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The Bitcoin price plummeted almost 5% in the past 24 hours to trade for $55,209 as of 00:08 a.m. EST on trading volume that slumped 22%.
Traders continue to exit their BTC positions as the fear level plunges to 28, the lowest since January 2023 when the Bitcoin price was in the $16,000 range.
Bitcoin Fear and Greed Index is 28. Fear
Current price: $55,849 pic.twitter.com/MsRXtBpqYi— Bitcoin Fear and Greed Index (@BitcoinFear) July 8, 2024
Along with the weakness seen in the Bitcoin price, the broader cryptocurrency market capitalization has shrunk almost 5% to $2.02 trillion. Atlas, a renowned crypto proponent, observes that the Bitcoin price is repeating a pattern seen in 2019.
Stop for a second and take a look at the chart.
BTC is repeating the pattern of 2019 one-to-one.
What happened next shocked me…
I spent over 100 hours analyzing all the market data, and here's what the whales are hiding from you 🧵👇 pic.twitter.com/PHikG9m44H
— Atlas (@crptAtlas) July 7, 2024
Bitcoin Price Prediction
The Bitcoin price continues to trade with a bearish bias, consolidating within a falling parallel channel. This technical formation sets the stage for more losses as long as it remains within the confines of this pattern. Looking at the technical indicators, the odds lean in favor of the downside, with buyer momentum waning by the day.
The Relative Strength Index (RSI) continues to record lower highs and is well below the 50 threshold. This shows that the bears have the upper hand. The Moving Average Convergence Divergence (MACD) worsens the outlook, subdued below the orange band of the signal line.
If the $54,488 support breaks, the Bitcoin price could extend the fall, potentially as low as $52,500 as it collects the liquidity residing underneath.
GeckoTerminal: BTC/USD 1-day chart
On the other hand, considering the position of the RSI below 30, BTC is already oversold. This means a pullback or recovery could be imminent. Traders looking to get ahead of this should wait for the RSI to record a stable close above the 30 threshold.
This would be a good buy opportunity. However, the bearish thesis would only be invalidated once the Bitcoin price records a candlestick close above $71,812.
Despite Bitcoin’s weakness, traders are rushing to buy the 99Bitcoins (99BTC) presale, which has amassed more than $2.3 million in funding.
🎉 Milestone alert! 🎉
We have now raised over $2.3 MILLION in our $99BTC presale! 🚀
Don't miss your chance to get in early. 👀
Join the #Presale now!
👉 https://t.co/NXD7DAaUfZ#99Bitcoins #BTC #Crypto #L2E pic.twitter.com/mA1rKiGuE8— 99Bitcoins (@99BitcoinsHQ) July 5, 2024
It comes as prominent YouTuber Oscar Ramos says 99BTC is among the the best crypto presales to buy now.
Promising Alternative To Bitcoin
99BTC is the native cryptocurrency for the 99Bitcoins ecosystem, a long-established educational platform that is pioneering a new Learn-to-Earn rewards model.
The project incentivizes learning through a unique mix of gamification and a leaderboard reward system, which enables token holders to earn crypto while learning about crypto.
Did you know? 54% of Japanese institutional traders plan to invest in #Crypto over the next three years, citing portfolio diversification and high return potential. 🚀
This comes from a recent survey by Nomura Holdings.#99Bitcoins #Bitcoin #ETH #SOL pic.twitter.com/8WvfdOyxV8
— 99Bitcoins (@99BitcoinsHQ) July 7, 2024
99BTC tokens are currently priced at $0.00112. This price tag will only hold for just over 24 hours before another price hike. So, if you are considering buying, it is best to act soon to lock in the best price.
If you do join the project, you can then stake your tokens for an Annual Percentage Yields (APY) of 706%.
Visit and buy 99Bitcoins here.
Also Read:
- 99Bitcoins Price Prediction – $99BTC Profit Potential in 2024
- 99Bitcoins Launches New Learn-to-Earn Airdrop Presale – TodayTrader Video Review
- Best Penny Crypto Investments: Top Picks for Explosive Growth in 2024!
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