{"id":569869,"date":"2024-08-28T08:21:11","date_gmt":"2024-08-28T08:21:11","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=569869"},"modified":"2024-08-28T09:14:59","modified_gmt":"2024-08-28T09:14:59","slug":"bitcoin-price-drops-below-60k-after-a-5-plunge-as-experts-say-this-solana-gamefi-token-might-explode","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-drops-below-60k-after-a-5-plunge-as-experts-say-this-solana-gamefi-token-might-explode","title":{"rendered":"Bitcoin Price Drops Below $60K After A 5% Plunge As Experts Say This Solana GambleFi Token Might Explode"},"content":{"rendered":"

The Bitcoin price dropped 5% in the last 24 hours<\/span> to trade at $59,427<\/a> as of 00:49 a.m. EST on trading volume that rose 46% to $41.6 billion.<\/span><\/p>\n

The plunge has resulted in $287.03 million being liquidated from long traders. Overall, $322.03 million has been liquidated from the market, according to data from Coinglass.<\/span><\/p>\n

Bitcoin Price Could Still Rally<\/h2>\n

The Bitcoin<\/a> price has been on a downtrend in the last two days, as BTC went back to trading within a sideways pattern. According to data from GeckoTerminal, BTC price bulls are currently struggling to push the price of Bitcoin above the $66,000 resistance zone.<\/span><\/p>\n

BTC now trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, affirming the current price downtrend.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) is trading below the 30-oversold level, which shows that BTC is currently under intense selling pressure and is undervalued.<\/span><\/p>\n

The asset being undervalued opens up positions for the bulls to buy more. In this scenario, the price of Bitcoin may rebound, which could push BTC to the $67,000 resistance level.<\/span><\/p>\n

The 50 SMA is now crossing above the 200 SMA, forming a golden cross at $61,500, further supporting the bullish sentiments.<\/span><\/p>\n

\"Bitcoin
BTCUSD Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

However, recent price movements have formed a bearish rounding top pattern. If bears capitalize on the rounding top, the price of Bitcoin may plunge and correct to the $56,000 support.<\/span><\/p>\n

Meanwhile, as the Bitcoin<\/a> price aims for a rebound, Solana GameFi lovers are buying the new token <\/span>Mega Dice (DICE)<\/span><\/a>.<\/span><\/p>\n

Influential crypto YouTubers such as TodayTrader predict a substantial return on investment, speculating a potential “100x” for DICE post-launch.<\/span><\/p>\n