Bitcoin has been struggling to break out of its bearish trend, with the price remaining around $67,824 and hitting a low of $66,600. This decline was exacerbated by positive US economic data, which reduced expectations of a Fed rate cut in September. Investors are now looking for clues from Fed officials, particularly Fed’s Waller, who is set to speak soon. These remarks could impact Bitcoin prices, as well as upcoming reports on US Durable Goods Orders and Michigan Consumer Sentiment Index.
The strengthening US dollar, along with positive economic data, has put pressure on the cryptocurrency market, including Bitcoin. Atlanta Fed President Raphael Bostic expressed concerns about inflation, hinting at the Fed potentially maintaining higher rates to prevent economic overheating. The chances of unchanged rates in September have increased, with US Initial Jobless Claims falling and PMI data exceeding expectations. This stronger dollar and positive indicators have made Bitcoin and other crypto investments less appealing due to higher opportunity costs.
Recent regulatory changes in the US have sparked a bullish trend for Bitcoin. Congress members are pushing for the SEC to approve spot Ethereum ETFs, and the FIT21 bill has clarified cryptocurrency regulations. Additionally, major Bitcoin holders have accumulated a significant amount of BTC, and there has been increased activity in Bitcoin-linked ETFs, with substantial inflows. These regulatory changes and positive developments have boosted demand for Bitcoin and increased investment by whales.
Bitcoin’s current trading price sits at $67,835, down 2.25% over the past 24 hours, indicating a bearish trend. The 4-hour chart shows a pivot point at $68,263, with resistance levels at $70,029, $71,458, and $73,299, and support levels at $66,357, $64,947, and $63,490. The RSI is at 40, approaching oversold conditions, and the 50-day EMA at $68,615 signals a bearish trend as Bitcoin trades below this average. A break above $68,250 could shift the trend to bullish, while a continued decline could lead to further losses.
The Mega Dice presale is nearing its final stage, having raised $1.34 million with over 19 million $DICE tokens sold out of 28 million. The growing interest in crypto-integrated iGaming platforms is evident in this surge in investment, with Mega Dice making significant strides in the Web3 space. The platform has reached 10,000 members in the $DICE Telegram SuperCommunity, where discussions about utilities, partnerships, and technical support take place. Mega Dice uses the $DICE token to enhance the online gaming experience, offering players entry into competitions and access to a loyalty program with rewards and VIP experiences. The buyback and burn strategy aims to maintain token scarcity and boost market value, making it a pivotal time for potential investors to join the presale before the price increases.
