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The Bitcoin price rose by a fraction of a percentage in the last 24 hours to trade at $58,346 as of 03:36 a.m. EST on trading volume that surged 5% to $34 billion.
This comes as around 24,300 Bitcoin options contracts expire today, with a notional value of around $1.4 billion.
Will Bitcoin fall after the options expire, having stalled around $58K in the last two days?
Bitcoin Price Could Rebound
The Bitcoin price movements in July formed a rounding top pattern as the bears took control of the price and drove it to the $49,000 support. However, in August, the price of Bitcoin invalidated the bearish sentiments of the pattern, soaring to the $63,000 resistance, according to data from GeckoTerminal.
BTC has since been trading within a falling channel pattern, but the bulls aim for a price rebound over the channel.
The price of Bitcoin still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bearish movements from its resistance level.
Moreover, the Relative Strength Index (RSI) currently trades slightly below the neutral level, at 43, which indicates that bulls are accumulating and aiming for a rebound over the channel.
According to the Bitcoin price analysis, BTC is currently bearish, but shows that the bulls are preparing for a rebound over the falling channel pattern. If the bulls take charge of the price at this level, BTC could soar, as buyers look to target $68,000.
However, if the bears sustain the current pressure, the price of Bitcoin could plunge back to the $54,314 support zone.
Meanwhile, as the Bitcoin price aims for a bullish rally, investors are piling into a Shiba Inu derivative called Shiba Shootout ($SHIBASHOOT), which has amassed over $961K through its explosive presale.
According to an analyst from the crypto channel 99Bitcoins, investors who buy $SHIBASHOOT have the possibility of earning insane rewards.
Shiba Shootout Presale Surges Past $961K, Races Towards Its $1.6 Million Target
Shiba Shootout crafts a Wild West-inspired environment that pushes beyond conventional crypto limits. It offers an adventurous experience blending creativity, strategy, and the allure of a cowboy duel.
Hurry! 🚀 Next price hike is just around the corner!
Join our community NOW and claim your free tokens before it's too late! 🎉
Join us at: https://t.co/Fxf9PWP0gz pic.twitter.com/t8H6MqqhSE
— shibashootout (@shibashootout) July 31, 2024
Users can navigate the crypto world with the flair of a Shiba cowboy, participating in thrilling high-stakes battles with ample opportunities for fun and rewards. The project’s main attraction, a play-to-earn (P2E) mobile game, immerses players in Shiba Gulch, a vibrant battleground where they can earn $SHIBASHOOT tokens.
Apart from the P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can earn passively through the platform’s staking mechanism, offering 985% annual rewards.
Moreover, the developing ecosystem features Posse Rewards, where users can invite friends to join the community. Both parties can then earn bonus Shiba Shootout tokens for each new signup.
If you are interested in participating in the presale, you can buy the token for $0.0199. But hurry as the price will increase in less than seven days.
You can buy SHIBASHOOT tokens on the official website here using ETH, BNB, USDT, or a bank card.
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