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bitcoin price plummeted 2.1% in the last 24 hours bitcoin“>listed at $60,989 at 7:30 a.m. EST with a 14% drop in trading volume to $20.7 billion.
Despite experiencing a slight decline, bitcoin received a big boost with the news that Susquehanna International Group purchased 10 bitcoin ETFs (exchange-traded funds) in the US.
Quantitative trading firm Susquehanna International Group, with assets of more than $400 billion, revealed on May 7 that it has combined spot bitcoin ETF investments of more than $1.3 billion, with more than a thousand million dollars in GBTC from Grayscale.
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Place twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF Surge: Susquehanna Announces $1.3 Billion Investment
https://t.co/cqJQXoY6fmtwitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc twitter.com/hashtag/BNB?src=hash&ref_src=twsrc%5Etfw”>#BNB twitter.com/hashtag/CryptoNews?src=hash&ref_src=twsrc%5Etfw”>#CryptoNews twitter.com/hashtag/USDT?src=hash&ref_src=twsrc%5Etfw”>#USDT twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/BitcoinETFs?src=hash&ref_src=twsrc%5Etfw”>#BitcoinETF pic.twitter.com/jROOc9525B
– Smith Eric (@SmithEric_121) twitter.com/SmithEric_121/status/1788264184632742180?ref_src=twsrc%5Etfw”>May 8, 2024
This marks the largest known bitcoin ETF ownership to date, highlighting significant demand for bitcoin ETFs among institutional investors.
bitcoin Price Forms Bullish Pennant: Is Another Bullish Rally Coming?
After a moderate decline, bitcoin is recovering significantly, suggesting that the latest correction could have concluded at the $57,514 support level. Traders should look for a bullish continuation that could see the price return to all-time highs in the 74k-80k range.
<img decoding="async" class="alignnone wp-image-519083 size-full" src="data:image/svg+xml,%3Csvg%20xmlns=" http:="" alt="bitcoin price” width=”1433″ height=”612″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Gets-a-Boost-from-Quantum-Trading-Firm39s-13.jpg 1433w, https://insidebitcoins.com/wp-content/uploads/2024/05/BTCUSDT-300×128.jpg 300w, https://insidebitcoins.com/wp-content/uploads/2024/05/BTCUSDT-1024×437.jpg 1024w, https://insidebitcoins.com/wp-content/uploads/2024/05/BTCUSDT-768×328.jpg 768w” data-lazy-sizes=”(max-width: 1433px) 100vw, 1433px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Gets-a-Boost-from-Quantum-Trading-Firm39s-13.jpg”/><img decoding="async" class="alignnone wp-image-519083 size-full" src="https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Gets-a-Boost-from-Quantum-Trading-Firm39s-13.jpg" alt="bitcoin price” width=”1433″ height=”612″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Gets-a-Boost-from-Quantum-Trading-Firm39s-13.jpg 1433w, https://insidebitcoins.com/wp-content/uploads/2024/05/BTCUSDT-300×128.jpg 300w, https://insidebitcoins.com/wp-content/uploads/2024/05/BTCUSDT-1024×437.jpg 1024w, https://insidebitcoins.com/wp-content/uploads/2024/05/BTCUSDT-768×328.jpg 768w” sizes=”(max-width: 1433px) 100vw, 1433px”/>
BTCUSDT analysis. Source: Tradingview.com
The formation of the bullish pennant suggests that there is potential for a continued uptrend. This pattern indicates that bullish momentum could persist, possibly leading price targets to surpass the previous all-time high of $73,737.
The price is currently trading below the 50-day simple moving average (SMA). However, the 200-day SMA provides immediate support, keeping the overall bullish momentum alive. Fresh upward momentum could confirm the expected rally above the 50-day SMA and the pennant's upper trend line.
Furthermore, the Relative Strength Index (RSI) has recovered from the oversold level of 30 to the mid-level of 50, indicating intense buying pressure. If the momentum continues to increase, the RSI could enter the overbought zone.
The green bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover above the signal line reinforced confidence in bitcoin's bullish sentiment.
bitcoin Price Bulls Prepare for Rally Above Bullish Pennant
bitcoin price could be on the verge of a bullish rally as traders capitalize on the presence of the bullish pennant to push bullish momentum towards a new high of $81,527.
However, if the bears continue the downtrend, the price could fall to $59,400 inside the pennant. Further downward pressure could lead to a pullback towards the lower trend line at $57,514.
Given the uncertainty over btc price direction, some investors might want to consider diversifying their portfolios with 99Bitcoins ($99BTC)a platform to learn to earn that has exceeded $1.1 million in funds raised in its pre-sale.
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Introducing $99BTC in BRC-20!
Since 2013, twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins has been the reference resource to learn 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”>#dApps at the top of the twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin network!twitter.com/hashtag/LearnToEarn?src=hash&ref_src=twsrc%5Etfw”>#LearnToWin rewards users on the bitcoin blockchain.
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1785308220677853254?ref_src=twsrc%5Etfw”>April 30, 2024
99Bitcoins pre-sale exceeds $1 million: best cryptocurrency to buy now?
99Bitcoins is an educational platform with more than 2 million registered users in its courses and more than 700 thousand subscribers on its YouTube channel.
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twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin whales bought 47,000 twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc valued at $2.7 billion, while prices fell below $57,000 last week.
Find out why these whales are buying!
https://t.co/UXakDu2t7otwitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/BullMarket?src=hash&ref_src=twsrc%5Etfw”>#Bull market
— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1788508209277194260?ref_src=twsrc%5Etfw”>May 9, 2024
More rewards through betting and gaming options
Now 99Bitcoins is gamifying crypto education. This means that users who successfully face the challenges and complete the lessons will earn higher rankings and rewards through $99 btc tokens.
99BTC holders can also stake their tokensor an annual percentage yield (APY) of 1.507%. Around 14% of the 99 billion token supply has gone towards staking rewards.
Jacob Bury, a prominent crypto YouTuber, believes that 99BTC has the potential to turn $1,000 into $10,000 upon launch.
You can buy 99BTC tokens for $0.00104 each. With a price increase in less than five days, buy them soon to secure the best deal if you're interested.
To join the pre-sale, purchase $99BTC at the official website here using eth, USDT or a bank card.
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99Bitcoins (99BTC) – New token to learn how to earn
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