Bitcoin Price Prediction Competition to Earn Tokens Nears 3 Million as US Government Sends 240 Million in Bitcoin to Coinbase

Bijie.com reported:
As of 00:57 Eastern Time, the price of Bitcoin has plummeted by 1% in the past 24 hours to $61,127, with trading volume dropping by 20% to $21 billion.
At the same time, the U.S. government transferred 3940 Bitcoins worth $240 million to the Coinbase Prime Address. It is said that the BTC was originally confiscated from the Silk Road vendor and drug dealer Banmet Singh in a trial in January.
Update: U.S. government sends $240 million worth of BTC to Coinbase Prime The U.S. government has just sent 3.94 billion BTC ($2.4 billion) to Coinbase Prime. This BTC was originally seized from the drug dealer Banmet Singh and confiscated in a trial in January 2024. Transaction https://t.co/hZ1CwqWCmF pic.twitter.com/9t6k8Wdizq – Arkham (@ArkhamIntel) June 26, 2024
On April 2, a wallet associated with U.S. authorities transferred $2 billion worth of Bitcoin, which at the time sparked speculation of a selloff. This is why the market and BTC only experienced a slight decline after this recent transaction.
However, according to data from GeckoTerminal, BTC has still fallen below the key support of $62,000.
Bitcoin price set to reverse bull market trend
BTCUSD chart analysis source: GeckoTerminal.com
The price of Bitcoin is preparing for a significant price reversal at the lower limit of the bull market triangle flag pattern. The BTC price is far above the 200-day Simple Moving Average (SMA), confirming a long-term bullish trend.
In addition, the 50-day SMA serves as immediate resistance around $66,469.
The Relative Strength Index (RSI) also corresponds to the slight pullback in the price of Bitcoin, as the RSI has dropped to an oversold level of 30, currently at 32, indicating significant selling pressure.
According to BTC price analysis on the 1-day chart, BTC has been in a downtrend in recent days. If the bears maintain a bearish trend, the price of Bitcoin may break the support zone of $60,000, as the bulls fall back to the support level of $57,818, coinciding with the 200-day SMA.
Conversely, the RSI is already trading within oversold levels, which may be a signal for bullish repurchase activity. In this case, bulls may see a reversal of the bull market trend on the triangle flag, with a target of $90,000.
Meanwhile, as supporters of the rising price of Bitcoin seek support to boost cryptocurrency, investors may consider turning to the 99Bitcoin (99BTC) platform for earning opportunities.
Renowned crypto YouTuber Jacob Bury suggested that 99BTC has the potential to turn $10,000 into $1 million after its launch.
99Bitcoin presale breaks $2.3 million: Is this the best cryptocurrency to buy now?
In the explosive presale of the new 99BTC token, 99Bitcoins website is set to relaunch in the third quarter of this year.
99Bitcoins is an educational platform with over 700,000 subscribers on its YouTube channel and over 2 million people registered for its courses.
The platform aims to enhance the learning experience by gamifying Bitcoin education. Users complete challenges and courses to earn higher rankings and receive rewards in 99BTC.
L2E narrative may be the next big event in cryptocurrency, and the presale of 99BTC has already accumulated over $2.3 million.
99BTC is also integrated with BRC-20, allowing users to easily build dApps on the Bitcoin network.
BRC-20 launches 99BTC!