Bitcoin Moves Sideways While Wall Street Memes Posses As A Strong Contender
Bitcoin has struggled to maintain its bullish trend after its July 14 rally. However, despite recording a significant decline, BTC's value is still 19% higher than its price in the past year, according to CoinGecko.
While the flagship cryptocurrency has declined nearly 1% in the last 24 hours, technical indicators signal bullish momentum. But will Bitcoin retain this momentum? Let's explore the possibilities.
Bitcoin Price Actions
TradingView data shows that Bitcoin has exhibited negative movement since August 9 and has dropped slightly by 4% in the past month.
Today, the coin trades at $29,395, reflecting a negligible price fall below 1% in the last 24 hours. However, CoinGecko data shows it has added almost 1% to its past week's price.
BTC Price Analysis
The chart above shows that BTC trades above the 200-Day Simple Moving Average (SMA), a long-term bullish signal.
Bitcoin's Moving Average Convergence/Divergence (MACD) has formed green histogram bars as the MACD gradually emerges above the signal line. This observation suggests the buying pressure is building as few buyers enter the market.
However, the Relative Strength Index is at 48.66, in the neutral zone, and suggests a balanced position between buyers and sellers in the market. BTC could retest $29,500 if the bulls apply more pressure in the coming days.
BTC's Support and Resistance LevelsIf the bears in the market increase selling pressure, their actions could cause BTC's value hit the $28,622 support in the next few days.
Moreover, negative market sentiments might continue if the bears sustain the bearish trend. This will force traders to enter short positions to evade further losses. This situation could further drag the asset's market price to the $26,693 support.
However, if the bulls manage to snatch control of the market, there is a tendency that Bitcoin might rally to the $31,648 resistance.
Factors That May Affect Bitcoin's Market BehaviorOptimism about the SEC's endorsement of spot BTC ETFs remains high. Recent reports noted that the U.S. alone could make up to 99.5% of the world crypto ETF trading volume if the SEC approves spot BTC ETFs.
Again, Eric Balchunas, a senior ETF analyst at Bloomberg, said in a tweet that North America alone made up 98% of the entire trading volume of crypto ETF. Recall the US SEC received several ETF applications in the past months.
Another good chart from the report is this one: North America accounts for 98% of all the crypto ETF trading volume in the world. If/when spot ETFs come out in US this will likely go to like 99.5%. pic.twitter.com/nEF7dcaQu4
- Eric Balchunas (@EricBalchunas) August 10, 2023
In a Bloomberg interview, ARK Invest CEO Cathie Wood speculated that SEC might have been waiting to approve several ETF applications simultaneously. However, SEC has decided to share its decision on 21Shares' and ARK Invest's joint Bitcoin ETF application on August 13.
The SEC's approval for BTC spot ETF could affect the market behavior of BTC because of the likelihood of attracting more institutions to invest in Bitcoin.
Wall Street Memes ($WSM) - Could This Be a Sign for 20X ROI?
>>>Visit Wall Street Memes Presale
Wall Street Memes ($WSM) has recorded tremendous success since its presale started; it has achieved milestones and still heading for more. The progress of the project has sparked positive reactions among online investors who show strong optimism for the success of the meme crypto space.
This time is different I promise (I've said this 2456 times) pic.twitter.com/WNpiOfww4L
- Wall Street Memes (@wallstmemes) August 11, 2023
The recent milestone of $23 million has made investors raise eyebrows, speculating enormous returns on investment. Some see it as a game changer in the crypto market as its success rate portrays its potential of being the next low-cap gem after the Pepe The Frog Token ($PEPE).
The token, $WSM, is born out of excitement for the success of the meme crypto projects, which has made even the ordinary rich. The project is also created to celebrate the internet's victory over capitalism and to create a level playing ground for all crypto investors.
Remarkably, the project's founders gained a reputation after their past project on Wall Street Bull NFTs sold out within 32 minutes in 2021; this could be one of the elements thriving $WSM.
Built on Ethereum, $WSM will leverage the Ethereum blockchain's robust network and functionality to expand its ecosystem. Wall Street Memes allocated 10% of the total token supply to CEX liquidity and 10% to decentralized exchange (DEX) liquidity.
$WSM's Presale Closing Soon
>>>Visit Wall Street Memes Presale
WSM presale has recorded remarkable success since its launch. The project is in presale stage 29 and has realized over $23 million, a few inches from the $23.9 million target.
Currently, $WSM trades at $0.0331 and will increase to $0.0334 in the next stage. While the presale could end in less than two days, investors still stand a chance to join before the curtains close.
According to the team, several top industry players, including Elon Musk, have engaged with the project. It has over 1 million community engagements on social media, demonstrating massive support for the project.
Interested investors can visit the presale website to purchase the $WSM tokens using BNB, USDT, or ETH before the presale ends.
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