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The Bitcoin price tumbled 3.6% in the last 24 hours to trade at $61,687 as of 03:37 a.m. EST on trading volume that surged 40% to $50 billion.
This comes as Israeli Prime Minister Benjamin Netanyahu vowed revenge on Iran as the conflict in the Middle East threatened to spiral out of control.
Netanyahu warned Tehran would “pay a price” after it fired around 200 ballistic missiles at Israel on Tuesday evening following an Israeli invasion of Lebanon.
Bitcoin Price Currently On A Bearish Trend
The Bitcoin price has been on a sustained bullish trend in September, as it soared from the $53,700 support from September 8 towards a markup phase, according to data from GeckoTerminal.
However, the $66,000 resistance has allowed the price of Bitcoin to plunge, forming a rounding top pattern.
BTC trades below the 50-day Simple Moving Average (SMA), showing that the BTC price is currently on a short-term bearish trend. However, the Bitcoin price still trades above the 200-day SMA, suggesting that BTC may still move towards a reversal.
The BTC/USD chart analysis on the 4-hour chart shows that BTC is currently on a bearish trend, as the bears seem to have capitalized on the rounding top pattern to push the price of Bitcoin below the $62,000 support.
If this pressure from the bears continues, BTC could plunge even further down, with $54,500 acting as the next possible support.
However, the Relative Strength Index (RSI) is rebounding from below the 30-oversold region, currently at 34 and still moving up. If the bulls manage to keep buying, the Bitcoin price could rebound to the next resistance at $64,181 (50-day (SMA).
Meanwhile, investors looking for new opportunities might want to consider a new meme coin ICO called Flockerz (FLOCK), which offers a stratospheric 7,020% Annual Percentage Yield (APY).
New Presale Flockerz Races Past $347K
Flockerz ($FLOCK) is a one-of-a-kind meme coin that’s raised over $347k since it launched merely two weeks ago.
With its creative Vote-to-Earn (VTE) method, Flockerz is upending the meme coin market and empowering its community, “The Flock,” with actual influence over the project.
Unlike conventional meme coins, Flockerz pays its members for actively supporting important decisions, transcending mere token value, and becoming a community-powered movement.
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
At the heart of the FLOCKERZ project is Flocktopia, a decentralized autonomous organization (DAO) where every token holder is given a voice. The project promotes a shift from the traditional meme coin structure, where a small group of insiders drives key decisions.
In contrast, Flocktopia places power directly into the hands of its community, encouraging active participation in the decision-making process.
Through the Vote-to-Earn system, community members vote on crucial developments, ranging from marketing strategies to token burns and future expansions. Participants are rewarded with $FLOCK tokens for their involvement, creating a mutually beneficial ecosystem.
Apart from VTE rewards, users can earn passively through the platform’s staking mechanism, with a sky-high annual yield of 7,020%. So far, investors have already staked over 25 million $FLOCK tokens.
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100X after its launch.
To join the presale, you can buy $FLOCK on the official website here for $0.0056785 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in about two days to secure the best deal.
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