{"id":560149,"date":"2024-08-03T09:48:46","date_gmt":"2024-08-03T09:48:46","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=560149"},"modified":"2024-08-03T09:48:46","modified_gmt":"2024-08-03T09:48:46","slug":"bitcoin-price-slumps-5-as-unemployment-data-stokes-recession-fears-yet-investors-flock-to-99btc-presale-with-less-than-3-days-left","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-slumps-5-as-unemployment-data-stokes-recession-fears-yet-investors-flock-to-99btc-presale-with-less-than-3-days-left","title":{"rendered":"Bitcoin Price Slumps 5% As Unemployment Data Stokes Recession Fears, Yet Investors Flock To 99BTC Presale With Less Than 3 Days Left"},"content":{"rendered":"

The Bitcoin price plunged 5% in the last 24 hours <\/span>to trade at $61,489<\/span><\/a> as of 11:58 p.m. EST on trading volume that surged 14% to $45 billion.<\/span><\/p>\n

The dive followed economic data in the US that showed hiring slumped, while unemployment rose for a fourth month in July, <\/span>stoking fears that the Federal Reserve may have waited too long to start lowering interest rates.<\/span><\/p>\n

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.<\/span><\/p>\n

Bitcoin Price Bearish – Could The Bulls Stage A Trend Reversal?<\/h2>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

\"Bitcoin
Bitcoin Price Chart Analysis Source: GeckoTermnal.com<\/figcaption><\/figure>\n

However, if the selling pressure intensifies, BTC could retrace further to the next support zone at $56,878.<\/span><\/p>\n

Meanwhile, investors are rushing to buy the Bitcoin-themed <\/span>99Bitcoins (99BTC)<\/span><\/a> with less than 3 days left in its presale. <\/span>According to Jacob Bury, a prominent crypto YouTuber, 99BTC has the potential to turn $1K into $10K after launch.<\/span><\/p>\n