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The Bitcoin price plunged 10% in the last 24 hours to trade at $53,987 as of 00:44 p.m. EST on trading volume that surged 96% to $53 billion.
This comes amid a crypto crash triggered by a rate hike in Japan that spooked investors, triggering the panic selling of riskier assets. Overall, cryptocurrencies sank by about $570 billion, according to data from CoinGecko.
The sell-off witnessed in the crypto market coincides with the broader slide in equities in Asia-Pacific markets and with the U.S. Nasdaq sliding 3.4% last week into correction territory.
The stock crash is partly tied to disappointing economic data in the US, including earnings, a weaker-than-expected jobs report, higher unemployment, and a declining manufacturing sector.
The price of Bitcoin is now trading at its lowest since February, having plummeted to below $54,000.
Bitcoin Price Aims For A Bullish Trend Reversal
The Bitcoin price has been on a downtrend in the last week, plunging 24%, within a falling channel pattern, according to data from GeckoTerminal. Bitcoin dropped below the channel’s lower boundary today to touch the $50,000 mark before rebounding to the current price.
Major BTC indicators show that the price of Bitcoin is currently on a bearish trend, with the token trading below both the 50-day and 200-day Simple Moving Averages (SMAs). The SMAs now act as the immediate resistance zone at $60,394 and $65,159.
Moreover, the Relative Strength Index (RSI) has dropped below the 30-oversold level on the 1-hour chart, currently trading at 19. This indicates that sellers have an upper hand, with the asset now being undervalued.
If the bearish stance continues, the price of Bitcoin could drop further to the $49,000 support level.
Conversely, the bulls could use this opportunity of the asset being undervalued to start buying, which could push BTC up, breaching the $60,394 and $65,159 resistance zones. In this scenario, the bulls could be targeting prices above the $67,000 resistance level.
BTCUSD Chart Analysis Source: GeckoTerminal.com
Meanwhile, as Bitcoin bulls run for cover, investors are still buying into the 99Bitcoins (99BTC) presale before it concludes tomorrow, August 6, at 9.30 a.m. UTC.
According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1K into $10K after launch.
99Bitcoins Presale Raises Over $2.62 Million – Last Chance To Buy
The 99Bitcoins platform is a pillar of crypto education and has over 2 million registered users for its courses and more than 700,000 subscribers on its YouTube channel. It helps crypto fans navigate the complexities of the industry.
The project is now set to gamify crypto education by allowing its users to tackle challenges and complete lessons to earn higher rankings and rewards through $99BTC tokens.
Token holders can also earn passively from the project’s staking option, which offers a whopping annual percentage yield (APY) of 657%.
How many of these bad boys will @PeterSchiff be popping? 💊#99Bitcoins #CryptoCurrency #BTC pic.twitter.com/yIEeuGsSdx
— 99Bitcoins (@99BitcoinsHQ) May 26, 2024
You can buy $99BTC tokens for $0.00116 each before the presale ends in just one day.
To join the presale, buy $99BTC from the official website here using ETH, USDT, or a bank card.
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