Bitcoin is trading just above $65,000, experiencing a 1.25% correction after its recent rally. This uptrend was caused by weak US CPI statistics, dovish sentiment on the FOMC, and a break from the symmetrical triangle pattern.
Despite this slight bearish correction, Bitcoin price predictions remain It's bullish.
Bitcoin supply on exchanges hits new lows amid bullish market
Bitcoin (BTC) supply on centralized exchanges (CEX) has fallen to a new low following increased market activity over the past 48 hours. According to on-chain analytics firm Glassnode, Bitcoin supply on exchanges currently stands at 1,728,782 BTC, reflecting a significant decline due to the growing bullish mood.
In the past 24 hours, 23,654 BTC has left the exchange, bringing the weekly outflow amount to 19,859 BTC. Monthly flows also decreased, with only 9,509 BTC moved. This decline suggests bullish pressure is building as traders move assets off exchanges.
Key Point:
- Binance saw an outflow of 7,155 BTC, while Coinbase Pro recorded an outflow of 16,075 BTC.
- A large amount of funds moving out of the exchange indicates long-term holding and bullish sentiment in the market.
- Strong CPI data and the disclosure of new institutional spot ETFs have fueled recent market activity.
This week, several traditional financial companies revealed their exposure to spot Bitcoin ETFs, sending prices even higher.
Andrew Tate plans to invest $100 million in Bitcoin
British-American social media personality and former professional kickboxer Andrew Tate has announced plans to invest heavily in Bitcoin, expressing his dissatisfaction with traditional banks and their practices.
“I am moving away from fiat currency completely,” Tate declared. “Enough is time for banks and their fraudulent practices.”
Tate shared his next plans. Social media platformannounced his intention to move away from fiat currencies and invest $100 million in Bitcoin.
I know I shouldn't do this in chaotic times, but I'm moving away from fiat currency completely and trying to save up over 100 million Bitcoins.
And I will prove that I did it too.
I'm done with the bank.
Their money is already spent.
The fraud is over.
Then go to the boat.
— Andrew Tate (@Cobratate) May 15, 2024
He highlighted his dissatisfaction with the banking system, expressed confidence in his decisions and even planned to show proof of his investments later.
Key Point:
- Mr. Tate intends to move $100 million from fiat currency to Bitcoin.
- He criticized the bank, calling its actions fraudulent.
- Despite some skepticism from X users, Tate remains enthusiastic about investing in cryptocurrencies.
Andrew Tate, known for his controversial online presence and career as a kickboxer, has been involved in crypto-related news before.
Romanian authorities seized significant assets from him, including Bitcoin. In a video by a criminal lawyer, Tate promoted Bitcoin for tax evasion and hinted at launching his own cryptocurrency. He is also part of the meme stock movement, having invested $6 million in GameStop even though his net worth is around $11 million.
Bitcoin price prediction
If we look at the technical side of the market, Bitcoin price prediction has fallen below the $66,600 level and is showing signs of retracement. It has already completed the 38.2% Fibonacci retracement near the $64,750 level, which is currently acting as a major support for BTC and is also today's pivot point. As long as Bitcoin remains above this level, a bullish rebound is likely.
In this scenario, the immediate resistance is likely to be around the $66,600 level. If Bitcoin breaks above this level, the next resistance level will be around $67,820, with $69,000 posing a further hurdle.
Conversely, if the market continues to show a bearish correction, a break below the $64,750 level could send BTC down to the $63,300 level.
Additionally, the 4-hourly 50-day exponential moving average (EMA) is likely to provide support for BTC near the $63,150 level, increasing the likelihood of a bullish bounce from this level. However, increased selling pressure could trigger a bearish crossover below the 50-day EMA, with $61,500 or $61,200 potentially acting as further support levels.
Finally, the Relative Strength Index (RSI) has already broken out of the overbought zone and is currently hovering around 62, still in bullish territory.
Current trends: Buyers should keep an eye on the important $64,750 and $63,300 levels. A buying trend above these levels remains likely.
Secure early profits with 99Bitcoins presale
99Bitcoins, a leader in digital education, is transforming the way users learn about cryptocurrencies through its “earn while you learn” platform. Participants can enhance their knowledge while earning 99BTC tokens and effectively grow both their expertise and investment portfolio.
The current 99BTC token pre-sale offers an attractive entry price for early participants and is attracting the attention of savvy investors.
Exclusive early access to 99Bitcoins
This presale is a rare opportunity for early investors to secure 99BTC tokens at a competitive price of $0.00103 each. These tokens are not just a reward mechanism, they also provide access to premium content and additional benefits within the community.
Act fast – limited time offer
To date, $1,284,373 has been raised in the presale and we are on track to our goal of $2,036,443. With just over 3 days left until the next pricing step, this is a pivotal moment to invest in $99BTC and start benefiting from instant staking opportunities.
Disclaimer: Cryptocurrency is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You could lose all your capital.
