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Bitcoin price has fallen by 1% in the last 24 hours to trade at $57,954 As of 5:30 a.m. ET, trading volume was up 78% to $27.7 billion.
The older cryptocurrency initially saw a larger drop from the $58.5K resistance level to the $57.3K support level, before seeing a slight recovery. However, since falling below the $58K support level, Bitcoin has been unable to rally above this level.
Bitcoin has lost nearly 9% of its value in the past seven days, with the end of August bringing another strong correction. The bear market appears to have continued into the early days of September, which historically has not been among the most profitable months for the crypto sector. However, with a year-long bull run expected, September is likely to continue to see significant price volatility, not unlike what we saw last month.
In addition, Bitcoin miners have recently Registered The number of coins mined decreased in August, with total miner revenues reaching $827.56 million last month. Compared to July, when revenues reached $927.35 million, August saw a 10.5% decrease.
Bitcoin Price Prediction
while Bitcoin Although Bitcoin has suffered a dip that pushed it below $58,000, there are several technical indicators that suggest that the coin will see a strong recovery soon. In fact, its price may return to the resistance level at $58.5K, but it is still uncertain whether this resistance will fall or continue to prevent Bitcoin from returning to the $60,000 range.
The coin’s Bollinger Bands indicator has seen a significant widening in the past few hours, and then suddenly narrowed again, which could initially be seen as a bearish signal. However, coupled with the project’s Relative Strength Index (RSI), the signal suggests that the price will continue its recovery.
Bitcoin’s RSI has dropped from overbought territory to neutral territory in the past few hours, but is now rising again. This indicates that traders are buying the cryptocurrency again, and that the recent decline was due to traders deciding to take profits as the price made its first attempt at recovery.
The RSI is currently at 58.75, leaving it plenty of room to grow, even if market participants make profits again once it rises to 70.
Bitcoin is currently experiencing a period of strong volatility, but while this presents opportunities for seasoned traders, there are significant risks for less experienced traders, who should remain cautious and perhaps even consider promising alternatives, rather than Bitcoin itself.
A promising alternative to Bitcoin
As Bitcoin price continues to struggle and strong resistance stands in its way, many traders and investors are turning to the altcoin market, especially high-potential pre-sales like DAWGZ Base.
Base Dawgz is a new meme coin on the Base blockchain. The project recently concluded its presale and is set to see its first DEX listing in just a couple of days. However, it still allows users to invest in its token at the ICO price of $0.008582.
The project’s presale raised over $3.25 million as investors developed a deep interest in the DAWGZ token thanks to its cross-chain nature. Once live, DAWGZ will not only run on the main blockchain, but also Ethereum, Solana, Avalanche, and Binance Smart Chain simultaneously. These will not be wrapped versions but actual DAWGZ tokens, allowing users to easily move their funds from one chain to another.
We are making moves this time!
$3.2 million raised Dogs 🪂 pic.twitter.com/tw6cIdhNOP
— BaseDawgz (@BaseDawgz) August 30, 2024
The multi-chain presence of Base Dawgz opens up new opportunities, with each of the five chains having its own unique benefits and advantages. You get access to all of their decentralized exchanges, which include some of the largest decentralized exchanges in the crypto industry, as well as DeFi, GameFi, AI, and other projects. DAWGZ has huge potential to unleash true consensus in the crypto world, which is why its ICO became so successful.
Even ClayBro, a popular crypto YouTuber with over 130,000 subscribers, said that DAWGZ has the potential to rise at least 20x, if not more. With only two days left before it goes on the DEX, this is the last chance to invest in the token before it goes on sale and its price could skyrocket.
Visit the official website of DAWGZ.
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