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bitcoin price plummeted 3% in the last 24 hours bitcoin“>listed at $67,440 at 7:50 a.m. EST with a 22% increase in trading volume to $36.1 billion.
This drop was mainly due to concerns about the risk of higher interest rates for longer in the US, which overshadowed the optimistic news that the US approved ethereum ETFs (exchange-traded funds) at counted.
Fears over US interest rates put significant pressure on crypto markets after hawkish signals from Federal Reserve members highlighted growing concerns among policymakers about persistent inflation.
Several members of the Federal Reserve indicated that inflation could take longer to reach the central bank's 2% annual target. Furthermore, minutes from the bank's meeting at the end of April revealed that some authorities were open to further interest rate hikes.
bitcoin price falls back to the bullish pennant: can the bulls regain momentum?
Despite maintaining some gains during the week, bitcoin fell back to the $60,000 to $70,000 trading range it has occupied for over two months. The cryptocurrency also erased much of its weekly gains on Thursday and Friday.
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<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-BTC-Plunges-3-as-Rate-Fears-Overshadow.jpg" alt="bitcoin price” width=”1600″ height=”688″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Price-Prediction-BTC-Plunges-3-as-Rate-Fears-Overshadow.jpg 1600w, https://insidebitcoins.com/wp-content/uploads/2024/05/Btcusdt-1-300×129.jpg 300w, https://insidebitcoins.com/wp-content/uploads/2024/05/Btcusdt-1-1024×440.jpg 1024w, https://insidebitcoins.com/wp-content/uploads/2024/05/Btcusdt-1-768×330.jpg 768w, https://insidebitcoins.com/wp-content/uploads/2024/05/Btcusdt-1-1536×660.jpg 1536w” sizes=”(max-width: 1600px) 100vw, 1600px”/>
BTCUSDT analysis. Source: Tradingview.com
The formation of the bullish pennant suggests that there is potential for a continued uptrend. This pattern indicates that the bullish momentum could continue, possibly pushing prices beyond bitcoin's all-time high of $73,737.
Although it is declining, the price indicates a rebound at the 50-day simple moving average (SMA). The 200-day SMA provides immediate support, maintaining the overall bullish momentum. If bitcoin rises, it could confirm the expected rally above the 50-day SMA and break the pennant's upper trend line.
The Relative Strength Index (RSI) has recovered from the oversold level of 30 to the midline of 50, showing intense buying pressure. Although it indicates a downtrend, the 50 mark indicates a bounce, which could push the RSI back into the overbought zone.
Furthermore, the green bars on the Moving Average Convergence Divergence (MACD) indicator and the recent crossover above the signal line increase confidence in bitcoin's bullish outlook.
bitcoin price bulls signal a bounce off the 50 SMA
bitcoin price is on the verge of a major bullish rally despite the short downtrend to the 50 SMA, as traders take advantage of the presence of the bullish pennant to push bullish momentum towards a new high of $81527.
However, if the bears continue the downtrend, the price could fall below the 50 SMA inside the pennant at $60,000. Further downward pressure could lead to a pullback towards the lower trendline at $58.514.
99Bitcoins: The best cryptocurrency to learn how to earn?
Meanwhile, bitcoin's decline is doing little to calm investors' appetite for 99Bitcoins ($99BTC)a platform to learn to earn that has exceeded $1.5 million in funds raised in its pre-sale.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.148148148148″>
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With twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin up to 15% and twitter.com/hashtag/ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum with an increase of 18%, it seems that the old saying “Sell in May and leave” does not bother twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto twitter.com/hashtag/99Bitcoins?src=hash&ref_src=twsrc%5Etfw”>#99Bitcoins twitter.com/hashtag/BullRun?src=hash&ref_src=twsrc%5Etfw”>#Confinement twitter.com/hashtag/btc?src=hash&ref_src=twsrc%5Etfw”>#btc twitter.com/hashtag/eth?src=hash&ref_src=twsrc%5Etfw”>#eth pic.twitter.com/UEIWMRr3du
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You can buy 99BTC for just $0.00106 per token right now. But you have to hurry because the price will increase in less than four days.
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