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The Bitcoin price plunged 5% in the last 24 hours to trade at $61,489 as of 11:58 p.m. EST on trading volume that surged 14% to $45 billion.
The dive followed economic data in the US that showed hiring slumped, while unemployment rose for a fourth month in July, stoking fears that the Federal Reserve may have waited too long to start lowering interest rates.
Some Fed watchers are now concerned that the central bank should have decided at a meeting this week to lower rates for the first time in four years. This could have allowed them to get ahead of a slowing US economy without risking it tipping into a recession.
Bitcoin Price Bearish – Could The Bulls Stage A Trend Reversal?
The Bitcoin price continued with the bearish trend, dropping below the 200-day Simple Moving Average (SMA) according to our analysis yesterday, dropping to $60,640.
BTC now trades below the lower boundary of the falling channel and below the 50-day and 200-day SMAs, which support the bearish stance.
Meanwhile, the Relative Strength Index (RSI) is dropping from the 50-midline level towards the 30-oversold level, currently at 34, which is an indication of intense buying pressure and that the asset is currently undervalued.
The asset being undervalued at this point acts as a buying signal for optimistic investors. If the bulls start buying, the price of Bitcoin may soar back above the falling channel as the bulls target the $69,900 resistance zone.
However, if the selling pressure intensifies, BTC could retrace further to the next support zone at $56,878.
Meanwhile, investors are rushing to buy the Bitcoin-themed 99Bitcoins (99BTC) with less than 3 days left in its presale. According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1K into $10K after launch.
99Bitcoins Raises Over $2.6 Million, Less Than 3 Days Left To Buy
The 99Bitcoins platform has become a crucial resource for newcomers navigating the complexities of the crypto world, especially with the recent surge in its popularity.
The platform has over 2 million registered users for its courses and more than 700,000 subscribers on its YouTube channel.
The project will gamify crypto education by allowing its users to tackle challenges and complete lessons to earn higher rankings and rewards through $99BTC tokens.
Token holders can also earn passively from the project’s staking option, which offers an eye-popping annual percentage yield (APY) of 665%.
How many of these bad boys will @PeterSchiff be popping? 💊#99Bitcoins #CryptoCurrency #BTC pic.twitter.com/yIEeuGsSdx
— 99Bitcoins (@99BitcoinsHQ) May 26, 2024
The next three days are the last chance to buy $99BTC, with the presale closing on August 6 at 9.30 a.m. UTC. Tokens cost $0.00116 each and can be bought with ETH, USDT, or a bank card.
To join the presale, head over to the official website to buy 99BTC here.
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