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bitcoin price registered a slight rebound in the last 24 hours bitcoin“>to negotiate at $59242 at 8 p.m. EST following a 26% increase in trading volume to $38.9 billion.
This surge in btc price comes as bitcoin spot ETFs (exchange-traded funds) recorded their ninth day of outflows.
Among bitcoin ETFs, Grayscale’s bitcoin Trust recorded the largest outflow at $70.2 million, followed by ARKB at $65 million, BITB at $16.4 million, FBTC at $12.9 million, and BTCO at $11.1 million.
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USA twitter.com/hashtag/ETF?src=hash&ref_src=twsrc%5Etfw”>#ETF 30 AUG: $176M to twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc and $0M to twitter.com/search?q=%24ETH&src=ctag&ref_src=twsrc%5Etfw”>$Ether
btc ETF UPDATE (Final): -$176M
• No US bitcoin ETFs saw inflows yesterday.
• Total flow for the week is -$227M with outflows in the last 4 days!
eth ETF UPDATE (final): $0M
• All US ethereum ETFs had a net value of $0… image.twitter.com/g2ek81iNSZ
— Spot On Chain (@spotonchain) twitter.com/spotonchain/status/1829729383155974608?ref_src=twsrc%5Etfw”>August 31, 2024
In stark contrast, BlackRock’s iShares bitcoin Trust (IBIT) reported no cash flows on the same day. Since its launch in late January, the fund has only experienced cash outflows on two occasions, the most recent on August 29.
bitcoin price faces bearish pressure inside a descending triangle
The price of bitcoin has been volatile, moving both down and up as bears and bulls battle for control.
According eth/pools/0x4585fe77225b41b697c938b018e2ac67ac5a20c0″>GeckoTerminal dataThe bears are currently stronger, leading to the formation of a descending triangle. This pattern suggests a continuation of the downtrend.
Although the bulls attempted to break the upper trend line of the triangle, the bears regained control at the resistance level of $64,130, located on the upper trend line of the pattern.
<img decoding="async" src="data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201281%20545'%3E%3C/svg%3E" alt="bitcoin Price” width=”1281″ height=”545″ data-lazy-srcset=”https://technicalterrence.com/wp-content/uploads/2024/08/Bitcoin-Price-Prediction-BTC-Surges-Past-59000-as-Investors-Rush.png 1281w, https://insidebitcoins.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-31_08-07-31-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-31_08-07-31-1024×436.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-31_08-07-31-768×327.png 768w” data-lazy-sizes=”(max-width: 1281px) 100vw, 1281px” data-lazy-src=”https://technicalterrence.com/wp-content/uploads/2024/08/Bitcoin-Price-Prediction-BTC-Surges-Past-59000-as-Investors-Rush.png”/>
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/08/Bitcoin-Price-Prediction-BTC-Surges-Past-59000-as-Investors-Rush.png" alt="bitcoin Price” width=”1281″ height=”545″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/08/Bitcoin-Price-Prediction-BTC-Surges-Past-59000-as-Investors-Rush.png 1281w, https://insidebitcoins.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-31_08-07-31-300×128.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-31_08-07-31-1024×436.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/08/BTCUSDT_2024-08-31_08-07-31-768×327.png 768w” sizes=”(max-width: 1281px) 100vw, 1281px”/>
BTCUSDT Analysis Source: TradingView
Currently, bitcoin is trading below its 50-day and 200-day simple moving averages (SMAs), which serve as key resistance levels and reinforce the bearish outlook. As long as bears dominate the market, bitcoin will remain below these SMAs.
The Relative Strength Index (RSI) is at 46, below the midline of 50, which supports the bearish outlook. The RSI has formed a curve that is struggling to break above the 50 level. If this trend continues, the RSI could drop towards 30, which indicates further downside potential and favors bearish momentum.
The moving average convergence-divergence (MACD) further emphasizes the bearish sentiment. The declining green histograms suggest a weakening of the bullish momentum, and the orange signal line is about to cross below the blue MACD line, indicating a possible shift to a bearish trend. If this crossover occurs, it would confirm a deeper bearish move.
bitcoin Price Prediction
bitcoin is currently showing a bearish outlook as it is trading inside a descending triangle pattern. If bitcoin breaks below the key double bottom support level near $55,000, it could trigger a further downside move. In this scenario, the next target is around the $50,000 level where additional support could be found.
However, if bitcoin manages to stay above this support and gains bullish momentum, it could attempt to break above the upper trendline of the descending triangle.
A successful break above this trend line, particularly on strong volume, could propel the price above the 50-day and 200-day SMAs towards the $67,679 zone.
Could This GambleFi Token Be The Next Cryptocurrency To Explode?
Meanwhile, if you're looking to diversify your portfolio beyond bitcoin, investors are also showing strong interest in a new GambleFi token called Mega Dice (DICE), which has already raised over $1.7 million in seed funding.
According to a cryptocurrency analyst on the crypto Moonlight YouTube channel with 208,000 subscribers, DICE could offer huge benefits, especially with its upcoming DEX launch.
Mega Dice offers players access to over 4,500 games, including favorites like slots, blackjack, roulette, and a wide range of sports betting. The project aims to enhance its platform with the launch of its own Solana-based token, DICE, which will serve as a utility token within the Mega Dice ecosystem.
Token holders can earn rewards through the DICE token and gain exclusive access to games as well as betting options that are not available to non-token holders.
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twitter.com/search?q=%24DICE&src=ctag&ref_src=twsrc%5Etfw”>$DICE is landing in Solana!
Get ready to earn exclusive benefits, retroactively and with every bet.
The best casino chip experience is coming soon. Stay tuned for updates via our official channels: Telegram and x.twitter.com/hashtag/Solana?src=hash&ref_src=twsrc%5Etfw”>#Solarium twitter.com/search?q=%24DICE&src=ctag&ref_src=twsrc%5Etfw”>$DICE image.twitter.com/eDuMR3DH0e
-Mega Dice Casino (@megadice) twitter.com/megadice/status/1775559419079594106?ref_src=twsrc%5Etfw”>April 3, 2024
Mega Dice also allows investors to stake their DICE tokens to earn a share of the platform’s revenue, with potential earnings increasing as more players join.
With Mega Dice already boasting 10,000 monthly active users, DICE investors who stake their tokens will immediately be able to benefit from significant daily rewards. Investors can also receive limited edition nfts, which offer special privileges and rewards that can be traded on the marketplace.
You can buy DICE at $0.110529 using the integrated buying widget on the project's official website. However, you should hurry because the price will go up in just over three days.
Buy DICE on their official website here using BNB, eth or SOL.
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Mega Dice: GambleFi's Newest Token
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- Featured on Cointelegraph: Telegram's first licensed casino
- Pre-sale is now available: megadicetoken.com
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