Bitcoin (BTC) remains under pressure around the $66,396 level, with recent trading hitting an intra-day low of $65,400.
This forecast comes as the market reacts to the U.S. government’s transfer of $2 billion worth of Bitcoin, which has led to a 3.8% price drop and increased market volatility.
Investors are closely watching key price levels and potential political impacts.
U.S. Government’s $2 Billion Bitcoin Transfer Causes 3.8% Price Drop
The U.S. government’s recent transfer of 29,800 BTC, valued at approximately $2 billion, has shaken the cryptocurrency market.
This Bitcoin, initially seized from the Silk Road dark web marketplace, was moved to an unknown wallet, leading to a 3.8% drop in Bitcoin’s price.
The market’s reaction highlights its sensitivity to substantial transactions.
Analysts are speculating whether the government plans to manage or sell these assets differently, adding to the uncertainty and concerns about increased market volatility.
Key points:
Transfer of 29,800 BTC worth $2 billion Bitcoin price dropped by 3.8% Market sensitive to large transactionsThe U.S. government’s actions have introduced volatility, with investors closely monitoring potential impacts on Bitcoin’s supply and price movements.
M2’s New Service Enhances BTC Accessibility in UAE, Potential Price Boost
M2 crypto exchange has launched a service enabling UAE residents to trade Bitcoin and Ether directly from their bank accounts.
This feature allows users to convert UAE dirhams into Bitcoin and Ether seamlessly on M2’s platform, simplifying the trading process with smooth deposits and withdrawals.
UAE residents can now trade crypto directly with their bank accounts
The new integration enables the direct conversion of UAE dirhams into Bitcoin and Ether using M2’s spot market.
Crypto exchange M2(@M2Exchange) announced that it will allow residents in the United Arab… pic.twitter.com/T2P5f5L1n1
— EchoeWeb (@Echoeweb) July 31, 2024
Key points:
Trade Bitcoin and Ether directly from UAE bank accounts Convert UAE dirhams into cryptocurrencies easilyRegulated by the UAE government and supported by an FSRA license, M2 aims to bridge traditional banking with cryptocurrencies, enhancing trust and security in the UAE’s crypto market. This initiative is expected to boost Bitcoin’s price by increasing accessibility and liquidity, potentially driving higher trading volumes and investor interest.
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $66,400 on the 4-hour chart timeframe. Key price levels to monitor include a pivot point at $65,600, which is crucial for determining the next price movement.
Immediate resistance is identified at $66,819, followed by subsequent resistance levels at $67,514 and $68,842. On the support side, immediate support is at $65,593, with further support levels at $64,689 and $63,692.
Daily Bitcoin Outlook: BTC is trading at $66,369. Key level: $65,600. Bullish above this, bearish below. RSI at 43.06 hints at oversold. Watch for resistance at $66,819 and support at $65,593. #Bitcoin #CryptoAnalysis #BTC #Trading #CryptoMarkets pic.twitter.com/Fxzuf0Aetl
— Arslan Ali (@forex_arslan) July 31, 2024
The technical indicators present a mixed outlook. The RSI is at 43.06, suggesting slightly oversold conditions, which might indicate potential for upward movement.
The 50-day Exponential Moving Average (EMA) stands at $66,819, reinforcing the resistance at this level. The upward trendline is providing support near $65,600, a critical level to watch.
Despite the 50 EMA and RSI indicating a bearish trend, the upward trendline could potentially drive a buying trend if Bitcoin remains above $65,600.
This level is pivotal, and holding above it could sustain bullish momentum. Conversely, dropping below this level might reinforce the bearish trend.
In conclusion, Bitcoin exhibits a bullish outlook above the $65,600 level. Maintaining this support could lead to a buying trend, while falling below it could indicate a bearish scenario.
Memegames ($MGMES) Presale: An Exciting New Meme Coin on the Horizon
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As meme coins continue to capture the crypto market’s imagination, Meme Games promises to be a standout contender.
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To join the action, secure your $MGMES tokens now during the ongoing presale. The current price of $0.009 per token will soon increase, so act quickly to take advantage of this opportunity.
Presale and Future Prospects
Meme Games is set to list on decentralized exchanges (DEX) by September 10. As the listing date approaches, the token price is expected to rise significantly.
The presale offers a great entry point for investors looking to capitalize on this potential growth. With a market cap target of $792,208, the $MGMES presale is well on its way to success.
Don’t miss out on the Meme Games presale. Secure your $MGMES tokens now at $0.009 each before the price increases.
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