Bitcoin Price Prediction: BTC Tops $59K, As Investors Rush To Buy DICE Before It Launches For Its 100X Potential

The Bitcoin Price has surged by 0.3% in the last 24 hours to trade at  $59242 as of 8 p.m. EST on a 26% pump in trading volume to $38.9 billion.

This rice price comes as Bitcoin ETFs mark the ninth day in August with recorded outflows deviating from the typically positive trend observed in previous months.

Among the Bitcoin ETFs, Grayscale’s Bitcoin Trust saw the highest outflow of $70.2 million, followed by ARK’s ARKB with $65 million, Bitwise’s BITB with $16.4 million, Fidelity’s FBTC with $12.9 million, and Invesco’s BTCO with $11.1 million.

In stark contrast, BlackRock’s iShares Bitcoin Trust reported no net inflows or outflows on the same day. Since its launch at the end of January, the fund has only experienced outflows twice, with the latest occurring on August 29.

Bitcoin Price Faces Bearish Pressure Within Descending Triangle

Bitcoin’s price has recently been volatile, moving both downward and upward as bears and bulls battle for control.

According to data from GeckoTerminal, the bears currently hold more strength, leading to the formation of a descending triangle, a pattern that suggests a continuation of the bearish trend.

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

 

Bitcoin price

BTCUSDT Analysis Source: Tradingview

Currently, Bitcoin is trading below its 50-day and 200-day simple moving averages (SMA), which serve as key resistance levels and reinforce the bearish outlook. As long as the bears dominate the market, Bitcoin is will remain below these SMAs.

The Relative Strength Index (RSI) is at 46, below the 50 midline, supporting the bearish perspective. The RSI has formed a curve that struggles to break above the 50 level. If this trend continues, the RSI could drop toward 30, indicating further downside potential and favoring the bearish momentum.

The Moving Average Convergence Divergence (MACD) further emphasizes the bearish sentiment. The shrinking green histograms suggest weakening bullish momentum, and the orange signal line is poised to cross above the blue MACD line, signaling a potential shift to a bearish trend. If this crossover occurs, it would confirm a deeper bearish move.

Bitcoin Price Prediction

Bitcoin is currently showing a bearish outlook as it trades within a descending triangle pattern. If Bitcoin breaks below the key double bottom support level near $55,000, it could lead to further downside movement, with the next target around the $50,000 level where additional support may be found.

However, if Bitcoin manages to hold above this support and gains bullish momentum, it could attempt to break above the descending triangle’s upper trend line.

A successful breakout above this trend line, particularly with strong volume, could push the price above the 50-day and 200-day SMAs to $67,679 zone.

This GambleFi Token Could Be The Next Crypto To Explode?

Meanwhile, if you’re looking to diversify your portfolio beyond Bitcoin, investors are also showing strong interest in a new GambleFi token called MegaDice (DICE), which has already raised over $1.7 million in early funding.

According a crypto analyst on Crypto Moonlight youtube channel with 208K subscribers DICE could deliver huge returns, particularly with its upcoming DEX launch.

Mega Dice offers players access to over 4,500 games, including favorites like slots, blackjack, roulette, and an extensive sportsbook. The project aims to enhance its platform by launching its own Solana-based token, DICE, which will serve as a utility token within the Mega Dice ecosystem.

Token holders can earn rewards through the DICE token and gain exclusive access to games as well as betting options unavailable to non-token holders.

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

With Mega Dice already having 10,000 active monthly users, DICE investors who lock in their tokens will likely immediately benefit from substantial daily rewards. You can also receive limited edition NFTs, which offer special privileges and rewards that can be traded on the market.

You can buy DICE at $0.110529 on the buy widget embedded on the project’s official website. But you need to hurry as the price is set to rise in just over three days.

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

Related Articles:

  • Bitcoin Halving Google Searches Soar To New ATH As Bitwise Says Markets Underestimate Its Impact On The BTC Price
  • How to Buy Mega Dice $DICE
  • KittenWifHat Price Prediction: KITTENWIF Soars 10%, But Investors Shift To This SOL Meme Coin As Time Runs Out To Buy

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