The Bitcoin price has dropped by 0.5% in the past 24 hours, with its reading of $66,155 also making for a loss of 0.7% in the past hour.
Its minor change comes as the cryptocurrency market as a whole falls by 0.5% today, with BTC down by 4.5% in a week.
However, the market’s biggest cryptocurrency holds onto a nice 148% gain in a year, with much of this increase stemming from January’s launch of several Bitcoin ETFs.
And given that it almost always leads market rallies, its next move up should arrive very soon.
Bitcoin Price Consolidates at Support – When is the Next Move Up?
Bitcoin has been having a rough time since June 7, when it dived from around $71,000 to $69,000.
Since then it has declined even further, dripping to $66,000 today and showing the signs of poor momentum.
For one, its relative strength index (purple) has declined to 40 today, having spent nearly two weeks mostly below 50.
At the same time, BTC’s 30-day moving average (orange) continues to remain well below the 200-day (blue), implying that it and the coin’s price should recover soon.
However, one thing not supporting an imminent recovery is the coin’s support level (green), which like the resistance level (red) has been dropping steadily for a while now.
🚨 🚨 🚨 879 #BTC (57,613,087 USD) transferred from Coinbase Institutional to #Coinbasehttps://t.co/SO5q5anDIC
— Whale Alert (@whale_alert) June 14, 2024
At the moment, it seems that whales are likelier to offload BTC, with some perhaps still taking profits from the coin, which remains considerably higher than where it was a few months ago, let alone a year ago.
Yet the fact that it is still up is good news, since it suggests that Bitcoin remains within a longer term upwards trend.
It’s likely that it rally again soon, both because the market has oversold it a little, and because we expect the first spot-based Ethereum ETFs to launch in the next few weeks.
When this happens, the whole market will receive a lift, including BTC.
And more generally, the market is likely to pick up more towards the end of the year, with the Federal Reserve likely to introduce a much-anticipated rate cut by September.
Such cates may pave the way for more funds and institutions to buy into the existing BTC ETFs, pushing the Bitcoin price higher.
It could reach $70,000 by the end of the summer, and top $80,000 by the end of 2024.
Diversification with High-Potential Meme Tokens
BTC easily remains the safest bet in the cryptocurrency market, but traders looking for potential exposure to short-term and big gains would also do well to diversify into newer alts.
This includes meme tokens, with several promising coins emerging in recent weeks and gaining momentum through their presales.
A case in point is Base Dawgz (DAWGZ), a multi-chain cryptocurrency that has already raised more than $1.5 million in its popular sale.
Who's jumping with us? $DAWGZ pic.twitter.com/ADp3dRpeDZ
— Base Dawgz (@BaseDawgz) June 16, 2024
What’s interesting about DAWGZ is that it will operate on five networks, Ethereum, Base, Solana, Avalanche and BNB Chain.
This widens its availability to investors and users, with DAWGZ potentially opening itself to gaining traction on multiple apps and platforms.
It also helps that DAWGZ has taken the tried-and-tested Shiba Inu dog as its meme, albeit with a base-jumping, extreme-sports edge.
Given that it has been very quick to raise $1.5 million, its stylings appear to be doing an effective job of attracting buyers.
It will have a max token supply of 8.453 billion DAWGZ, with 20% going to the sale.
On top of this, holders will be able to stake the token, earning themselves a passive income while also causing a supply squeeze.
As such, DAWGZ could really see its price grow steadily upon launch, with the sale aiming to raise a minimum of $8 million.
It will lists first on DEXes and then on CEXes, with investors able to buy it via its presale at the official Base Dawgz website.
1 DAWGZ currently costs $0.00502, although it’s likely to surge over this price once it lists.
Buy DAWGZ Now