Bitcoin (BTC) is back on the offensive, pumping 5% over the past 24 hours on the back of a solid bounce from a key support level.
The coin’s resilience in the face of macroeconomic headwinds appears to be restoring confidence across the entire crypto market.
Meanwhile, the presale for the new crypto education platform 99Bitcoins Token (99B) is also finding traction, raising $130,000 on its opening day.
Bitcoin Bulls Step In at Key Support Level
Bitcoin’s price has blasted back above $70,000 after a rocky past few days in what appears to be a classic bullish rebound from a key support area.
The selloff found an abundance of buyers around $67,500 yesterday morning.
Bitcoin’s 4-hour candle formed a giant wick to the downside as that level held firm – a telltale sign of massive buy orders keeping the coin afloat.
When the dust settled, Bitcoin had carved out a higher low on the intra-day charts.
Now trading at $70,600, Bitcoin has reclaimed some of the ground lost during the first few days of the week.
And there are hints that further upside could be on the cards.
Metrics like Binance’s record $8.7 billion in Bitcoin futures open interest points to enormous speculative demand.
Additionally, 24-hour spot volumes for Bitcoin have remained around $35 billion for two days straight.
With key support intact and encouraging on-chain data, traders appear to be betting that Bitcoin’s rally isn’t over yet.
Investors Double Down on BTC Despite Economic & Regulatory Uncertainty
Bitcoin’s price pump comes despite some concerning economic data and regulatory rumblings.
The coin shrugged off hotter-than-expected U.S. inflation figures for March, which initially prompted speculation that the Federal Reserve might have to extend its rate-hiking cycle.
Data showed that the March Consumer Price Index (CPI) rose 0.4% month-over-month and 3.5% year-over-year – exceeding economists’ estimates.
This led traders to adjust their expectations, and according to CME’s FedWatch tool, the likelihood of a rate cut in June is now seen as unlikely.
Bitcoin also seemed unfazed by the news that the SEC hit major DEX Uniswap with a Wells Notice – which often comes before enforcement action.
Although the news has caused concern among crypto traders on social media, Bitcoin’s price hasn’t been affected.
This resilient price action again highlights Bitcoin’s perceived value as a hedge against economic turmoil and government overreach.
Despite potentially bearish catalysts, its ability to rebound suggests investors are dismissing the noise and doubling down on the world’s largest crypto.
99Bitcoins Token Incentivizes Knowledge with Real Crypto Rewards
While Bitcoin’s 5% price pump has made headlines, another project performing well is the newly launched 99Bitcoins Token presale.
This innovative offering from the iconic 99Bitcoins education platform has been an instant hit with investors.
Despite kicking off just yesterday, the 99BTC presale has already raised an impressive $130,000 from the trading community.
It’s a testament to the brand’s decade-long reputation as a trusted source for high-quality crypto learning resources and tools.
The core premise of 99Bitcoins Token is introducing a new “Learn-to-Earn” model.
Unlike play-to-earn games or move-to-earn apps, this model incentivizes users to deepen their crypto knowledge.
The more courses, quizzes, and modules users complete, the more 99BTC tokens they’ll earn.
For example, a total newcomer who goes through all of the website’s beginner material could earn thousands of 99BTC tokens.
It’s a brilliant way of gamifying education while providing real financial rewards.
Furthermore, 99BTC holders can then stake their tokens – effectively compounding their earnings.
As noted in 99Bitcoins Token’s whitepaper, the supply of 99BTC will be capped at 99 billion, and the token will eventually be bridged to Bitcoin’s experimental BRC-20 standard.
With a strong foundation in education and established community trust, the 99Bitcoins Token project looks poised for success once launched on exchanges later this year.
