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    Bitcoin Price Prediction: Tony Sycamore Says Mt.Gox Selling Pressure Won’t Be Too Bad as Traders Flock This BTC Derivative for 745% APY

    msmarkBy No Comments6 Mins Read
    Bitcoin

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    Bitcoin’s price has fallen nearly 2% over the past 24 hours to trade at $61,330 as of 03:09 AM EST, with trading volume up 144%.

    A rise in trading volume indicates increased activity and interest in Bitcoin trading. This increased trading volume combined with falling prices can indicate increased volatility in the market. With this type of uncertainty, Bitcoin’s Fear and Greed Index is 30, which indicates fear.

    At the same time, markets are absorbing the massive public pressure on Bitcoin. This comes after reports that the German government and Mt.Gox are selling their Bitcoin.

    Based on the report, Mt.Gox scheduled to pay $8.5 billion worth of bitcoin to creditors in July. In a statement to Cointelegraph, IG Markets analyst Tony Sycamore said that this sell-off may not be as bad for the price of Bitcoin as many expect.

    “Repayments have been a long time coming,” he said, acknowledging that they are occurring against the backdrop of deteriorating market sentiment, technical selling, and outflows from Bitcoin ETFs. As such, Sycamore believes that much of the speculative “hot money” in cryptocurrencies has been left to chase “greener pastures” in mega-cap stocks like Nvidia and Apple on the stock market.

    The analyst believes that although a sell-off is expected, the Bitcoin price is holding at a strong support at the 200-day moving average, which could provide a good inflection point for a recovery. “I think we just got hit with a flow.” The reason for the flow is all of these impacts culminating in the outlook for the sale of Mt. Gox,” adding: “I think it probably provides a very good entry point for people who have been holding on to better buying levels.”

    Bitcoin price forecast

    Bitcoin price is trying to recover, recording a green candle on the 1-day time frame. However, Bitcoin (BTC) remains in a wide range as bullish momentum remains weak. For starters, the Relative Strength Index (RSI) remains below the intermediate level of 50, with lower highs prevailing.

    The Moving Average Convergence-Divergence (MACD) is also in the negative zone and below the signal line (orange band). This indicates that the short-term moving average is lower than the long-term moving average, indicating a potential downtrend.

    Traders often interpret this as a signal to consider short trades or be cautious about taking long trades. This remains until the MACD indicator moves back above the signal line or into positive territory, indicating a potential bullish reversal.

    An increase in selling pressure could cause Bitcoin price to miss the support at the 78.6% Fibonacci retracement level at $60,286. Such a move would see BTC price sweep away the liquidity below the aforementioned level. In a bearish scenario, the leading cryptocurrency could extend its leg lower to test the bottom of the market range at $56,670.

    GeckoTerminal: 1-day BTC/USD chart

    On the other hand, if the bulls buy the dip, Bitcoin price could move north. However, a breakout above the golden Fibonacci zone at the 38.2% Fibonacci retracement level at $67,114, which was confirmed by a close of the candle above the 23.6% Fibonacci level at $69,581, would defend Bitcoin from bearish hands.

    A stable or decisive candle close above the above mentioned level would set the pace for a reclaim of the market range peak at $73,570. Such a move would mark a 20% upside move above current levels.

    Meanwhile, investors are flocking to 99Bitcoin (99BTC), the latest Bitcoin derivative token poised to deliver equivalent gains, says YouTuber Today Trader.

    A promising alternative to Bitcoin

    99 bitcoin It is a long-established educational platform pioneering the new “Learn to Earn” rewards model.

    Featuring the best educational resources and visual learning courses for cryptocurrency beginners, this project has earned a place among the most trusted names in cryptocurrency circles.

    The project dates back to 2013. Starting out as BitcoinWithPayPal.com, what was previously a simple domain turned into a real Web2 fad. Moving on to Web3 with its 99BTC token, 99Bitcoins promises a groundbreaking earn-while-learning experience for website users.

    99Bitcoins motivates learning through a unique blend of gameplay and a leaderboard rewards system. This ensures that users feel that their learning brings tangible benefits. Simply put, you can earn cryptocurrencies while learning cryptocurrencies.

    You can also stake your 99BTC holdings to get rewards of up to 745% p.a. To date, over 1.4 billion tokens have been staked.

    Pre-sale sales have crossed the $2.275 million threshold, with the $3.035 million target now within reach as investors purchase the 99BTC token for $0.0011. This price will change soon, so buy now if you’re interested.

    Visit and buy 99Bitcoins here.

    Read also:

    99Bitcoins (99BTC) – a new code to learn how to make money

    99 Bitcoin
    • Verified by strong evidence
    • Well-established brand – established in 2013
    • Free Airdrop – Win a share of $99,999
    • LEARN HOW TO EARN – Get paid for completing trading courses
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    99 Bitcoin


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