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Bitcoin prices have fallen a few percent over the past 24 hours, trading at $65,720 as of 04:01 a.m. ET. Trading volume fell 5% to $34 billion.
Recently, asset management firm Hashdex proposed a combined spot Bitcoin and Ethereum ETF (Exchange Traded Fund) to the U.S. Securities and Exchange Commission. The Hashdex Nasdaq Crypto Index US ETF aims to provide investors with direct exposure to the two leading cryptocurrencies Bitcoin and Ethereum.
Hashdex plans to use Coinbase and BitGo to custody its Bitcoin and Ethereum holdings. The SEC has 90 days to review the proposal, with a final decision expected in March 2025.
James Seifart, an ETF analyst at Bloomberg Intelligence, noted that the ETF could include other digital assets if approved by the SEC.
@hashdex Crypto Index ETF already traded in Brazil. Here are the current holdings and their weightings in the fund. 90% is Bitcoin and Ethereum.
pic.twitter.com/5yRCDsfUs0
– James Seyfart (@JSeyff)
June 18, 2024
Bitcoin Price Outlook:
Bulls target $77,000
BTCUSD chart analysis source: GeckoTerminal.com
Since May, Bitcoin price has utilized an inverse head and shoulders pattern to push the coin to a resistance zone of approximately $72,108, data from GeckoTerminal shows. However, Bitcoin price has been trading within this range, within a consolidation channel.
In the past week, bears seemed to have won the dominant position, pushing the coin downwards and breaking through the lower boundary of the channel.
BTC price also declined below the 50-day and 200-day simple moving averages (SMAs), both of which are currently acting as immediate resistance levels at $66,658 and $68,069.
Furthermore, the Relative Strength Index (RSI) is also trading below the 50 midline level and is currently at 47, but is showing signs of rising, which could signal an impending buying frenzy.
Bitcoin Price Prediction
Bitcoin price analysis on the 4-hour chart shows that Bitcoin price is currently in a downtrend having broken out of the lower boundary of the consolidation channel.
Furthermore, the 50-day SMA has fallen below the 200-day SMA, forming a death cross at around $67,887. The death cross could encourage investors to sell the asset, further pushing BTC price towards the next support level of around $63,000.
However, if the bulls initiate a trend reversal at this level and break above the $66,658 resistance level, BTC could offset the bearish sentiment and surge above the channel with bulls targeting $77,000.
Meanwhile, some investors are looking for Bitcoin-themed tokens that could benefit from another bull run. One such token is 99BTC, which has raised more than $2.2 million in its presale.
99Bitcoins presale surges to $2.2 million
99Bitcoins (99BTC) has been a mainstay in cryptocurrency education since 2013. It has over 2 million registered users of its courses on its platform and over 700,000 YouTube subscribers.
With the launch of the ICO, the project plans to incentivize learning through a “learn and earn” concept, where users can advance their blockchain knowledge through interactive courses and quizzes on the 99Bitcoins platform while earning 99BTC.
Users who hold 99BTC tokens can also benefit from an attractive annual percentage yield (APY), which currently stands at 759%.
According to cryptocurrency analyst and YouTuber Jacob Burry, the 99BTC token could grow 10 times after its launch.
You can buy 99BTC tokens for $0.0011 each. The price will increase in less than six days, so hurry up and buy now to lock in the best deal.
To join the pre-sale,
Buy 99BTC with ETH, USDT or bank card here
Official website.
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