{"id":525047,"date":"2024-05-24T15:26:11","date_gmt":"2024-05-24T15:26:11","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=525047"},"modified":"2024-05-24T15:26:11","modified_gmt":"2024-05-24T15:26:11","slug":"bitcoin-price-prediction-btc-plummets-3-as-rate-fears-overshadow-ethereum-etf-approvals-but-the-99btc-ico-surges-past-1-5-million","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-prediction-btc-plummets-3-as-rate-fears-overshadow-ethereum-etf-approvals-but-the-99btc-ico-surges-past-1-5-million","title":{"rendered":"Bitcoin Price Prediction: BTC Plummets 3% As Rate Fears Overshadow Ethereum ETF Approvals, But The 99BTC ICO Surges Past $1.5 Million"},"content":{"rendered":"

The Bitcoin price plunged 3% in the last 24 hours <\/span>to trade at $67,440<\/span><\/a> as of 7:50 a.m. EST on a 22% surge in trading volume to $36.1 billion.<\/span><\/p>\n

This drop was primarily driven by concerns over the risk of higher for longer US interest rates, which overshadowed the upbeat news that the US approved spot Ethereum ETFs (exchange-traded funds).<\/span><\/p>\n

Fears over US interest rates put significant pressure on crypto markets after hawkish signals from Federal Reserve members highlighted growing concerns among policymakers about persistent inflation.<\/span><\/p>\n

Several Fed members indicated that inflation might take longer to hit the central bank’s 2% annual target. Additionally, minutes from the bank’s late April meeting revealed that some policymakers were are open to further interest rate hikes.<\/span><\/p>\n

Bitcoin Price Declines Back To The Bullish Pennant: Can The Bulls Regain Momentum?<\/span><\/h2>\n

Despite maintaining some gains for the week, Bitcoin fell back into the $60,000 to $70,000 trading range it has occupied for over two months. The cryptocurrency also erased much of its weekly gains on Thursday and Friday.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTCUSDT  Analysis. Source: Tradingview.com<\/span><\/p>\n

The bullish pennant formation suggests there’s potential for an ongoing upward trend. This pattern indicates that the bullish momentum might continue, possibly pushing prices past Bitcoin’s all-time high of $73,737.<\/span><\/p>\n

Though declining, the price signals a rebound in the 50-day simple moving average (SMA). The 200-day SMA is providing immediate support, maintaining the overall bullish momentum. If Bitcoin moves upward, it could confirm the expected rally above the 50-day Simple Moving Average (SMA) and break through the upper trendline of the pennant. <\/span><\/p>\n

The Relative Strength Index (RSI) has rebounded from the oversold level of 30 to the midline at 50, showing intense buying pressure. Even though it indicates a downtrend, the 50 mark signals a rebound, which might push the RSI back to the overbought zone. <\/span><\/p>\n

Additionally, the green bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover above the signal line boost confidence in Bitcoin’s bullish outlook.<\/span><\/p>\n

Bitcoin Price Bulls Signal A Rebound On The 50 SMA<\/span><\/h2>\n

The Bitcoin price is on the brink of a great bull rally despite the short downtrend to the 50 SMA as traders capitalize on the presence of the bullish pennant to drive the bullish momentum towards a new high of $81527.<\/span><\/p>\n

However, if the bears continue the downtrend, the price might drop below the 50 SMA within the pennant to $60,000. Further downward pressure could lead to a retracement towards the lower trendline at $58.514.<\/span><\/p>\n

99Bitcoins: Best Learn-To-Earn Crypto?<\/span><\/h2>\n

Meanwhile, Bitcoin’s slump is doing little to quell the appetite of investors for <\/span>99Bitcoins ($99BTC)<\/span><\/a>, a learn-to-earn platform that has rocketed past $1.5 million in funds raised in its presale.<\/span><\/p>\n

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Introducing $99BTC on BRC-20! 🎓<\/p>\n

Since 2013, #99Bitcoins<\/a> has been the go-to resource for learning about #Cryptocurrency<\/a>.<\/p>\n

We're launching a platform that enables the building of #dApps<\/a> on top of the #Bitcoin<\/a> network!💡#LearnToEarn<\/a> rewards users on the Bitcoin blockchain.🙌<\/p>\n

— 99Bitcoins (@99BitcoinsHQ) April 30, 2024<\/a><\/p><\/blockquote>\n