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The Bitcoin price soared 5% in the last 24 hours to trade at $62,847 as of 00:37 a.m. EST on trading volume that surged 33% to $25.6 billion.
Th BTC price pump comes after Germany finished selling seized BTC and with Mt. Gox repayments now likely being priced in. Selling pressure from these market overhangs had driven Bitcoin’s price down to a low for the month of $53,500 on July 4.
Bitcoin has invalidated the earlier bearish sentiment, which had over $360 million in leveraged short positions liquidated, according to data from CoinGlass.
🚨 360M in #Bitcoin Shorts LIQUIDATED
Thanks for playing! https://t.co/IzBY9rWheU pic.twitter.com/LF098lOV0V
— Thomas | heyapollo.com (@thomas_fahrer) July 15, 2024
In the last week, the Bitcoin price has been on an uptrend, trading within a rising channel as the price soared past the $60,000 resistance, according to data from GeckoTerminal.
Bitcoin Price To Continue Surging Over The Rising Channel Pattern
The Bitcoin price now trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which is a confirmation of the sustained bullish stance to the upside.
Moreover, the Relative Strength Index (RSI) is moving up over the 70-overbought region, currently at 81, which shows that buyers have an upper hand.
The Moving Average Convergence Divergence (MACD) also coincides with the price uptrend, crossing above the neutral line, a signal that the Bitcoin price is on an uptrend. The green bars on the histogram also extend over the zero line, signifying that BTC is on a positive trend.
According to Bitcoin’s price analysis on the 1-hour chart, the bulls are pushing the token towards sustained bullish momentum, having surpassed the upper boundary of the rising channel pattern.
With the major indicators pushing the token towards positive momentum, BTC bulls are aiming to push the token higher, targeting the next resistance at $67,000.
However, with the token being overbought, it shows that the token is currently overvalued, which may prompt a slight retrace in the coming days. In this scenario, the $59,037 level, coinciding with the 50-day SMA, offers strong support.
As the Bitcoin price soars, investors are also turning to Bitcoin-linked projects like 99Bitcoins (99BTC), which has amassed over $2.4 million in its presale.
99Bitcoins Presale Closes On $3 Million
99Bitcoins is an educational platform with over 2 million registered users for its courses and more than 700K subscribers on its YouTube channel.
The project plans to gamify crypto education by enabling users to tackle challenges and complete lessons to earn higher rankings and rewards through $99BTC tokens.
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
99Bitcoins integrates with BRC-20, which allows developers to seamlessly 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
Token holders can stake $99BTC for a 699% annual percentage yield (APY). The team has already allocated 14% of the 99 billion token supply for staking rewards.
Jacob Bury, a prominent crypto YouTuber, believes that 99BTC has the potential to turn $1K into $10K after its launch.
You can buy 99BTC tokens for $0.00113 each. With a price hike coming in about a day, buy them soon to lock in the best deal.
To join the presale, buy $99BTC from the official website here using ETH, USDT, or a bank card.
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