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The Bitcoin price rose 2% in the last 24 hours to trade at $57,291 as of 00:53 a.m. EST on trading volume that surged 39% to $35.5 billion.
This comes after nine spot Bitcoin spot ETFs (exchange-traded funds) increased their holdings by 2,394 BTC worth $137 million on July 8. Fidelity was the biggest buyer after a purchase of $2,077 BTC worth about $118 million. Fidelity now holds 170,764 BTC, worth approximately $9.7 billion.
July 8 Update:
9 ETFs added 2,394 $BTC(+$135M).#Fidelity added 2,077 $BTC(+$177M) and currently holds 170,764 $BTC($9.2B).#Grayscale decreased 475 $BTC(-$26.8M) and currently holds 274,249 $BTC($15.46B).https://t.co/breOMb5Wu0 pic.twitter.com/nf36XMvgk8
— Lookonchain (@lookonchain) July 8, 2024
On the other hand, Grayscale Bitcoin Trust reduced its holdings by 475 BTC, but still holds 274,249 BTC worth about $15.7 billion.
Bitcoin Price Set For A Surge Over The Falling Channel
The Bitcoin price has been on a downtrend since June after the bears capitalized on the death cross at $68,880, data from GeckoTerminal shows. However, the bulls seem to have found support at $54,000, with the price rebounding to trade within the falling channel pattern.
BTC price bulls are looking to push the token above the channel, having retried the upper boundary of the channel.
The price of Bitcoin still trades below the 200-day Simple Moving Average (SMA), which coincides with the price retracing below the $63,864 resistance zone. However, BTC is trading slightly above the 50-day SMA, which is a confirmation that the price may be on a rally in the short term.
Moreover, the Relative Strength Index (RSI) shows buyers’ action, rebounding from below the 50-midline level to 58 currently.
The Moving Average Convergence Divergence (MACD) also offers optimistic investors some bullish prospects, with the MACD line (blue) crossing above the signal line (green), forming a bullish crossover. The green bars on the histogram are also beginning to form over the neutral line, which shows that BTC is currently on a positive momentum.
Bitcoin Price Prediction
According to Bitcoin’s price analysis on the 1-hour chart, BTC bulls are capitalizing on the falling channel pattern to stage a bullish rally above the $59,191 resistance level (200-day SMA).
As the RSI and MACD encourage investors to add to their positions, the price of BTC could rally, retesting the $63,864 resistance, as the bulls target $68,880.
However, with the 200-day SMA still trading below the 50-day SMA, it may be an indication that the price is still moving down. In such a scenario, BTC could retrace slightly to the $53,192 level, which acts as a cushion against downward pressure.
As the BTC bulls look for signals to add to their positions, some investors are buying into the 99Bitcoins (99BTC) presale, which has amassed over $2.3 million in funds.
99Bitcoins Presale Hurtles Past $2.3 Million – Best Crypto To Buy Now?
99Bitcoins is an educational platform that has over 700,000 subscribers on its YouTube channel and more than 2 million people registered for the website’s courses.
The project is set to enhance the learning experience by gamifying Bitcoin education, with users being able to complete challenges and lessons to earn higher rankings and $99BTC as rewards.
What is Spatial Computing? Discover how #Blockchain is transforming AR/VR, making immersive digital worlds more interactive and secure.
Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
— 99Bitcoins (@99BitcoinsHQ) April 8, 2024
99Bitcoins aims to compete with and surpass other education coins like OpenCampus (EDU), which has a market cap of $216 million, and TokenFi (TOKEN), which stands at $64 million.
The token also merges with BRC-20, which allows the building of dApps on the Bitcoin network.
Buy And Stake For 705% Annual Rewards
Token holders can earn passively by buying and staking $99BTC for an impressive 705% annual percentage yield (APY).
Jacob Bury, a prominent crypto YouTuber, believes that $99BTC could potentially turn $1k to $10K after launch.
You can buy 99BTC now for $0.00112. But with a price hike coming in less than hour, hurry to buy now 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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