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The Bitcoin price plunged 3% in the last 24 hours to trade at $67,440 as of 7:50 a.m. EST on a 22% surge in trading volume to $36.1 billion.
This drop was primarily driven by concerns over the risk of higher for longer US interest rates, which overshadowed the upbeat news that the US approved spot Ethereum ETFs (exchange-traded funds).
Fears over US interest rates put significant pressure on crypto markets after hawkish signals from Federal Reserve members highlighted growing concerns among policymakers about persistent inflation.
Several Fed members indicated that inflation might take longer to hit the central bank’s 2% annual target. Additionally, minutes from the bank’s late April meeting revealed that some policymakers were are open to further interest rate hikes.
Bitcoin Price Declines Back To The Bullish Pennant: Can The Bulls Regain Momentum?
Despite maintaining some gains for the week, Bitcoin fell back into the $60,000 to $70,000 trading range it has occupied for over two months. The cryptocurrency also erased much of its weekly gains on Thursday and Friday.
BTCUSDT Analysis. Source: Tradingview.com
The bullish pennant formation suggests there’s potential for an ongoing upward trend. This pattern indicates that the bullish momentum might continue, possibly pushing prices past Bitcoin’s all-time high of $73,737.
Though declining, the price signals a rebound in the 50-day simple moving average (SMA). The 200-day SMA is providing immediate support, maintaining the overall bullish momentum. If Bitcoin moves upward, it could confirm the expected rally above the 50-day Simple Moving Average (SMA) and break through the upper trendline of the pennant.
The Relative Strength Index (RSI) has rebounded from the oversold level of 30 to the midline at 50, showing intense buying pressure. Even though it indicates a downtrend, the 50 mark signals a rebound, which might push the RSI back to the overbought zone.
Additionally, the green bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover above the signal line boost confidence in Bitcoin’s bullish outlook.
Bitcoin Price Bulls Signal A Rebound On The 50 SMA
The Bitcoin price is on the brink of a great bull rally despite the short downtrend to the 50 SMA as traders capitalize on the presence of the bullish pennant to drive the bullish momentum towards a new high of $81527.
However, if the bears continue the downtrend, the price might drop below the 50 SMA within the pennant to $60,000. Further downward pressure could lead to a retracement towards the lower trendline at $58.514.
99Bitcoins: Best Learn-To-Earn Crypto?
Meanwhile, Bitcoin’s slump is doing little to quell the appetite of investors for 99Bitcoins ($99BTC), a learn-to-earn platform that has rocketed past $1.5 million in funds raised in its presale.
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
99Bitcoins is an educational platform with over 2 million registered users for its courses. The platform is gearing up to launch a decentralized platform that aims to empower users to delve deeper into the world of crypto while allowing them to earn crypto tokens through education. It uses a friendly approach, utilizing interactive videos to simplify learning.
With #Bitcoin up 15% and #Ethereum up 18%, it appears the old saying “Sell in May, and go away” doesn’t bother #Crypto 💪 #99Bitcoins #BullRun #BTC #ETH pic.twitter.com/UEIWMRr3du
— 99Bitcoins (@99BitcoinsHQ) May 23, 2024
Get Huge Staking Rewards, Have Fun Learning,
99Bitcoins plans to make learning about Bitcoin more fun by turning it into a game. Users who complete lessons and tackle challenges earn higher rankings and rewards through $99BTC tokens.
Of the 99 billion total token supply, 14% is set aside for staking rewards, allowing investors to stake their tokens for an impressive 1,071% annual yield (APY).
Jacob Bury, a prominent crypto YouTuber, believes that 99BTC can potentially explode 100X after launch on tier-one exchanges.
You can buy 99BTC for just $0.00106 per token right now. But you need to hurry because the price will increase in less than four days.
Buy $99BTC from the official website using ETH, USDT, or a bank card.
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