Bitcoin price drops 5% as unemployment data stokes recession fears, but investors flock to 99 BTC pre-sale with less than 3 days left

bitcoin price plummeted 5% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $61,489 at 11:58 p.m. EST on trading volume that rose 14% to $45 billion.

The drop followed U.S. economic data showing hiring slumped while unemployment rose for a fourth month in July. fueling fears that the Federal Reserve may have waited too long to begin lowering interest rates.

Some Fed watchers are now concerned that the central bank might decide at a meeting this week to cut rates for the first time in four years. This could have allowed them to get ahead of a slowing U.S. economy without risking a recession.

bitcoin Price Bearish: Could Bulls Stage a Trend Reversal?

bitcoin price continued its downtrend, falling below the 200-day simple moving average (SMA) as per our analysis yesterday, dropping to $60,640.

btc is now trading below the lower boundary of the descending channel and below the 50-day and 200-day SMAs, which support the bearish stance.

Meanwhile, the Relative Strength Index (RSI) is falling from the mid-50 level towards the oversold level of 30, currently at 34, which is an indication of intense buying pressure and that the asset is currently undervalued.

The fact that the asset is undervalued at the moment acts as a buy signal for optimistic investors. If the bulls start buying, the bitcoin price can once again surge above the descending channel as the bulls target the $69,900 resistance zone.

However, if the selling pressure intensifies, btc could retreat further to the next support zone at $56,878.

Meanwhile, investors are rushing to buy bitcoin-themed cryptocurrencies. 99 Bitcoins (99 btc) Less than 3 days until the end of the pre-sale. According to Jacob Bury, a prominent cryptocurrency YouTuber, 99BTC has the potential to turn $1000 into $10,000 after launch.

99Bitcoins Raises Over $2.6 Million With Less Than 3 Days Left to Buy

The 99Bitcoins platform has become a crucial resource for newcomers navigating the complexities of the cryptocurrency world, especially with the recent surge in popularity.

The platform has more than 2 million registered users on its courses and more than 700,000 subscribers on its YouTube channel.

The project will 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 an astonishing 665% 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

The next three days are the last chance to buy $99BTC, as the pre-sale will close on August 6 at 9:30 am UTC. The tokens cost $0.00116 each and can be purchased with eth, USDT, or a bank card.

To join the pre-sale, head to Official website to buy 99 btc here.

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