The Bitcoin Price Plunges Below $56K Amid Mt. Gox Selloff Fears And Massive Liquidations, But Traders Still Flock To The 99BTC ICO

General

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The
Bitcoin
price
plummeted
8%
in
the
last
24
hours
to
trade
for
$54,417
as
of
23:44
p.m.
EST
on
trading
volume
that
soared
44%.

The
plunge
came
amid
a
crypto
crash
that
triggered
$671
million
in
total
liquidations,
the
largest
since
the
FTX
contagion
in
2022.
Still,
some
traders
saw
the
carnage
as
a
great
opportunity
to
buy
the
dip.

The
massive
selloff
came
amid
anxiety
over
Mt.
Gox
and
the
German
government
selling
their
BTC
holdings.
The
German
government
sold
20%
of
its
BTC
balance
sheet,
worth
around
$
3.5
billion.
The
selling
pressure
started
two
weeks
ago
and
could
continue
to
bleed
for
another
eight
weeks
if
they
keep
selling
a
tenth
of
their
holdings
every
week.

Amid
the
sell-off,
Tron
founder
and
Huobi
Global
advisor
Justin
Sun
offered
to
negotiate
with
the
German
governments
to
purchase
all
BTC
off-market
in
order
to
minimize
the
impact
on
the
market.

As
regards
Mt.
Gox,
the
bankruptcy
estate
is
giving
142,000
BTC
back
to
investors,
with
markets
fearing
that
many
will
sell.

Bitcoin
Price
Outlook
Amid
Massive
Selloff

The
Bitcoin
price
is
trading
with
a
bearish
bias,
recording
lower
lows
as
the
German
government
and
Mt.
Gox
narratives
trigger
panic
selling
in
the
market.
Santiment
observes
that
social
media
shows
historic
levels
of
FUD
(fear,
uncertainty,
and
doubt).

As
the
Bitcoin
price
continues
to
slide
lower,
the
area
between
$47,213
and
$41,246
will
be
critical
as
it
represents
a
demand
zone.
Renowned
crypto
investor
and
trader
Miles
Deutscher
says
the
level
to
watch
is
$48,000.

Nevertheless,
it
is
imperative
to
note
that
the
market
structure
is
yet
to
change,
with
the
big-picture
outlook
still
bullish.

Traders
looking
to
open
long
positions
hoping
the
dump
is
over
should
probably
hold
their
horses.
This
is
because
the
Relative
Strength
Index
(RSI)
continues
to
nosedive,
showing
falling
momentum.
In
the
same
way,
the
Moving
Average
Convergence
Divergence
has
crossed
below
its
signal
line
(orange
band).
This
suggests
that
bearish
sentiment
abounds
in
the
BTC
market.

Evidence
of
the
bearish
sentiment
is
seen
with
the
red
nodes
on
the
volume
profile,
accentuating
the
bearish
thesis.
As
it
stands,
chances
of
a
further
dump
remain
high,
with
the
Bitcoin
price
likely
to
extend
lower
to
the
$47,213
threshold
before
possible
recovery.

Bitcoin

Bitcoin


GeckoTerminal:
BTC/USD
1-week
chart

In
case
of
a
reversal,
however,
a
stable
candlestick
close
between
the
$66,333
and
$70,159
thresholds
would
be
a
good
sign.
Nevertheless,
only
a
candlestick
close
above
this
range
would
confirm
the
continuation
of
the
uptrend.

Meanwhile,
as
the
BTC
bulls
search
for
support
to
turn
things
around,
investors
might
want
to
consider
pivoting
for
shelter
to
the
learn-to-earn
platform
99Bitcoins
(99BTC),
a
presale
that
is
immune
to
market
forces
until
it
lists.

According
to
Jacob
Bury,
a
prominent
crypto
YouTuber,
99BTC
has
the
potential
to
turn
$1K
into
$10K
after
launch.

Promising
Alternative
To
Bitcoin

The

99Bitcoins
website
is
poised
for
a
major
relaunch
in
the
third
quarter
of
this
year
amid
an
explosive
presale
for
the
new
99BTC
token.

99Bitcoins
is
an
educational
platform
with
over
705k
subscribers
on
its
YouTube
channel
and
more
than
2
million
people
registered
for
the
website’s
courses.

The
platform
aims
to
enhance
the
learning
experience
by
gamifying
Bitcoin
education.
Users
complete
challenges
and
lessons
to
earn
higher
rankings
and
earn
$99BTC
as
rewards.

The
L2E
narrative
could
be
the
next
big
crypto
thing,
and
already
99BTC
has
amassed
over
$2.3
million
in
its
presale.

99Bitcoins
also
integrates
with
BRC-20,
which
allows
users
to
easily
build
dApps
on
the
Bitcoin
network.

As
a
token
holder,
you
also
have
the
opportunity
to
earn
passively
through the
platform’s
staking
system,
where
you
can
stake
$99BTC
for
an
impressive
713%
annual
percentage
yield
(APY).

You
can
buy
99BTC
now
for
$0.00112.
With
a
price
hike
coming
in
about
four
days,
don’t
procrastinate
for
too
long
and
miss
locking
in
the
best
deal.


Buy
$99BTC
from
the
official
website
here using
ETH,
USDT,
or
a
bank
card.

Also
Read:

99Bitcoins
(99BTC)
–
New
Learn
To
Earn
Token

99Bitcoins

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