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The world’s largest crypto, Bitcoin (BTC), has been having a tough time recently and its recent drop below $60,000 has only increased concerns within the Bitcoin community. Why is Bitcoin falling and is this the best time to buy BTC ahead of a new rally?
The recent declines in the BTC price have caused Bitcoin to lose 12% compared to a month ago. Although this is not very special, in February 2023 and April 2024 the BTC price also fell by 23% and 18%, many investors wonder why the BTC price is falling, and whether these falls will stop soon.
Why is Bitcoin falling?
Bitcoin’s decline is due to several different factors. First of all, macroeconomic decisions still have a major influence on the BTC price. The recent news that the Federal Reserve will probably choose not to lower interest rates further has had a negative impact on the crypto market. These decisions come as data shows that there is still uncomfortably high inflation in both the American and European markets.
What is also striking and has a negative effect on the Bitcoin price is the disappointing performance of the Spot Bitcoin ETFs. In recent days, more capital has flowed out of these ETFs than in. And the launch of the first ETF in Hong Kong was also not as successful as expected. These ETFs previously played an important role when Bitcoin reached its new all-time high this year.
However, it’s not just macroeconomic factors or the performance of Spot Bitcoin ETFs that have helped push down Bitcoin’s price. The technical fundamentals of Bitcoin are also simply not in good shape at the moment.
Technical analysis Bitcoin price
Bitcoin RSI – Bron: TradingView
When looking at the technical indicators of Bitcoin, it quickly becomes clear that the BTC price is in difficult territory. Bitcoin’s RSI has recently dropped to 33, indicating a decline in buying momentum. In addition, the MACD histogram also gives a sell signal with a value of -1,758.
Due to the recent declines, the BTC price has also fallen below all its important moving averages for both the short and medium term. The BTC price is currently only above the 200-day EMA of $52,020. This indicates that BTC may have a very difficult time in both the short and medium term.
Bitcoin is falling – Good time to buy Bitcoin?
An underperforming Bitcoin price is actually a good time for some investors to buy BTC at reduced rates. MikyBull Crypto, a well-known crypto expert, believes that Bitcoin is around its local bottom and that the price will soon start a significant crypto rally.
MikyBull Crypto bases this prediction on, among other things, the ‘bull market support band’. This normally forms a kind of safety net during the bullish cycles of the Bitcoin price. MikyBull indicates that the BTC price appears to have reached the bottom of this ‘band’ and can therefore go up again.
In addition, he also uses the ‘global liquidity’ indicator to determine whether the Bitcoin price can rise. Simply put, this indicator shows how much money is circulating around the world. MikyBull realized that when there is a lot of money circulating in the world, Bitcoin normally does well. Now that this liquidity level is at the same level as for major Bitcoin rallies such as that of October 2022, it is expected that Bitcoin can once again realize significant gains.
The Bitcoin price therefore seems to go in two directions and many investors will therefore choose to diversify their portfolio with new cryptos. These investors will keep their eyes open for alternative cryptos that can perform well in the short term. To help with this, we have listed some of the best crypto coins for the short term below. All of these tokens are safe and have the potential to rise significantly in the short term.
99Bitcoins (99BTC) – Well-known crypto information website launches its own crypto token
99Bitcoins is a well-known name within the crypto community, as it started a website for Bitcoin information in 2010. Since 2010, the project has been able to attract a large number of daily users and now the platform already has more than 2 million users for its crypto courses. In addition, project also has 700,000 subscribers on its YouTube channel.
This well-known platform has now chosen to launch its own crypto. The main reason for this is its new and unique Learn 2 Earn system. Through this system, users can earn crypto by learning about crypto. The new native 99BTC token will be used as a reward on this platform.
Users can also pin the token to qualify for exclusive access to online webinars, trading signals and VIP community groups, among others. The 99BTC token can also be staked in exchange for passive income.
The 99BTC token is currently priced at $0.00103 in a presale that has already raised nearly $1 million in early investments. However, this price will increase when the presale enters its next phase. Tokens can be purchased via ETH, BNB, USDT and credit card.
Visit 99Bitcoins Presale
Mega Dice (DICE) – Major online casino introduces presale of native crypto token
Mega Dice is a large online casino known for its wide range of different casino games and its own sportsbook. For this reason, this casino has also been able to create a large community of users. This community can contribute significantly to the performance of the recently developed DICE token.
DICE is the native token of the Mega Dice casino and this token can be used within the platform’s casino games. Users using this token will be eligible for benefits such as cashback bonuses. The token can also be staked in exchange for attractive rewards. In the case of Mega Dice, users are even able to become part of the house the moment they lock in the DICE token.
Mega Dice hopes to match the performance of the Rollbit casino. This casino has already achieved a market cap of $1 billion through its own crypto token. Although this project has had to accept losses since then, it is still worth more than $300 million.
The DICE token is now in a presale that has already raised more than $600,000. DICE tokens currently cost $0.069 each and can be purchased via SOL, ETH and USDT.
Visit DICE Presale
Dogeverse (DOGEVERSE) – New multi-chain alternative to well-known Dogecoin
With Dogeverse, a new alternative to Dogecoin has appeared on the market. However, to distinguish itself from other Dogecoin alternatives, Dogeverse wants to develop a Multi-Chain alternative for Dogecoin. It achieves this by developing its native token for multiple blockchains.
For example, the Dogeverse token will be developed for the Solana, Ethereum, Polygon, Base, BNB and Avalanche blockchains. This way, users can also take full advantage of the best features of these blockchains.
Doger tokens can be staked in exchange for attractive rewards. There is currently an APY of no less than 85%. More than 18 billion DOGEVERSE tokens have already been secured.
DOGEVERSE’s presale has now raised more than $13 million in a short time. Tokens can still be purchased for a limited time for $0.000305 each. Tokens can be purchased via ETH, MATIC, BNB, SOL, BASE, AVAX, USDT and credit card.
Visit Dogeverse Presale
Sealana (SEAL) – New Solana memecoin
Sealana is a Solana meme coin seal who plunges into the depths of the ‘Solana Sea’. This seal is sitting behind the computer and has developed a serious physical condition due to the chips and tuna it has consumed.
Sealana is based on the World of Warcraft character from SouthPark and is the latest SOL meme coin to use a Send to Wallet presale. There are rumors that this project was developed by the same creators as the viral SLERF token. This token managed to experience massive increases in just a few weeks.
Users can purchase SEAL tokens by visiting the website or sending SOL directly to Sealana’s wallet. After the presale has been completed, participants will receive their tokens in their wallets.
Currently, 1 SOL gets you 6,900 SEAL tokens. However, this price will increase during the presale so investors will need to act as soon as possible. The wallet address of the Sealana presale is DJ15ZYXqUNMYJ3hL7z4ciSaSFAw5cbos3YjGpdvwmF6c.
Visit Sealana Website
WienerAI (WAI) – New memecoin combines worlds of AI crypto and memecoins
WienerAI is a new memecoin that is working to bring the worlds of AI crypto and memecoins together. This means that the project can count on a large audience of interested investors from both the AI crypto and memecoin communities.
Like many other memecoins, WienerAI uses a dog mascot. In the case of WienerAI, however, this is a ‘wiener’ dog that is influenced by AI and therefore forms the ultimate companion.
WienerAI’s native token, WAI, can be staked in exchange for significantly high returns. This return is currently even above 1,100%. Although this percentage will still decline, early investors can already realize significant profits.
WAI tokens are currently in a presale that has already raised over $750,000. Tokens currently cost $0.000703 each, but will continue to rise within a limited time. Tokens can be purchased via ETH, BNB, USDT and credit card.
Visit WienerAI Presale
Disclaimer: This is a paid article, from a third party. Cryptocurrencies are a highly volatile and unregulated investment. Readers should do their own research before taking any action regarding the promoted company or any of its mentioned businesses or services. CryptoBenelux is not responsible, directly or indirectly, for any damage or loss caused by or in connection with reliance on goods, services or content mentioned in the press release.
Source: https://cryptobenelux.com/2024/05/03/crypto-expert-onthult-waarom-bitcoin-daalt-btc-kopen-koers-nu-dipt-voor-nieuwe-crypto-rally/
