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Bitcoin price has increased by a fraction of a percentage in the last 24 hours to negotiate at $58,346 at 3:36 a.m. EST on trading volume that jumped 5% to $34 billion.
This comes as approximately 24,300 Bitcoin options contracts expire today, with a notional value of approximately $1.4 billion.
Will Bitcoin fall after options expire, after stagnating around $58,000 for the past two days?
Bitcoin Price Could Rebound
Bitcoin price movements in July formed a rounding top pattern as bears took control of the price and pushed it towards the $49,000 support. However, in August, Bitcoin price invalidated the bearish sentiments of the pattern, climbing all the way to the $63,000 resistance, according to data from GeckoTerminal.
BTC has been moving within a descending channel pattern since then, but bulls are targeting a price bounce above the channel.
Bitcoin price is still trading below the 50-day and 200-day simple moving averages (SMA), supporting bearish moves from its resistance level.
Additionally, the Relative Strength Index (RSI) is currently trading slightly below the neutral level at 43, indicating that bulls are accumulating and targeting a bounce off the channel.
According to Bitcoin price analysis, BTC is currently bearish but shows that the bulls are preparing for a bounce on the descending channel pattern. If the bulls take control of the price at this level, BTC could surge as buyers look to target $68,000.
However, if the bears maintain the current pressure, Bitcoin price could plunge back to the $54,314 support zone.
Meanwhile, as Bitcoin’s price eyes a rise, investors are flocking to a Shiba Inu derivative called Penalty Shootout Against Shiba ($SHIBASHOOT)which raised over $961,000 through its explosive pre-sale.
According to an analyst from crypto chain 99Bitcoins, investors who buy $SHIBASHOOT have the opportunity to earn insane rewards.
Shiba Shootout presale surpasses $961,000, nears $1.6 million goal
Shiba Shootout creates a Wild West-inspired environment that pushes the conventional boundaries of cryptography. It offers an adventurous experience that blends creativity, strategy, and the allure of a cowboy duel.
Hurry up! 🚀 The next price increase is coming soon!
Join our community NOW and claim your free tokens before it’s too late! 🎉
Join us on: pic.twitter.com/t8H6MqqhSE
— shibashootout (@shibashootout) July 31, 2024
Users can navigate the crypto world with the flair of a Shiba cowboy, participating in thrilling, high-stakes battles with plenty of entertainment and reward opportunities. The project’s main attraction, a play-to-earn (P2E) mobile game, immerses players in Shiba Gulch, a dynamic battleground where they can earn $SHIBASHOOT tokens.
In addition to P2E crypto gaming in Shiba Gulch, $SHIBASHOOT holders can earn passively through the platform’s staking mechanism, offering annual rewards of 985%.
Additionally, the developing ecosystem includes Posse Rewards, where users can invite friends to join the community. Both parties can then earn bonus Shiba Shootout tokens for each new sign-up.
If you want to participate in the presale, you can buy the token for $0.0199. But hurry up because the price will increase in less than seven days.
You can buy SHIBASHOOT tokens on the official website here using ETH, BNB, USDT or a bank card.
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