Bitcoin Price Prediction: BTC Briefly Dips Below $58,000 on Coinbase as Investors Flock to This Money-Earning Crypto with 716% APY

bitcoin price plummeted 3% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $58,835 at 12:33 a.m. EST with trading volume soaring 49% to $33.5 billion.

This comes after the btc price briefly dipped below the $58,000 level to $57,874 on Coinbase for the first time in over two months.

The fallout resulted in the disappearance of millions of dollars worth of leveraged long positions.

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bitcoin price fell below $58,000, triggering liquidations of $261 million, mostly from long positions.

ethereum investors lost $55.5 million.
Market declines are influenced by US monetary policy,… image.twitter.com/4QSLh5oMcI

– Zia ul Haque (@ImZiaulHaque) twitter.com/ImZiaulHaque/status/1808736882026762342?ref_src=twsrc%5Etfw”>July 4, 2024

According Coin crystalOver $55 million in long positions have been liquidated in the past 24 hours.

The setback has been attributed to Mt. Gox’s payment schedule, which will begin paying out approximately $8.5 billion in btc to its creditors starting in early July.

Over the past month, the price of bitcoin has plummeted 14% from the $71,789 resistance zone, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal sample.

bitcoin Price Could Skyrocket Above $66,273 Resistance Zone

bitcoin price briefly crossed the 200-day simple moving average (SMA) at $58,487 before rebounding, turning this level into the immediate critical support level.

However, btc price is still trading below the 50-day simple moving average (SMA), which coincides with btc’s extended decline from the $71,789 resistance level.

The Relative Strength Index (RSI) also falls below the mid-50 level to trade at 32, an indication that sellers have the upper hand over buyers.

According to bitcoin price analysis, btc could pull back further in the coming weeks, breaking above the $58,487 support level, as sellers apply more pressure. In this scenario, btc price could pull back further to find a cushion against bearish pressure at $55,752.

On the contrary, the RSI is trading within the oversold region, indicating an incoming consolidation phase as the bulls aim to propel the token higher. If the bulls stage an uptrend reversal, btc could surge above the bullish pennant pattern, targeting $66,273 (50-day SMA).

In the long term, bitcoin price bulls could push the token to the $90,000 level.

Meanwhile, some investors are turning to bitcoin-themed tokens that could benefit from a market rally. One such coin is 99 Bitcoins (99 btc)which has already raised more than $2.3 million in pre-sales.

99Bitcoins pre-sale exceeds $2.3 million

99Bitcoins meA pillar of crypto education, with over 2 million registered users on its courses and over 705,000 subscribers on its YouTube channel.

With the ICO underway, the project plans to incentivize learning through the Learn-to-Earn concept, where users can improve their blockchain knowledge through interactive courses and quizzes on the 99Bitcoins platform while earning $99BTC.

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Long-term $99 btc holders can also benefit from an attractive 716% annual percentage yield (APY) when staking tokens.

According to Jacob Bury, a cryptocurrency analyst and YouTuber, the $99 btc token could skyrocket 10-fold after its launch.

You can buy $99 btc tokens for $0.00112 each. There will be a price increase in about six days, so buy early to get the best deal.

To join the pre-sale, Buy $99 btc from the official website here using eth, USDT or a bank card.

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