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Bitcoin’s price fell 2% in the past 24 hours to trade at $62.7k as of 4:45 a.m. EST, on trading volume that jumped 43% to $28.08 billion.
Despite the current price decline, Bitcoin has seen some positive developments recently, particularly in the area of Bitcoin spot ETFs. According to reports, Bitcoin spot exchange-traded funds in the US have seen investor confidence rise, with cumulative net inflows reaching a new record high.
Data from Farside Investors shows that Bitcoin ETFs saw a net inflow of $202.6 million yesterday, August 26. This puts the total net inflows into this investment product above the $18 billion mark. Commenting on the situation, Bitget Wallet COO Alvin Kan speculated that investors are likely moving towards more stable assets, and the surge in investments in spot Bitcoin ETFs reflects their growing confidence in BTC.
As for Bitcoin itself, the cryptocurrency experienced a major price surge on August 23, which allowed it to break through the resistance at $61,000 and climb all the way to $64,000. Since then, the cryptocurrency has been moving sideways until it began to experience a slight decline over the past 24 hours.
Bitcoin Price Prediction
Bitcoin price has been correcting for over 24 hours now, but compared to its August 23 rally, the correction hasn’t been as sharp. This also suggests that some traders decided to take profits after the coin hit $64,000, but this isn’t a panicked sell-off by holders looking to get rid of their BTC quickly.
Moreover, Bitcoin could rebound in the near future. Its Bollinger Bands have recently narrowed, which is a bearish signal, and its price remains within the lower band, which confirms that some bearish sentiment still reigns in the market.
However, the cryptocurrency’s Relative Strength Index (RSI) value is fluctuating between the neutral and oversold zones, suggesting a possible recovery in the near future. With a strong positive catalyst, Bitcoin could easily make up for the losses seen in the past few days and return to the resistance at $64,000.
It could even break it and climb even higher, especially since some experts have recently speculated that the coin could soon climb as high as $68,000. Its current RSI value certainly shows that there is still plenty of room for growth, so it is not out of the question for BTC to see a sharp rise in the coming days. Nevertheless, its recent fluctuations show that this is a risky period for the coin, so traders who intend to buy in the near future should be extremely cautious.
Promising alternatives to Bitcoin
As Bitcoin corrects and seeks its new bottom, many investors are turning to alternatives that do not carry much risk. One option available today is in the Solana ecosystem, in the form of its most promising new GameFi token, Mega Dice (DICE).
Mega Dice is a new cryptocurrency coming from an established and rather popular crypto casino, also known as Mega Dice. The casino has been allowing its customers to place bets using cryptocurrencies for years, and it is now preparing to launch its own native token. With over 50,000 registered users, over 10,000 monthly active users, and over 4,000 games and sports to bet on, it is one of the most popular gambling platforms around.
Additionally, those who join the DICE presale and become Mega Dice holders will have access to unique perks. They will be entitled to daily rewards that vary based on casino performance, access to limited edition NFTs, early bird bonuses if they sign up during the ICO, and even high referral rewards.
Refer and earn with $DICE! 🚀💰
Exciting news! You can still refer users to the Mega Dice presale and earn a generous 10% commission on all referral purchases. Here’s a simple guide to get started:
1. Visit: https://t.co/E5WFsXQhfQ.
2. Login: Connect your wallet.
3.… pic.twitter.com/6W2nDy85mE– Mega Dice Casino (@megadice) August 26, 2024
The DICE ICO has been around for a while now and is currently on its way to its second million. So far, it has raised $1.75 million and is now just $250,000 away from the next milestone. As for its DICE token, it is currently selling for just $0.110529 and you can buy it with SOL, ETH, or BNB.
The project is also in the final stages of its $2.25 million airdrop, which has been split into three seasons. Seasons 1 and 2 have already ended, but Season 3 is still ongoing, and you still have a chance to join in and win some cash. All you have to do is stake $5,000 or more over a 21-day period. A popular crypto YouTuber, TodayTrader, explained it all in his video that explains how to qualify for the DICE airdrop.
Visit the official DICE website.
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