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The Bitcoin price rose by a fraction of a percentage in the last 24 hours to trade at $66,992 as of 10:43 p.m. EST on trading volume that soared 34% to $21.46 billion.
This comes as Venezuela’s Ministry of Electric Power unveils plans to disconnect cryptocurrency mining farms from the national grid as a means to regulate excessive energy consumption. Crypto mining requires hefty electricity demand, which is contributing to strains on the nation’s power supply.
#Oficial Prohibida la minería de Criptomonedas en toda Venezuela.
— Asonacrip (Asociación Nacional de Criptomonedas) (@AsonacripVe) May 18, 2024
The decision to prohibit crypto mining comes after a recent crackdown involving the confiscation of 2,000 mining devices in Maracay as part of an anti-corruption initiative.
Bitcoin Price Forms Falling Wedge, Aims for Breakout
Since March, Bitcoin has been on a downtrend, with the 200-day Simple Moving Average (SMA) at $52,283, data from GeckoTerminal shows. However, BTC has not yet reached this critical support level. Instead, the $60,200 support has allowed the bulls to push the price above the upper boundary of the falling wedge pattern.
The Bitcoin price action changed its trajectory, and for the first time in 3 weeks, the price closed above the 50-day SMA, which could prompt a continued stance above the wedge.
Moreover, there happens to be some action from the buyers, with the Relative Strength Index (RSI) climbing from the oversold levels to cross the 50-midline level, currently trading at 58 as it climbs up.
The Moving Average Convergence Divergence (MACD) is bullish, as the blue MACD line crosses above the orange signal line, a representation of a bullish crossover. A bullish crossover could signal retail investors to increase their positions, potentially driving BTC prices higher.
BTC is also in a positive trend, as indicated by the green bars on the histogram, as they extend above the neutral line.
Bitcoin Price Prediction – Breakout Could Result In A 20% Upside Move
The Bitcoin price technical analysis shows that the BTC bulls aim to push the price above the wedge, as they target $80,000, which could be a 20% increase from the current price.
Major indicators, including the RSI and MACD, offer encouragement for optimistic investors to invest more, which could eventually push the price above the wedge, targeting the weak overhead resistance at $67,500 and $73,794. After that, BTC can surge to the target of $80,000.
However, in an inverse scenario, BTC could correct in a bid to fill out the falling wedge, with $52,200 providing immediate support.
As the Bitcoin price bulls aim for a bullish trend reversal, some other investors are betting big on the OG Bitcoin education website, 99Bitcoins, which is poised for a major relaunch in the third quarter.
99Bitcoins Presale Hurtles Past $1.4 Million – Best Crypto To Buy Now?
99Bitcoins (99BTC) 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. It’s presale has already raised $1.45 million.
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 $153 million, and TokenFi (TOKEN), which stands at $108 million.
The token also merges with BRC-20, which allows the building of dApps on the Bitcoin network.
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
Token holders can earn passively by staking $99BTC for an impressive 1,158% annual percentage yield (APY).
Jacob Bury, a prominent crypto YouTuber, believes that $99BTC could potentially turn $1k into $10k after launch.
You can buy 99BTC now for $0.00105 per token, but, with a price hike coming in about a day, it would be wise to buy soon 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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