Bitcoin price plunges 3% as Powell hints at September cut after Fed leaves rates unchanged and traders rush to buy 99 BTC with just days left

bitcoin price fell 3% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $63,878 at 00:52 am EST on trading volume that increased 26% to $35 billion.

bitcoin price fell below $65,000 for the first time since July 25 after the US Federal Reserve decided to keep interest rates unchanged, while Chairman Jerome Powell hinted at a rate cut in September.

The btc price correction is also influenced by reports of escalating conflict in the Middle East, which is driving investors to become more risk-averse.

bitcoin Price Bearish: Could Bulls Stage a Reversal of the Uptrend?

bitcoin price was on the rise in July as it surged from the $57,256 support to hit a high of $69,968 on July 29, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminalHowever, btc price has formed a double top pattern, which has created some bearish outlook, with btc trading within the neckline.

The Relative Strength Index (RSI) is falling towards the oversold level of 30, currently at 31, showing that the asset is undervalued and under intense selling pressure.

However, btc is trading above the 200-day simple moving average (SMA), which the bulls could use to stage a reversal of the uptrend. If the price turns up, the 50-day SMA at $66,707 acts as an immediate resistance.

According to the bitcoin price analysis on the 4-hour chart, btc is currently in a downtrend. The bears are taking advantage of the double top pattern as the RSI shows that sellers have the upper hand.

If this pattern holds, btc price could break the $62,535 support to drop to the next support zone at $57,500.

On the contrary, with the token trading above the 200-day simple moving average (SMA), there could be a bullish stance in the coming days, with a reversal of the uptrend likely to propel btc towards $68,507.

Moreover, bitcoin’s RSI is now at the oversold level, which could be a potential buy signal, driving bitcoin’s price higher.

Amid uncertainty over bitcoin price outlook, some investors are shifting to 99Bitcoins (99BTC), which offers one last buying opportunity before its pre-sale closes in just 5 days.

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

99Bitcoins presale exceeds $2.5 million: last chance to buy

99Bitcoins is an educational platform with over 700,000 subscribers on its YouTube channel and over 2 million customers enrolled in the website’s courses.

The platform aims to enhance the learning experience by gamifying crypto education, where users complete challenges and lessons to earn higher rankings and $99 btc as rewards.

The L2E narrative could be the next big thing in the crypto world, as evidenced by the 99 btc pre-sale, which has skyrocketed to over $2.5 million raised.

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— 99Bitcoins (@99BitcoinsHQ) twitter.com/99BitcoinsHQ/status/1777275219423490318?ref_src=twsrc%5Etfw”>April 8, 2024

Token holders can earn passively through the platform's staking system, which offers a Impressive 669% Annual Percentage Yield (APY).

You can buy 99 btc right now for $0.00116. But since the price will increase in about five days, don't wait too long to get the best deal.

To join the pre-sale, Buy $99 btc from the official website hereYou have the option to purchase the tokens using eth, USDT or a bank card.

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