Bitcoin’s price has recently experienced a slight decline, dropping by 0.5% over the past 24 hours to $66,155. This represents a 0.7% decrease in just the last hour. The broader cryptocurrency market has also seen a 0.5% drop today, with Bitcoin down by 4.5% over the past week. Despite these short-term fluctuations, Bitcoin has still managed to maintain a significant 148% gain over the past year, largely driven by the introduction of several Bitcoin ETFs in January. As Bitcoin traditionally leads market rallies, it is expected to make its next move upward shortly.
Bitcoin’s price has been struggling since June 7, when it fell from $71,000 to $69,000. Since then, it has continued to decline, reaching $66,000 today and showing signs of weak momentum. The relative strength index has dropped to 40, indicating a lack of bullish momentum. However, the 30-day moving average remains below the 200-day moving average, suggesting a potential recovery in the near future. Despite these indicators, the support level has been steadily declining, indicating that some investors may be selling off Bitcoin, potentially taking profits from its increased value compared to previous months.
While the short-term outlook may seem uncertain, there are reasons to be optimistic about Bitcoin’s long-term prospects. The market is currently oversold, and the launch of the first spot-based Ethereum ETFs in the coming weeks is expected to boost the overall market, including Bitcoin. Additionally, the Federal Reserve is anticipated to introduce a rate cut by September, which could attract more institutional investors to Bitcoin ETFs, further driving up the price. It is possible that Bitcoin could reach $70,000 by the end of the summer and exceed $80,000 by the end of 2024.
In addition to Bitcoin, traders seeking short-term gains may consider diversifying into newer altcoins, such as meme tokens. One promising example is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has raised over $1.5 million in its presale. DAWGZ operates on five networks, expanding its reach to a wider range of investors and users. With its unique branding featuring the Shiba Inu dog in extreme sports settings, DAWGZ has attracted significant interest, with plans to raise a minimum of $8 million. Investors can participate in the presale on the official Base Dawgz website, with each DAWGZ token currently priced at $0.00502. While DAWGZ is a high-risk asset, it offers the potential for significant gains for those willing to take the risk.
