Bitcoin bounces off long-term support

The price of Bitcoin it lost 0.5% in the last 24 hours, after hitting i $64,576 on a day when the cryptocurrency market as a whole fell 2%.

The leading cryptocurrency has lost 2.5% in the last seven days and 5% in the last fortnight, following the recent loss of momentum due to the postponement of the rate cut on the part of Fed last week.

However, Bitcoin has gained 146% over the past year, with the start of 2024 seeing a vigorous rally thanks to demand for ETFs which increased the price.

And given that it bounced off the $64,500 support level early this morning, it may be about to make a strong rally very soon.

Bitcoin price bounces off long-term support: is it time to buy?

As the chart and indicators show, it looks like Bitcoin is starting to rebound after hitting bottom.

Its relative strength index (purple line) has climbed back to 50 after dipping below 40 this morning, a sign of momentum on the way.

Given that theCSR spent much of last week below 50, for Bitcoin it seems the time has come for a rebound.

The 30-day moving average (orange line) suggests something similar, as it was also below the 200-day average (blue line) in the last seven days.

In other words, the market has apparently oversold BTCwhich bounced off its long-term support level this morning (green Line).

All signs therefore point to new growth for Bitcoinwith the cryptocurrency also seeing some big purchases in recent days.

Whales are clearly taking advantage of what looks like a big discount, and their accumulation implies that they expect a strong recovery sooner rather than later.

This recovery is likely to occur in conjunction with that of the market in general, which will find support when the first ETFs on Ethereum.

This could happen in the coming weeks, pushing up not only the price of ETHbut also the demand for cryptocurrencies in general.

And as a market leader, too Bitcoin will soon see an increase.

Another factor that will help the price of Bitcoin will be the introduction of rate cuts, with several central banks having already started cutting their rates in recent weeks.

There Federal Reserve it could do the same by winter, which would increase demand for assets like Bitcoin.

Therefore, the price of Bitcoin may return to $70,000 by the end of summer and reach $80,000 by the new year.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

Diversify with a high-potential presale token

Although almost all cryptocurrency investors are advised to have some Bitcoin in your portfolio, it might be a good idea to diversify by allocating smaller capitalization tokens.

This strategy can help increase exposure to potential upside, and several presale tokens look very promising right now.

One of the most interesting new presales is that of 99Bitcoins (99BTC)an ERC-20 coin that will serve as a native token in the learning website’s ecosystem 99Bitcoins.

Launched in 2013, the platform 99Bitcoins offers beginner and intermediate traders learning resources and trading tools; his name is one of the most recognized in the cryptocurrency space.

A couple of months ago it opened the presale of its token and has already raised just over $2.2 million.

This represents a strong signal of interest in the 99BTC tokenwhich will have a strong utility within the platform and website 99Bitcoinsto pay for services and other features.

As a token, it will have a maximum supply of 99 billion, and the pre-sale will receive 15% of this supply.

The interesting aspect of 99Bitcoins is that, after launching on Ethereum, it will bridge to the Bitcoin blockchain itself, and pre-existing holders will be able to convert their tokens to BRC-20 equivalents.

This will give the token greater utility and accessibility and, in turn, should help increase its adoption and price.

The presale of 99BTC token will end in the next few weeks, but investors can still participate by connecting their wallet to the 99Bitcoins website and purchasing 99BTC tokens at the unit price of $0.0011.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

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