Close Menu


    Blockchain

    Bitcoin Price Prediction: BTC Breaks $59K Barrier as Investors Rush to Buy This SOL Token as Time Runs Out

    msmarkBy No Comments5 Mins Read
    Bitcoin price

    join us cable A channel to stay up to date with breaking news coverage.

    Bitcoin price has seen a slight increase in the past 24 hours. Trading at $59,242 As of 8 p.m. ET, trading volume is up 26% to $38.9 billion.

    This rise in the price of BTC comes at the moment Bitcoin ETFs posted their ninth day of outflows.

    Among Bitcoin ETFs, Grayscale’s Bitcoin Trust saw the highest outflow of $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.

    In contrast, BlackRock’s iShares Bitcoin Trust (IBIT) recorded no inflows on the same day. Since its launch in late January, the fund has only seen outflows twice, most recently on August 29.

    Bitcoin Price Faces Downward Pressure Inside a Descending Triangle

    Bitcoin’s price has been volatile, moving up and down as bears and bulls battle for control.

    according to Data from GeckoTerminalBears are currently gaining more strength, which is causing a descending triangle to form. This pattern indicates a continuation of the downtrend.

    Although the bulls made an attempt to break the upper trend line of the triangle, the bears regained control at the $64,130 resistance level, which is located at the upper trend line of the pattern.

    BTCUSDT Analysis Source: TradingView

    currently, Bitcoin Bitcoin is trading below its 50-day and 200-day simple moving averages, which act as key resistance levels and reinforce the bearish outlook. As long as bears dominate the market, Bitcoin will remain below its 50-day and 200-day simple moving averages.

    The Relative Strength Index (RSI) is at 46, below the 50 midline, supporting the bearish outlook. The RSI has formed a curve that is struggling to break the 50 level. If this trend continues, the RSI could decline towards 30, indicating further bearish possibilities and supporting the bearish momentum.

    The Moving Average Convergence Divergence (MACD) confirms the bearish sentiment. The shrinking green histograms indicate weaker bullish momentum, and the orange signal line is poised to cross below the blue MACD line, signaling a potential reversal to the downside. If this crossover occurs, it would confirm a deeper downward move.

    Bitcoin Price Prediction

    Bitcoin is currently showing a bearish outlook as it is trading inside a descending triangle pattern. If Bitcoin breaks the major double bottom support level near $55,000, it could lead to further downside movement. 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 level and gains bullish momentum, it may attempt to break the upper trend line of the descending triangle.

    A successful break above this trend line, especially with strong trading volume, could push the price above the 50-day and 200-day simple moving averages to the $67,679 area.

    Could GambleFi Be The Next Cryptocurrency To Explode?

    Meanwhile, if you’re looking to diversify your investment portfolio beyond Bitcoin, investors are also showing strong interest in GambleFi’s new token called Big Dicewhich has already raised over $1.7 million in early funding.

    According to a crypto analyst on the Crypto Moonlight YouTube channel, which has 208,000 subscribers, DICE could generate huge returns, especially with the upcoming DEX launch.

    Mega Dice gives players access to over 4,500 games, including favorites like slots, blackjack, roulette, and a wide range of sports betting. The project aims to further enhance its platform by launching its own Solana-based DICE token, which will act as a utility token within the Mega Dice ecosystem.

    Token holders can earn rewards through the DICE token and get exclusive access to games as well as betting options not available to non-token holders.

    Mega Dice also allows investors to stake their DICE tokens to earn a share of the platform’s revenue, with potential profits growing as more players join.

    Given that Mega Dice already has 10,000 monthly active users, DICE investors who stake their tokens will immediately benefit from significant daily rewards. Investors can also get limited-edition NFTs, which offer special perks and rewards that can be traded on the market.

    You can buy DICE at $0.110529 using the purchase tool built into the project’s official website. However, you need to hurry as the price is set to rise in just three days.

    Buy DICE on its official website here using BNB, ETH or SOL.

    Related articles:

    Mega Dice – Latest GambleFi Symbols

    huge dicehuge dice
    • Well-established cryptocurrency betting brand
    • Mentioned on Cointelegraph – First licensed casino on Telegram
    • Presale now available – megadicetoken.com

    huge dicehuge dice


    join us cable A channel to stay up to date with breaking news coverage.

    Share.

    Related Posts