The Bitcoin price is facing strong selling pressure, owing to the Federal Reserve’s renewed hawkish stance.
BTC is down by nearly 5% over the past week and is struggling to hold on above the $66,000 price mark - currently exchanging hands at $66,100 at press time.
However, popular crypto analyst Nebraskangooner - who has close to 350k followers on X - reveals that the largest digital asset’s troubles may just be starting.
He projects that the Bitcoin price could plummet to the $60,000 - $61,000 range, especially if it fails to reclaim the $66,275 support level.
Smart money traders are already divesting into crypto presales, considering their lack of short-term volatility. For instance, a new BRC-20 token 99Bitcoins - that could act as a leveraged bet on BTC after its launch - is in high demand.
Why Is Bitcoin Down Today?
Rising macroeconomic risks once again resulted in a steep correction in crypto prices, delaying the next leg of the bull market. Interestingly, Bitcoin fared much better in comparison to the altcoins, many of which - including Worldcoin and Floki - are down by over 30% in the past week.
While last Wednesday’s FOMC meeting was in line with the market’s expectations - keeping the Federal Funds Rate unchanged - Fed Chair Jerome Powell adopted a surprisingly hawkish stance in his press conference.
Additionally, the Fed’s Summary of Economic Projections - or the dot plot - signalled only one rate cut this year. The Fed’s inflation forecast for 2024 has also increased from 2.4% to 2.6% while its mean core PCE forecast ticked up from 2.6% to 2.8%.
The hawkish FOMC overshadowed the better-than-expected CPI and PPI prints, resulting in substantial sell-offs in the crypto market.
Could the Bitcoin Price Fall to $60,000?
The bulls failed to defend the $66,275 support level last week, with the Bitcoin price falling as low as $65,500 on Friday. Nebraskangooner highlights that Bitcoin’s daily on-balance volume is losing support, which could result in a larger price correction.
#BitcoinDaily OBV losing support.A loss of $66,275 support would likely send us back to $60,000-$61,000 area. pic.twitter.com/RQMVMaTomZ
— Nebraskangooner (@Nebraskangooner) June 13, 2024
While BTC succeeded in avoiding a weekly close below the $66,275 support, it is still facing significant selling pressure that could put the bears in control and drive the price down to $60,000.
The crypto market is in desperate need of a bullish catalyst to prevent the aforementioned dire scenario. All eyes are now on the spot Ethereum ETFs and when they could go live.
SEC Chair Gary Gensler recently gave a vague response regarding it, stating that the ETFs could hit the market at some point over the summer. However, Bloomberg analyst Eric Balchunas believes that the launch date could be as early as July 2nd.
UPDATE: we are moving up our over/under date for the launch of spot Ether ETF to July 2nd, hearing the Staff sent issuers comments on S-1s today, and they're pretty light, nothing major, asking for them back in a week. Decent chance they work to declare them effective the next… https://t.co/XJZ8JLwEFF
— Eric Balchunas (@EricBalchunas) June 14, 2024
Until then, the bulls need to at least maintain a consolidatory price action or risk visiting much lower levels.
New BRC-20 Token 99Bitcoins Raises $2 Million - Is it A Better Alternative to BTC?
The weakness in Bitcoin and other large-cap altcoins has resulted in investors divesting into low-cap altcoins and crypto presales.
A new BRC-20 token - 99Bitcoins (99BTC) - has raised over $2 million in its ICO. As such, BRC-20 tokens are in high demand, with experts believing they can act as beta bets on Bitcoin.
🎉 BIG NEWS! 🎉We’ve officially raised over $2 MILLION in our $99BTC #Presale! 🚀🔥A massive THANK YOU! 🙌Join the ultimate learning tool where you can earn while you learn.Don’t miss out—get started today! 👉 https://t.co/NXD7DAamqr#99Bitcoins #BTC #Crypto #Learn2Earn pic.twitter.com/zpDn90jBM3
— 99Bitcoins (@99BitcoinsHQ) June 10, 2024
However, while most new cryptocurrencies turn out to be pump-and-dump schemes, 99BTC has the added advantage of having a trustworthy developer team with a strong reputation in the industry.
Indeed, 99Bitcoins is not a new name in the cryptosphere. With close to 3 million subscribers across its website and YouTube channel, 99Bitcoins is one of the top crypto educational platforms. It was founded in 2013, even before the launch of the Ethereum blockchain.
The new 99BTC token is now set to transform this educational platform into a learn-to-earn ecosystem. Token holders will earn free crypto for completing 99Bitcoins’ learning material, in addition to alpha trading signals, exclusive access to VIP trading groups and staking rewards.
Owing to its BRC-20 nature and learn-to-earn utility, smart money traders are quite bullish on the project, with some even hinting at the possibility of 10x returns.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
