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The Bitcoin price rose 1% in the last 24 hours to trade at $62,690 as of 04:39 a.m. EST on trading volume that soared 71% to $22 billion.
This comes as El Salvador launched its proof-of-reserve website, which constitutes different features that help in monitoring the nation’s Bitcoin holdings by utilizing on-chain data.
The country now holds 5,748 BTC, currently worth approximately $360 million. El Salvador continues to buy the asset, with the recent purchase of seven BTC worth over $438,000 done in the past week.
Bitcoin Price Set For A Rebound Over The Falling Wedge
The Bitcoin price has been on a downward trend since mid-April after retesting the $72,000 resistance, dropping within the falling wedge pattern, data from GeckoTerminal shows.
However, the $60,202 support level has offered a cushion for the BTC bulls to rebound above the upper boundary of the falling wedge.
BTC trades slightly above the 50-day Simple Moving Average (SMA), affirming the upcoming bullish rally to the upside. If the bulls stage this trend, BTC could soar past the 200-day SMA barrier above $63,805, further supporting the bullish sentiments.
Moreover, the Relative Strength Index (RSI) is trading to the north, currently at 60, an indication of intense buying pressure. If the buying frenzy continues, the RSI could soar past the 70-overbought region, an indication of continued investor optimism.
The Moving Average Convergence Divergence (MACD) is also bullish, with the MACD line (blue) crossing above the signal line (orange), which represents a bullish crossover. A bullish crossover could be a signal for the bulls to add more to their buy positions, which could push BTC to higher prices.
The green bars are also forming above the neutral line, which indicates that BTC is currently on a positive momentum.
Bitcoin Price Prediction
The Bitcoin price analysis on the 4-hour chart indicates that BTC is poised to surge over the falling wedge, as the bulls target $71,500 in the coming weeks.
Major indicators, including the RSI and the MACD, show that BTC is currently on a bullish trail, with optimistic investors aiming to push the price above.
However, in an inverse scenario, the bears could push the BTC down, slightly back to $58,984, acting as a cushion against downward pressure.
As the BTC price soars, some investors are also diversifying their portfolios with $99BTC, a presale that’s already raised more than $1.2 million.
99Bitcoins Presale Hurtles Past $1.2 Million: Best Crypto To Buy Now?
99Bitcoins (99BTC) 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.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
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— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
The platform aims to enhance the learning experience by gamifying Bitcoin education, with users completing challenges and lessons to earn higher rankings and $99BTC as rewards.
99Bitcoins also integrates with BRC-20, which allows the building of 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 holder can earn passively by staking $99BTC for an impressive 1,395% annual percentage yield (APY).
According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn$1K to $10K after launch.
You can buy 99BTC now for $0.00104, but, with a price hike coming in about 20 hours, it’s best to buy soon to lock 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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