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The price of bitcoin bitcoin/”>pink more than 1% in the last 24 hours to trade at $66,652.81 at 8:15 am EST, as investors slowly begin to accumulate the largest crypto by market capitalization.
However, btc's lackluster 24-hour performance does not tell the full story, as a major bullish technical event is about to occur.
btc and the rest of the cryptocurrency market could be close to entering the next highly-anticipated bull market as the btc 200-day simple moving average (SMA) attempts to reach new heights.
bitcoin price is supported by a long-term technical indicator
Daily chart for btc/USDT (Source: x/pNxzfVhs/”>TradingView)
The 200 SMA on btc's daily chart is approaching the peak it set on February 24, 2022. Back then, the technical indicator peaked at $49,452.
After overcoming this technical barrier in October 2023, btc rose to unprecedented heights. Now, bitcoin price is supported by this key long-term technical indicator. This could provide btc with a solid foundation to stand on in the coming weeks.
What's more, btc's 200-day SMA is currently around $48,088.79 and could still rise given its positive slope. If it continues to rise, the btc price will likely do the same.
The SMA breaking above its previous peak could be identified as a sign that bitcoin, along with the rest of the cryptocurrency market, has entered a bullish cycle. This is due to the fact that historical data shows that the most intense phase of past bull cycles occurred when btc's 200-day SMA spiked to a new all-time high.
btc enters a new positive short-term trend
From a short-term perspective, the Moving Average Convergence Divergence (MACD) recently triggered a major bullish technical flag on the daily chart. This was after the MACD line crossed above the MACD signal line in the last 48 hours.
Traders tend to view this specific technical fact as an indication that a cryptocurrency has entered a bullish phase. Since this occurred on the daily chart, it suggests that bitcoin price has entered a positive trend in the short and medium term.
If this trend continues, both bitcoin price and the 200-day SMA could continue to rise in the coming days. From a price perspective, btc could attempt to turn the resistance at $69,085.36 into support before potentially shooting up to $74,005.
Meanwhile, the 200-day SMA could also rise if the bullish thesis holds true and possibly attempt to surpass its previous peak.
However, a rejection of the $69,085.36 barrier in the coming days could invalidate this bullish thesis. In this alternative scenario, the market leader could retest immediate support at $65,104.05, before possibly falling to $60,714.87 if selling pressure persists.
With the recent crossover between the MACD and the MACD signal line, it seems that a bullish scenario is more likely to develop.
bitcoin presales of derivatives such as 99Bitcoins (99BTC) could benefit from any increase in the price of btc. Not only is 99BTC a smaller-cap altcoin with greater growth potential than btc, but its brand's link to bitcoin means that a surge in interest in the market leader could drive people to 99BTC.
An innovative approach to crypto education
99Bitcoins is a crypto education platform that has become one of the best online learning resources in the Web3 space.
With over 709,000 followers on its social accounts and 2 million registered users on its platform, 99Bitcoins has successfully broken down complex crypto terms for many over the years.
To expand its offering, the 99Bitcoins team decided to launch its own crypto token, 99BTC. Users of the platform will then be able to complete interactive courses and tutorials in exchange for crypto rewards.
By completing courses on the platform, users will also gain access to additional educational content. This means that more opportunities to earn rewards paid in 99BTC will be unlocked the more users interact with the 99Bitcoins platform.
Investors Rush to Take Advantage of High 99BTC Rewards
More than $750,000 has been sent to the 99BTC pre-sale as the ICO moves towards the million-dollar milestone. One possible reason for this investor frenzy around 99Bitcoins could be the extremely high APY being offered to anyone who buys and stakes 99BTC at this early stage.
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Confused by the halving? Let us explain!
Every 4 years, the reward for bitcoin mining is halved. The new reward is now 3,125 twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc!
It is a built-in feature to make twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin They become scarce over time and continue until all 21 million are extracted.
More information: https://t.co/w36bsKBoOa
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1782741276565111051?ref_src=twsrc%5Etfw”>April 23, 2024
With a spectacular 2,466% APY available through the project's staking program, investors are flocking to the token pre-sale to take advantage of this incredible opportunity before it's too late.
To start earning through this staking program, investors only need to navigate to the project website and purchase 99BTC, which sells for $0.00102. USDT, BNB, eth or bank card can be used to purchase the token. The last step to start earning is to stake the tokens.
99BTC can be purchased and staked on their official website here.
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99Bitcoins (99BTC) – New token to learn how to earn
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