The Bitcoin price plunged 3% in the last 24 hours to trade at $58,835 as of 00:33 a.m. EST on trading volume that skyrocketed 49% to $33.5 billion.
This comes after the BTC price briefly dipped below the $58,000 level to $57,874 on Coinbase for the first time in more than two months.
The aftermath of the drop resulted in millions of dollars worth of leveraged long positions being wiped out.
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Bitcoin's price fell below $58,000, causing $261 million in liquidations, mostly from long positions.
Ethereum investors lost $55.5 million.
Market drops are influenced by U.S. monetary policy,ā¦ pic.twitter.com/4QSLh5oMcI
ā Zia ul Haque (@ImZiaulHaque) July 4, 2024
According to CoinGlass, over $55 million of long positions have been liquidated in the last 24 hours.
The pullback has been attributed to the Mt. Gox repayment schedule, which is set to begin its repayment of approximately $8.5 billion worth of BTC to its creditors beginning in early July.
In the last month, the price of Bitcoin has plunged 14% from the $71,789 resistance zone, data from GeckoTerminal shows.
Bitcoin Price Could Soar Over The $66,273 Resistance Zone
BTCUSD Chart Analysis Source: GeckoTerminal.com
The Bitcoin price briefly crossed the 200-day Simple Moving Average (SMA) at $58,487 before rebounding back, making this level the immediate critical support level.
However, the BTC price still trades below the 50-day SMA, which coincides with the prolonged BTC dive from the $71,789 resistance level.
The Relative Strength Index (RSI) also drops below the 50-midline level to trade at 32, an indication that sellers have an upper hand over buyers.
According to the Bitcoin price analysis, BTC could retrace more in the coming weeks, breaching the $58,487 support level, as the sellers exert more pressure. In this scenario, the BTC price could retrace further to find a cushion against downward pressure at $55,752.
Conversely, the RSI is trading within the oversold region, which signals an incoming consolidation phase as the bulls aim to push the token up. If the bulls stage a bullish trend reversal, BTC could soar over the bullish pennant pattern, targeting $66,273 (50-day SMA).
In the long term, the Bitcoin price bulls could push the token over to the $90,000 level.
Meanwhile, some investors are turning to Bitcoin-themed tokens that would be leveraged to a market rebound. One such coin is 99Bitcoins (99BTC), which has already raised more than $2.3 million in its presale.
99Bitcoins Presale Surges Past $2.3 Million
99Bitcoins is a pillar of crypto education, with over 2 million registered users for its courses and more than 705,000 subscribers on its YouTube channel.
With the ongoing ICO, the project plans to incentivize learning through the Learn-to-Earn concept, where users can enhance their blockchain knowledge via interactive courses and quizzes on the 99Bitcoins platform while earning $99BTC.
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Dive deeper: https://t.co/2hlZYRFHBv#99BTC #SpatialComputing #Web3
ā 99Bitcoins (@99BitcoinsHQ) April 8, 2024
Long-term $99BTC holders can also benefit from an attractive annual percentage yields (APY) of 716% when they stake tokens.
According to Jacob Bury, a crypto analyst and YouTuber, the $99BTC token could soar 10X after its launch.
You can buy $99BTC tokens for $0.00112 each. With a price hike coming in about six days, buy soon to lock in the best deal.
To join the presale, buy $99BTC from the official website here using ETH, USDT, or a bank card.
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