that BTC should be on a continuous bullish trend.
On the other hand, the RSI is bearish, which indicates that sellers have the upper hand against buyers.
If the bulls capitalize on the golden cross and the formation of the bullish pennant, they could push the price over to the next target of $85,000. If the RSI crosses below the 30-oversold region, buyers could trigger a buyback, which could further propel the price.
However, the recent downtrend could be sustained due to the pressure from the bears, which could push the price to the next support zone at $60,714.
Meanwhile, as the BTC bulls look for clear signals, investors are turning to the $99BTC presale, which has raised $908k
99Bitcoins Presale’s “Learn-To-Earn” Model Attracts Big Investors
The 99Bitcoins (99BTC) platform has established itself in the crypto space as one of the leading crypto educators in the field. The platform is renowned for simplifying complicated crypto concepts, thus helping many to better understand the blockchain space.
99Bitcoins has over 700,000 subscribers on its YouTube channel, and more than two million people registered for the website’s courses.
With the new ICO launch, 99Bitcoins is now revolutionizing crypto education with its Learn-to-Earn model, where investors can earn passively by learning about blockchain. Completing courses earns $99BTC tokens, similar to a cashback rewards program.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
Stake $99BTC For 2,038% Annual Rewards
The platform also has a staking platform, where investors can stake $99BTC for an impressive 2,038% annual percentage yield.
$99BTC tokens are priced at $0.00102 per token. If you are interested, buy before a price increase in less than 21 hours.
To participate in the presale, you can buy $99BTC from the official website here. You can use ETH, USDT, or a bank card.
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