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The Bitcoin price printed a slight loss over the last 24 hours to trade at $70,130.03 as of 8:55 a.m. EST as investors sell some of their holdings in the crypto king.
BTC’s price drop is just part of a short-term holding pattern, according to Bitwise’s Chief Investment Officer Matthew Hougan. He believes as much as $1 trillion will be injected into Bitcoin through exchange-traded funds (ETFs) as the investment products continue to gain traction. In a memo sent to investment professionals, he added that the best thing to do now is “keep calm and take the long view” as BTC bounces between $60,000 and $70,000.
1% Down; 99% to Go. Reflections on the ETF launch.
An excerpt from Bitwise CIO @Matt_Hougan's weekly memo to investment professionals.
Lately the crypto markets have been volatile, with bitcoin bouncing between $60,000 and $70,000. The media gets breathlessly worried about…
— Bitwise (@BitwiseInvest) March 27, 2024
Bitcoin Price Breaks Below A Positive Trend Line
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price dropped below a positive trend line that formed on its charts over the past week. If BTC fails to reclaim a position above this mark in the coming 24 hours, then it could either consolidate or be at risk of correcting in the short term.
A consolidation phase might see the leading crypto oscillate between the immediate support at $68,863.99 and the major resistance at $71,641.54. Bitcoin’s price falling below the key $68,863.99 support could be seen as a sell signal. Traders may therefore drag BTC down to the next significant mark at $65,847.29 in the following 48 hours.
On the other hand, BTC closing a 4-hour candle above the aforementioned ascending trend line within the upcoming 24 hours might invalidate this bearish thesis. Investors and traders will then most likely attempt to push BTC above the $71,641.54 threshold before trying to elevate the Bitcoin price to a new all-time high beyond $73,777.
Bitcoin Price May Pull Back As Bearish Flags Emerge
Technical indicators on BTC’s 4-hour chart suggest the Bitcoin price might drop in the next 24-48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bearish.
The MACD line recently crossed below the MACD Signal line. This is usually seen as a sign that a crypto has entered a negative cycle. Since this intersection took place on the 4-hour chart, this trend may be short term.
Sellers also seem to have an upper hand against buyers on BTC’s 4-hour chart, with the RSI positioned below the Simple Moving Average (SMA) line. The former is also breaking away below the latter, which suggests bears are growing stronger and may pull the Bitcoin price down in the next 24 hours.
While the Bitcoin price attempts to recover above its positive trend line, Dogecoin20 is offering investors one last chance to buy before it launches.
The Next Iteration Of DOGE
Since its inception in 2013, Dogecoin has gone from a lighthearted joke to the leading crypto within the meme coin sector. Backed by a large community of loyal followers, the beloved meme coin has even managed to attract the attention of tech billionaire Elon Musk. Apart from this popularity, however, no new developments have really made their way to the Dogecoin ecosystem since the project’s original developers abandoned the crypto shortly after launch.
Dogecoin20, a new meme coin that aims to take the crypto world by storm, marks the first significant upgrade to the DOGE brand and technology. Launched on the Ethereum blockchain, Dogecoin20 follows the ERC-20 token standard. This not only makes it compatible with the majority of the wallets and platforms currently in the market, it also makes Dogecoin20 a more eco-friendly version of the legacy Dogecoin that was deployed on the Proof of Work blockchain.
Token holders also have access to a lucrative staking program. Anyone that purchases Dogecoin20’s token, DOGE20, can lock up their tokens for up to 82% in annual rewards.
Investors Rush To Scoop Up DOGE20
Investors have flocked to Dogecoin20’s presale, resulting in the ICO selling out and raising over $10 million. Given this overwhelming success, the team behind the meme coin have decided to give investors one last chance to buy DOGE20 before it is launched.
https://twitter.com/DOGE_COIN20/status/1773666472386031880
Selling for $0.00022, DOGE20 can be bought using either ETH, USDT, BNB or bank card. Investors still have time to purchase the crypto at this early stage, but will want to hurry as its launch is less than 22 days away.
DOGE20 can be purchased here.
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