Join our Telegram channel to stay up to date on breaking news coverage
bitcoin's price dropped nearly 2% over the past 24 hours to trade at $61,330 as of 3:09 a.m. EST, with trading volume skyrocketing 144%.
An increase in trading volume indicates an increase in activity and interest in btc trading. This increase in trading volume combined with a drop in price could indicate increased volatility in the market. With this type of uncertainty, btc's fear and greed index is 30, which means fear.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”6.7207792207792″>
bitcoin Fear and Greed Index is 30 – Fear
Current price: $60,277 image.twitter.com/oSxTa4UNap
— bitcoin Fear and Greed Index (@BitcoinFear) twitter.com/BitcoinFear/status/1805390490583605673?ref_src=twsrc%5Etfw”>June 25, 2024
Meanwhile, markets are digesting the massive overall pressure on btc. This is due to reports that the German government and Mt. Gox are selling their btc.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”5.6888888888889″>
Germany is dumping $3 billion and now MtGox is dumping $9 billion worth of bitcoin. image.twitter.com/O5zWlzr6iG
—Charles Edwards (@caprioleio) twitter.com/caprioleio/status/1805166052638351819?ref_src=twsrc%5Etfw”>June 24, 2024
According to the report, Mt. Gox scheduled $8.5 billion worth of bitcoin repayments to creditors in July. In a statement to Cointelegraph, IG Markets analyst Tony Sycamore says that this sell-off may not be as bad for the bitcoin price as many expect.
“Redemptions have been going on for a long time,” he said, acknowledging, “they come against the backdrop of deteriorating market sentiment, technical selling, and fund outflows from bitcoin ETFs.” As such, Sycamore believes that much of the speculative “hot money” in cryptocurrencies had left to seek “greener pastures” in mega stocks like Nvidia and Apple in the stock market.
The analyst believes that while a sell-off is expected, bitcoin price is sitting on strong support at the 200-day moving average, which could provide a good turning point for recovery. “I think we just had a surge. The cause of the surge is all these effects culminating in Mt. Gox selling expectations,” he said, adding: “I suspect it probably offers a pretty good entry point for people who have been waiting for better buying levels.”
bitcoin price prediction
bitcoin price is trying to recover, recording a green candle in the one-day period. However, btc remains in the thick of things as bullish momentum remains weak. To begin with, the Relative Strength Index (RSI) remains below the mid-50 level, with lower highs prevailing.
The Moving Average Convergence Divergence (MACD) is also in negative territory and below the signal line (orange band). This suggests that the short-term moving average is below the long-term moving average, indicating a possible downtrend.
Traders often interpret this as a signal to consider selling positions or to be cautious about taking long positions. This continues until the MACD returns above the signal line or enters positive territory, indicating a possible bullish reversal.
Increased selling pressure could cause bitcoin price to lose support at the 78.6% Fibonacci retracement level of $60,286. Such a move would cause btc price to sweep away the liquidity lying below the aforementioned level. In an extreme case, the pioneer cryptocurrency could extend a leg lower to test the bottom of the market range at $56,670.
<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201366%20768'%3E%3C/svg%3E" alt="bitcoin price” width=”1366″ height=”768″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Prediction-Tony-Sycamore-Says-Mt-Gox-Selling-Pressure.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/06/BTCd-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/06/BTCd-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/06/BTCd-768×432.png 768w” data-lazy-sizes=”(max-width: 1366px) 100vw, 1366px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Prediction-Tony-Sycamore-Says-Mt-Gox-Selling-Pressure.png”/>
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Prediction-Tony-Sycamore-Says-Mt-Gox-Selling-Pressure.png" alt="bitcoin Price” width=”1366″ height=”768″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-Price-Prediction-Tony-Sycamore-Says-Mt-Gox-Selling-Pressure.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/06/BTCd-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/06/BTCd-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/06/BTCd-768×432.png 768w” sizes=”(max-width: 1366px) 100vw, 1366px”/>
eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed” target=”_blank” rel=”noopener”>GeckoTerminal: btc/USD 1-day chart
On the other hand, if the bulls buy the dip, the price of bitcoin could rise. However, only an escape above the Fibonacci Golden Zone at the 38.2% Fibonacci retracement level of $67,114, confirmed by a candle close above the 23.6% Fibonacci level of $69,581 , would justify btc from bearish hands.
A stable or decisive closing of a candle above the level mentioned above would set the pace to reclaim the peak of the market range of $73,570. Such a move would constitute a 20% rise above current levels.
Meanwhile, investors are flocking to 99Bitcoin (99BTC), the latest bitcoin-derived token that is poised for parabolic gains, says YouTuber Today Trader.
Promising alternative to bitcoin
99Bitcoins is a long-established educational platform that is pioneering a new “Learn to Earn” rewards model.
With the best educational resources and visual learning courses for crypto beginners, this project has earned a place among the most trusted names in crypto circles.
The project dates back to 2013. It started as BitcoinWithPayPal.com, what was once a simple domain has since transcended into a true Web2 craze. Transitioning to Web3 with its $99 btc token, 99Bitcoins promises an innovative earn-as-you-learn experience for website users.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.724137931034″>
Since 2014, $99BTC has been at the forefront of twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies education.
Experienced guidance: decades of combined knowledge.
Wide range: covers multiple twitter.com/hashtag/Cryptocurrencies?src=hash&ref_src=twsrc%5Etfw”>#CRYPTOCURRENCIES.
twitter.com/hashtag/LearnToEarn?src=hash&ref_src=twsrc%5Etfw”>#LearnToWinGet rewarded while you learn!
Begin: https://t.co/NXD7DAamqrtwitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc image.twitter.com/lJjLgkgVI2
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1787105033789538619?ref_src=twsrc%5Etfw”>May 5, 2024
99Bitcoins incentivizes learning through a unique combination of gamification and a leaderboard rewards system. This ensures that users feel that their learning is producing tangible benefits. Simply put, you earn cryptocurrency while you learn about cryptocurrency.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”12.473087818697″>
Revolutionizing twitter.com/hashtag/Learn2Earn?src=hash&ref_src=twsrc%5Etfw”>#LearnToWin!
Why it's the future:
With the $99BTC token, you can earn rewards by simply expanding your twitter.com/hashtag/Cryptocurrency?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrency knowledge.
The numbers:
– 79 hours of courses
– 709K followers
– 2.85 million subscribers
Have a look: https://t.co/NXD7DAamqrtwitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin image.twitter.com/rtBrEJjaZA
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1787063963382939801?ref_src=twsrc%5Etfw”>May 5, 2024
You can also stake your 99BTC holdings to earn rewards of up to 745% per annum. So far, over 1.4 billion tokens have been staked.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”6.7967479674797″>
Little time? Simply stake your $99 btc tokens on our website and earn passive rewards effortlessly!
Join now! https://t.co/nA4Lw89WA0twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale twitter.com/hashtag/Alts?src=hash&ref_src=twsrc%5Etfw”>#Alts pic.twitter.com/av0mkMvIbR
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1781322130325430669?ref_src=twsrc%5Etfw”>April 19, 2024
Pre-sales have surpassed the $2.275 million threshold, and the $3.035 million target is now within reach as investors purchase the 99BTC token for $0.0011. This price will change imminently, so buy it now if you're interested.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”10.636363636364″>
Exciting milestone alert!
We've already raised over $2.2 MILLION in our $99 btc pre-sale!
Secure your spot now before twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale Price increase!
Do not miss it! Get started today!
https://t.co/NXD7DAamqrtwitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/L2E?src=hash&ref_src=twsrc%5Etfw”>#L2E pic.twitter.com/xQC6lg0euI
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1802644880918737115?ref_src=twsrc%5Etfw”>June 17, 2024
Visit and buy 99Bitcoins here.
Also read:
99Bitcoins (99BTC): new token to learn how to make money
- Audited by Solid Proof
- Established Brand: Founded in 2013
- Free Airdrop: Win a Share of $99,999
- Learn to earn: earn money for completing trading courses
- YouTube community with over 700,000 members
Join our Telegram channel to stay up to date on breaking news coverage
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>