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The Bitcoin price dropped 8% in the last 24 hours to trade at $56,963 as of 03:38 a.m. EST on trading volume that rose 77% to $45 billion.
This comes as Bitcoin tested and breached the $60,000 mark following the unimpressive launch of a spot BTC ETFs (exchange-traded funds) in Hong Kong. The total trading volume on the opening day was just $12.4 million, compared with earlier estimates as high as $140 million.
The premium on Bitcoin futures dropped to its lowest level in five months, signaling a potential bearish outlook.
Bitcoin Price Bulls Set To Push For A Trend Reversal
The Bitcoin price has been on a downward trend in the last day, with highs and lows fluctuating within the falling wedge pattern. Bitcoin has already breached the lower boundary of the wedge, which has prompted bearish prospects.
BTC’s bearish outlook is supported by the price trading below both the 50-day and 200-day Simple Moving Averages (SMAs).
Additionally, the sellers seem to have exerted more pressure than the buyers, with the Relative Strength Index (RSI) trading downwards below the oversold level, currently at 17.
Bitcoin Price Prediction
The Bitcoin price analysis indicates that BTC is currently on a bearish trend, with the price falling below the falling wedge pattern. Major indicators, including the RSI and SMAs, show that the bears have taken total control of the price.
If the bears continue with the trend, the price could drop more to the $56,000 support.
The RSI has already crossed below the oversold level, which may indicate an incoming price reversal. In such a scenario, the bulls could initiate a buyback, which could push the price above the falling wedge, to drive the price to the next target of $65,000.
Meanwhile, as the Bitcoin bulls look to initiate a likely price reversal to the upside, investors are rushing to buy $99BTC.
99Bitcoins Raises Over $966K – Best Crypto To Buy?
99Bitcoins (99BTC) is backed by the long-established 99Bitcoins educational platform, which boasts over 700,000 subscribers on its YouTube channel and more than two million registered for the website’s courses.
99BTC is a Learn-to-Earn (L2E) token that rewards users for learning about cryptocurrency. The platform integrates with BRC-20, enabling the building of dApps on the Bitcoin network and offering a unique opportunity for users to earn rewards while learning.
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
The 99BTC token has been rapidly gaining popularity, with its presale raising over $966K in its opening days.
In addition to the L2E model, 99BTC also offers features like staking, where you can earn 1,884% by staking 99BTC tokens. There’s also an ongoing $99,999 BTC airdrop for the community, with winners announced on July 19.
YouTube crypto analyst Jacob Bury says that investing in 99BTC could potentially turn $1k into $10k..
You can buy 99BTC now for $0.00103, with a price hike coming in less than six days. If you are interested, buy soon for the best price.
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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