Bitcoin Price Prediction: BTC Plunge 10% as Investors Turn to Cryptocurrency for Learning How to Make Money and Its 657% APY

bitcoin price plummeted 10% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $53,987 at 12:44 p.m. EST on trading volume that increased 96% to $53 billion.

This comes amid a cryptocurrency rout triggered by a rate hike in Japan that spooked investors and triggered panic selling of riskier assets.Overall, cryptocurrencies plunged by about $570 billion, according to data from Gecko Coin.

The sell-off in the cryptocurrency market coincides with the broader decline in stocks across Asia-Pacific markets and the U.S. Nasdaq falling 3.4% last week into correction territory.

The stock drop is partly linked to disappointing U.S. economic data, including earnings, a weaker-than-expected jobs report, higher unemployment and a declining manufacturing sector.

bitcoin price is now trading at its lowest level since February, having fallen below $54,000.

bitcoin Price Eyes Bullish Trend Reversal

bitcoin price has been in a downtrend over the past week, falling 24%, within a descending channel pattern, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminalbitcoin fell below the lower boundary of the channel today to touch the $50,000 mark before recovering to the current price.

Key btc indicators show that the bitcoin price is currently in a downtrend, with the token trading below the 50-day and 200-day simple moving averages (SMAs). The SMAs are now acting as an immediate resistance zone at $60,394 and $65,159.

Moreover, the Relative Strength Index (RSI) has dipped below the oversold level of 30 on the 1-hour chart and is currently trading at 19. This indicates that sellers have the upper hand and the asset is now undervalued.

If the bearish stance continues, the price of bitcoin could drop further to the $49,000 support level.

On the contrary, the bulls could use this opportunity of the asset being undervalued to start buying, which could push btc higher, surpassing the resistance zones of $60,394 and $65,159. In this scenario, the bulls could target prices above the resistance level of $67,000.

Chart analysis of the BTCUSD pair Source: GeckoTerminal.com

Meanwhile, as bitcoin bulls seek shelter, investors continue to buy. 99 Bitcoins (99 btc) pre-sale before it ends tomorrow, August 6th, at 9.30am UTC.

According to Jacob Bury, a prominent cryptocurrency YouTuber, 99BTC has the potential to turn $1000 into $10,000 after launch.

99Bitcoins Pre-Sale Raises Over $2.62 Million: Last Chance to Buy

The 99Bitcoins platform is a pillar of cryptocurrency education, with over 2 million registered users on its courses and over 700,000 subscribers on its YouTube channel. It helps crypto fans navigate the complexities of the industry.

The project is now set to gamify cryptocurrency education by allowing its users to take on challenges and complete lessons to earn higher rankings and rewards via $99 btc tokens.

Token holders can also earn passively the project participation optionoffering a whopping 657% Annual Percentage Yield (APY).

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How many of these bad boys will be there? twitter.com/PeterSchiff?ref_src=twsrc%5Etfw”>@PeterSchiff be bursting? twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/CryptoCurrency?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrency twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc image.twitter.com/yIEeuGsSdx

— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1794684946453262569?ref_src=twsrc%5Etfw”>May 26, 2024

You can purchase $99BTC tokens for $0.00116 each before the presale ends in just one day.

To join the pre-sale, Buy $99 btc from the official website here using eth, USDT or a bank card.

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