Bitcoin Price Stalls at $58,000 With $1.4 Billion in BTC Options About to Expire as Analysts Predict SHIB 2.0 Could Surge 100x

bitcoin price rose a fraction of a percent in the past 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $58,346 at 3:36 a.m. EST on trading volume that rose 5% to $34 billion.

This comes as around 24,300 bitcoin options contracts expire today, with a notional value of around $1.4 billion.

Will bitcoin fall after options expire, having been stuck around $58,000 for the past two days?

bitcoin price could recover

bitcoin price movements in July formed a rounded top pattern as bears took control of the price and pushed it towards the $49,000 support. However, in August, bitcoin price invalidated the bearish sentiments of the pattern, rising to the $63,000 resistance, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal.

Since then, btc has been trading inside a descending channel pattern, but bulls are targeting a price rebound above the channel.

bitcoin price is still trading below the 50-day and 200-day simple moving averages (SMA), which supports bearish moves from its resistance level.

Moreover, the Relative Strength Index (RSI) is currently trading slightly below the neutral level at 43, indicating that bulls are accumulating and aiming for a bounce off the channel.

According to the bitcoin price analysis, btc is currently bearish, but it shows that the bulls are preparing for a bounce off the descending channel pattern. If the bulls take control of the price at this level, btc could surge higher as buyers look to target $68,000.

However, if the bears maintain the current pressure, the bitcoin price could again drop to the support zone of $54,314.

Meanwhile, as bitcoin price points to a bullish rally, investors are accumulating a Shiba Inu derivative called Shiba Shootout ($SHIBASHOOT)which has raised over $961,000 through its explosive pre-sale.

According to an analyst from cryptocurrency channel 99Bitcoins, investors who purchase $SHIBASHOOT have the chance to earn incredible rewards.

Shiba Shootout pre-sale tops $961,000 and moves toward $1.6 million goal

Shiba Shootout creates a Wild West-inspired environment that goes beyond the conventional boundaries of cryptocurrencies. It offers an adventurous experience that combines creativity, strategy, and the charm of a cowboy duel.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”8.9382716049383″>

Hurry up! The next price increase is just around the corner!

Join our community NOW and claim your free tokens before it's too late!

Join us at: https://t.co/Fxf9PWP0gz image.twitter.com/t8H6MqqhSE

— Shiba Shootout (@shibashootout) twitter.com/shibashootout/status/1818582439570067755?ref_src=twsrc%5Etfw”>July 31, 2024

Users can navigate the world of crypto in the style of a Shiba cowboy, engaging in thrilling high-stakes battles with ample opportunities for fun and rewards. The project’s main attraction, a P2E (play-to-earn) mobile game, immerses players in Shiba Gulch, a vibrant battlefield where they can earn $SHIBASHOOT tokens.

In addition to P2E cryptocurrency gaming on Shiba Gulch, $SHIBASHOOT holders can earn passively through the platform’s staking mechanism, which offers 985% annual rewards.

Additionally, the developing ecosystem features Posse Rewards, where users can invite their friends to join the community. Both parties can earn additional Shiba Shootout tokens for each new sign-up.

If you are interested in participating in the pre-sale, you can purchase the token for $0.0199. But hurry up, as the price will increase in less than seven days.

You can buy SHIBASHOOT tokens on the official website here using eth, BNB, USDT or a bank card.

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