Bitcoin price drops below $56,000 amid fears of a Mt. Gox sell-off and mass liquidations, but traders still flock to the 99 BTC ICO

bitcoin price plunged 8% over the past 24 hours to trade at $54,417 at 11:44 p.m. EST on trading volume that soared 44%.

The drop came amid a cryptocurrency crash that saw total liquidations of $671 million, the largest since the FTX contagion in 2022. Still, some traders saw the carnage as a great opportunity to buy the dip.

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Liquidation of around 670 million dollars!

The biggest after FTX!

Higher liquidations are the main reversal zone! photo.twitter.com/xEl6iV2uMN

— MP Traderrrrr (Sherlock) (@BTCsherlockDOGE) twitter.com/BTCsherlockDOGE/status/1809087692589912170?ref_src=twsrc%5Etfw”>July 5, 2024

The sell-off came amid anxiety over the sale of btc holdings by Mt. Gox and the German government. The German government sold 20% of its btc balance, worth around $3.5 billion. The selling pressure started two weeks ago and could continue to bleed for another eight weeks if they keep selling a tenth of their holdings every week.

Amid the sell-off, Tron founder and Huobi Global advisor Justin Sun offered to negotiate with German governments to buy all btc off the market to minimize the impact on the market.

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I am willing to negotiate with the German government to buy all btc off the market to minimize the impact on the market.

— SE Justin Sun Sun Yuchen (@justinsuntron) twitter.com/justinsuntron/status/1808828661401072092?ref_src=twsrc%5Etfw”>July 4, 2024

As for Mt. Gox, the bankrupt entity is returning 142,000 btc to investors, and markets fear that many will sell.

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The Mt Gox fund is honestly overpriced and has caused 100 times more losses each year than the amount they will pay out.

Mt Gox: $9 billion
German government: $2.4 billion

Total loss of cryptocurrency market cap value:
143 billion in the last 2 days! https://t.co/9vEHnjECAO

— Sohail Merchant (@inkparadox) twitter.com/inkparadox/status/1809058139893084554?ref_src=twsrc%5Etfw”>July 5, 2024

bitcoin Price Outlook Amid Massive Sell-Off

bitcoin price is trading with a bearish bias, recording ever lower lows as the German government and Mt. Gox narratives trigger panic selling in the market. Santiment notes that social media is showing historic levels of FUD (fear, uncertainty, and doubt).

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Markets have continued to bleed, with social media now displaying historic levels of fear, uncertainty, and doubt. It's rare that an hour goes by where there are more mentions of “sell” than “buy” on cryptocurrency forums. But we've seen a few of these instances in the past 24 hours… photo.twitter.com/DdXAYP6n81

— Santiment (@santimentfeed) twitter.com/santimentfeed/status/1809070048805597612?ref_src=twsrc%5Etfw”>July 5, 2024

As the bitcoin price continues to fall, the area between $47,213 and $41,246 will be critical as it represents a demand zone. Renowned cryptocurrency investor and trader Miles Deutscher says the level to watch is $48,000.

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Can we just get to $48,000 already and be done with this shit?

Dear Germany and Mt. Gox: Please dump your entire stack.

Dear retailer, please just panic sell your low conviction alternatives.

Just get the pain over with quickly and then get up. Thank you.

– Miles Deutscher (@milesdeutscher) twitter.com/milesdeutscher/status/1809061138015137851?ref_src=twsrc%5Etfw”>July 5, 2024

However, it is imperative to note that the market structure has not yet changed and the overall outlook remains bullish.

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twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc Investors have to accept the good with the bad… technically we are still in a bull market. photo.twitter.com/jd39SITnxB

— dave the wave (@davthewave) twitter.com/davthewave/status/1809064100452053039?ref_src=twsrc%5Etfw”>July 5, 2024

Traders looking to open long positions in the hope that the decline is over should probably wait. This is because the Relative Strength Index (RSI) continues to plummet, which shows declining momentum. Likewise, the Moving Average Convergence-Divergence has crossed below its signal line (orange band). This suggests that bearish sentiment abounds in the btc market.

Evidence of bearish sentiment is seen in the red nodes on the volume profile, which accentuates the bearish thesis. As things stand, the chances of a further decline remain high, and the bitcoin price is likely to extend lower to the $47,213 threshold before a possible recovery.

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<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-price-drops-below-56000-amid-fears-of-a-Mt.png" alt="bitcoin” width=”1366″ height=”768″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/07/Bitcoin-price-drops-below-56000-amid-fears-of-a-Mt.png 1366w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCdd-300×169.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCdd-1024×576.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/07/BTCdd-768×432.png 768w” sizes=”(max-width: 1366px) 100vw, 1366px”/>

eth/pools/0x4585fe77225b41b697c938b018e2ac67ac5a20c0″ target=”_blank” rel=”noopener”>GeckoTerminal: btc/USD 1-week chart

However, in case of a reversal, a stable closing of the candle between the thresholds of $66,333 and $70,159 would be a good sign. However, only a closing of the candle above this range would confirm the continuation of the bullish trend.

Meanwhile, as btc bulls look for support to turn things around, investors might consider seeking refuge on the learning platform to earn 99Bitcoins (99BTC), a pre-sale that is immune to market forces until it lists.

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As the 2024 US presidential election approaches, twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies has become a powerful topic. twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw”>@realDonaldTrump He recently supported the cryptocurrency industry, with the goal of making the United States a leader in twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin mining. twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc twitter.com/hashtag/Altcoins?src=hash&ref_src=twsrc%5Etfw”>#Altcoins image.twitter.com/Gl0eH4TniP

— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1808863498534858935?ref_src=twsrc%5Etfw”>July 4, 2024

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

Promising alternative to bitcoin

The 99Bitcoins website is set for a major relaunch in the third quarter of this year amid an explosive pre-sale of the new 99BTC token.

99Bitcoins is an educational platform with over 705 thousand subscribers on its YouTube channel and over 2 million people enrolled in the website's courses.

The platform aims to enhance the learning experience by gamifying bitcoin education. Users complete challenges and lessons to get better rankings and earn $99 btc as a reward.

The L2E narrative could be the next big thing in the crypto world, and 99BTC has already raised over $2.3 million in its pre-sale.

99Bitcoins also integrates with BRC-20, allowing users to easily build dApps on the bitcoin network.

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Introducing $99BTC in BRC-20!

Since 2013, twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins It has been the reference resource for learning about twitter.com/hashtag/Cryptocurrency?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrency.

We are launching a platform that allows the construction of twitter.com/hashtag/dApps?src=hash&ref_src=twsrc%5Etfw”>#DecentralizedApplications at the top of the twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin net!twitter.com/hashtag/LearnToEarn?src=hash&ref_src=twsrc%5Etfw”>#LearnToWin Reward users on the bitcoin blockchain.

— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1785308220677853254?ref_src=twsrc%5Etfw”>April 30, 2024

As a token holder, you also have the opportunity to earn passively through the platform’s staking system, where you can stake $99 btc to earn an impressive 713% 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”>#Cryptocurrencies 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 buy 99 btc right now for $0.00112. There will be a price increase in about four days, so don't put it off too much and don't miss the chance to get the best deal.

Buy $99 btc from the official website here using eth, USDT or bank card.

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