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The Bitcoin Price registered a slight uptick in the last 24 hours to trade at $59242 as of 8 p.m. EST following a 26% increase in trading volume to $38.9 billion.
This rise in the BTC price comes as spot Bitcoin ETFs (exchange-traded funds) recorded their ninth day of outflows.
Among the Bitcoin ETFs, Grayscale’s Bitcoin Trust saw the highest outflow of $70.2 million, followed by ARKB with $65 million, BITB with $16.4 million, FBTC with $12.9 million, and BTCO with $11.1 million.
🚨 US #ETF 30 AUG: 🔴$176M to $BTC and ⚪$0M to $ETH
🌟 BTC ETF UPDATE (final): -$176M
• No US Bitcoin ETFs saw an inflow yesterday.
• The total flow for the week is -$227M with outflows on the past 4 days!
🌟 ETH ETF UPDATE (final): $0M
• All US Ethereum ETFs had $0 net… pic.twitter.com/g2ek81iNSZ
— Spot On Chain (@spotonchain) August 31, 2024
In stark contrast, BlackRock’s iShares Bitcoin Trust (IBIT) reported no flows on the same day. Since its launch at the end of January, the fund has only experienced outflows twice, with the latest occurring on Aug. 29.
Bitcoin Price Faces Bearish Pressure Within A Descending Triangle
Bitcoin’s price has been volatile, moving both downward and upward as bears and bulls battle for control.
According to data from GeckoTerminal, the bears currently hold more strength, leading to the formation of a descending triangle. This pattern suggests a continuation of the bearish trend.
Although bulls made an attempt to break through the upper trend line of the triangle, the bears regained control at the $64,130 resistance level, positioned at the upper trend line of the pattern.
BTCUSDT Analysis Source: TradingView
Currently, Bitcoin is trading below its 50-day and 200-day Simple Moving Averages (SMAs), which serve as key resistance levels and reinforce the bearish outlook. As long as the bears dominate the market, Bitcoin is will remain below these SMAs.
The Relative Strength Index (RSI) is at 46, below the 50 midline, supporting the bearish outlook. The RSI has formed a curve that struggles to break above the 50 level. If this trend continues, the RSI could drop towards 30, indicating further downside potential and favoring the bearish momentum.
The Moving Average Convergence Divergence (MACD) further emphasizes the bearish sentiment. The shrinking green histograms suggest weakening bullish momentum, and the orange signal line is poised to cross below the blue MACD line, signaling a potential shift to a bearish trend. If this crossover occurs, it would confirm a deeper bearish move.
Bitcoin Price Prediction
Bitcoin is currently showing a bearish outlook as it trades within a descending triangle pattern. If Bitcoin breaks below the key double bottom support level near $55,000, it could lead to further downside movement. In this scenario, he next target is around the $50,000 level where additional support may be found.
However, if Bitcoin manages to hold above this support and gains bullish momentum, it could attempt to break above the descending triangle’s upper trend line.
A successful breakout above this trend line, particularly with strong volume, could push the price above the 50-day and 200-day SMAs to the $67,679 zone.
This GambleFi Token Could Be The Next Crypto To Explode?
Meanwhile, if you’re looking to diversify your portfolio beyond Bitcoin, investors are also showing strong interest in a new GambleFi token called Mega Dice (DICE), which has already raised over $1.7 million in early funding.
According to a crypto analyst on the Crypto Moonlight YouTube channel with 208K subscribers, DICE could deliver huge returns, particularly with its upcoming DEX launch.
Mega Dice offers players access to over 4,500 games, including favorites like slots, blackjack, roulette, and an extensive sportsbook. The project aims to enhance its platform by launching its own Solana-based token, DICE, which will serve as a utility token within the Mega Dice ecosystem.
Token holders can earn rewards through the DICE token and gain exclusive access to games as well as betting options unavailable to non-token holders.
🚀 $DICE is landing on Solana! 🎲
Get ready for exclusive benefits, retroactively and with every wager. 🌟
The ultimate casino token experience is coming. Stay tuned for updates through our official channels: Telegram & X.#Solana $DICE 🎰 pic.twitter.com/eDuMR3DH0e
— Mega Dice Casino (@megadice) April 3, 2024
Mega Dice also allows investors to stake their DICE tokens to earn a share of the platform’s revenue, with potential earnings growing as more players join.
Give the fact that Mega Dice already has 10,000 active monthly users, DICE investors who lock in their tokens stand to benefit immediately from substantial daily rewards. Investors can also receive limited edition NFTs, which offer special privileges and rewards that can be traded on the market.
You can buy DICE at $0.110529 using the buy widget embedded on the project’s official website. However, you need to hurry as the price is set to rise in just over three days.
Buy DICE on its official website here using BNB, ETH or SOL.
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