Tech
Bitcoin (BTC) struggles below $70,000: will the downtrend continue?
Bitcoin is once again in the spotlight as it struggles to break out of a critical level after hitting a high of $71,000 on May 21. Despite several recovery attempts, bears of the $70,000 mark intend to force further declines.
As of 5:20 AM EST, Bitcoin is trading at $67,770 with no significant price changes over the past 24 hours. Some speculate that negative market sentiments resulting from the recent movement of Mt Gox funds have influenced the price of the asset.
But some metrics suggest a bullish recovery is ahead. So, can BTC recover or will bearish sentiment persist? Let’s find out.
The medical gadget manufacturer invests heavily in Bitcoin: will this make the price rise?
Semler Scientific has caused a stir in the cryptocurrency market after a recent press release indicating interest in Bitcoin. According to the press declarationSemler added 581 bitcoins worth $40 million to his hoard.
Second relationshipsThis news had a positive impact on the company’s stock price, which increased by 43% during Tuesday’s trading session.
In a statement, Semler’s president said: “Bitcoin is now a major asset class with over $1 trillion in market value.” According to the president, Bitcoin’s limited supply makes it unique and can protect against inflation and economic uncertainties.
He also thinks Bitcoin is better than gold, even though the commodity is currently worth ten times more than Bitcoin.
He pointed out that large investors are increasingly interested in Bitcoin, especially now spot Bitcoin Exchange Traded Funds (ETFs) they got the green light. The large purchase of this company shows confidence in the cryptocurrency sector, just like other institutions.
The president, commenting that bitcoin is “better than gold” in uncertain times, further strengthens the bullish outlook on bitcoin. This purchase will likely increase investor confidence in Bitcoin, increasing its demand and price.
Analysts predict that Bitcoin will reach $90,000
According to May 28 X. by Wu Blockchain sendFamous asset management firm Bernstein predicts that the price of Bitcoin will reach $90,000 by the end of 2024.
Forecasts show that the combined Bitcoin and Ethereum ETF market will rise to $450 billion and that cryptocurrency ETFs will receive inflows of more than $100 billion within the next two years.
With such a development, the price of Bitcoin could reach $150,000 by 2025. The company expects a massive influx of capital into the cryptocurrency market soon. This, in turn, will increase demand and potentially its price in the coming years.
BTC price analysis using technical indicators
Despite the recent decline in Bitcoin’s price, it is still trading above two essential moving averages: the 50-day and 200-day SMAs. This suggests that the long-term bullish trend remains intact.
Another key parameter is the Relative Strength Index (RSI), which currently stands at 53.89. This signals moderately positive momentum and buying pressure in the market. The price is not overbought yet, so there is still room for further upside if more buyers manage to enter the market.
Considering that Bitcoin is above its 50-day and 200-day SMAs, along with an RSI of 53.89, the overall picture appears bullish from a technical analysis perspective.
However, short-term volatility and price swings are always possible, especially for a volatile asset like Bitcoin. But there is this new token that several major influencers in the cryptocurrency industry are talking about. This project has raised significant funds just from the sale of its native token.
The approved Crypto project has raised over $3 million in pre-sales
With interest in cryptocurrencies On the rise and the meme coin frenzy has reached its peak, the cryptocurrency market has been flooded with numerous meme projects.
An amazing meme coin launched recently is Wiener AI. Just last week, this pre-sale project raised more than $1 million. To date, May 29, 2024, the project has raised over $3.3 million.
With such massive interest from investors, WienerAI is preparing to surpass its meme coin precursors in the coming months.
WienerAI: The Simple Cryptocurrency Trading Bot for Smart Investors
WienerAI is a powerful cryptocurrency trading tool designed to help cryptocurrency traders make profitable trades. It uses artificial intelligence (AI) to monitor the cryptocurrency market, analyze data and predict good trading opportunities.
Furthermore, the trading bot suggests the best prices for entering and exiting trades. Instead of manually observing the markets, traders can let WienerAI do the hard work. The bot provides trading advice in seconds with just a few clicks.
But WienerAI doesn’t stop there. It allows traders to easily trade tokens on different cryptocurrency exchanges without paying commissions. This trading feature ensures that traders never miss a good trading opportunity. They can quickly act on WienerAI’s recommendations without facing delays or interference.
Another interesting thing about WienerAI is its staking protocol. This feature allows users to earn rewards simply by holding the platform’s native token. Over 3.3 billion WAI dollars have been staked on the platform.
The APY is currently at 307%. However, this may not last long as the prizes will be reduced as more coins are wagered. So, now might be the best time to invest in this project to get maximum returns when its price rises.
As more and more traders discover the benefits of using an AI-powered trading assistant, WienerAI is becoming increasingly popular in the crypto community. Investors can get the token today at an affordable price value of $0.000712.
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