Bitcoin price drops below $58,000 as BTC miners face 11-month low in revenue, but investors are leaning into this ICO with just 2 days left until DEX launch

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bitcoin price fell 1% over the past 24 hours to trade at bitcoin/”>$57,954 at 5:30 a.m. EST with trading volume soaring 78% to $27.7 billion.

The oldest cryptocurrency initially experienced a steeper decline from a resistance of $58.5k to a support of $57.3k, before experiencing a slight recovery. However, since falling below the support of $58,000 per coin, btc was unable to break above this level again.

The btc price lost almost 9% of its value over the past seven days as the end of August brought another sharp correction. The bear market seemingly continued into the first few days of September, which historically is not among the most profitable months for the cryptocurrency sector. Still, with the expectation of a major rally lasting a year, September is likely to continue to see significant price fluctuations, not unlike what was seen last month.

In addition, bitcoin miners have… recorded August was the month that generated the least revenue since September last year. The amount of coins mined dropped sharply in August, with revenue reaching $827.56 million last month. Compared to July, when revenue reached $927.35 million, August has seen a drop of 10.5%.

bitcoin Price Prediction

While bitcoin suffered a drop that took it below $58k, there are numerous technical indicators that suggest that the coin will soon experience a strong recovery. In fact, its price could potentially return to the resistance at $58.5k, but it remains uncertain whether this resistance will fall or continue to prevent btc from returning to the $60k range.

The coin's Bollinger Bands have seen a significant widening in the past few hours, only to suddenly narrow again, which could initially be considered a bearish signal. However, together with the project's Relative Strength Index (RSI), the signal suggests that the price will continue its recovery.

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bitcoin’s RSI fell from the overbought zone to the neutral zone in the past few hours but is now bouncing back up. This suggests that traders are buying the coin once again and that the recent drop was caused by traders’ decision to take profits when the price saw its first attempt at recovery.

The RSI value is currently at 58.75 at the time of writing, leaving it plenty of room to grow even if market participants resume profit-taking once it climbs back up to 70.

At the moment, btc is experiencing a period of strong volatility, but while this provides opportunities for experts, there is a great risk for less experienced traders, who should remain cautious and potentially even consider promising alternatives, rather than btc itself.

Promising alternatives to bitcoin

With the bitcoin price still struggling and strong resistance standing in its way, many traders and investors are turning to the altcoin market, especially high-potential pre-sales like Dawgz Base (DAWGZ).

Base Dawgz is a new meme coin on the Base blockchain. The project recently concluded its pre-sale and is about to see its first listings on DEXs in just two days. However, it still allows users to stake its token at the ICO price, currently at $0.008582.

The project’s ICO raised over $3.25 million as investors developed a deep interest in the DAWGZ token thanks to its multi-chain nature. Once it goes live, DAWGZ will not only run on the Base blockchain, but also on ethereum, Solana, Avalanche, and BSC, all at the same time. These will not be wrapped versions, but the actual DAWGZ tokens, allowing users to easily move their money from one chain to another.

We are making moves in this period!

3.2 million raised for twitter.com/search?q=%24DAWGZ&src=ctag&ref_src=twsrc%5Etfw”>$DAWGZ image.twitter.com/tw6cIdhNOP

—Base Dawgz (@BaseDawgz) twitter.com/BaseDawgz/status/1829519410005962943?ref_src=twsrc%5Etfw”>August 30, 2024

This opens up new opportunities as each of the five chains has its own benefits and advantages. You get access to all of their DEXs, which include some of the largest decentralized exchanges in the crypto industry, as well as DeFi, GameFi, ai, and other projects. DAWGZ has massive potential to unlock true interoperability in the crypto world, and that’s why its ICO became a huge success.

ClayBro, a top cryptocurrency YouTuber with over 130,000 subscribers, even claimed that DAWGZ has a potential of at least 20x, if not more, making it an excellent investment. But with just two days to go until it goes live, this is the last chance to invest in the token before it goes live and its price skyrockets.