Bitcoin (BTC) Struggles Below $70,000 – Will Bearish Trend Continue?

Bitcoin is again in the spotlight as it struggles to cross a critical level after attaining a high of $71,000 on May 21. Despite several recovery attempts, the bears at the $70,000 threshold intend to force more declines.

As of 05:20 a.m. EST, Bitcoin trades at $67,770 with no significant price change in the last 24 hours. Some speculate that negative market sentiments from the recent movement of Mt Gox's funds have impacted the asset's price.

But a few metrics hint at a bullish recovery ahead. So, can BTC bounce back, or will the bearish sentiment persist? Let's find out.

Medical Gadget Maker Invest Heavily in Bitcoin - Will This Push the Price Up?

Semler Scientific has caused a stir in the crypto market after a recent press release indicating interest in Bitcoin. According to the press statement, Semler added 581 bitcoins worth $40 million to its treasury.

According to reports, this news positively impacted the company stock price, as it rose by 43% during Tuesday's trading session.

In a statement, Semler's chairman said: Bitcoin is now a major asset class with more than $1 trillion of market value." According to the chairman, Bitcoin's limited supply makes it unique and can hedge against inflation and economic uncertainties.

He also thinks Bitcoin is better than gold, even though the commodity is currently ten times more valuable than Bitcoin.

He emphasized that big investors are increasingly interested in Bitcoin, especially now that spot Bitcoin exchange-traded funds (ETFs) have been given the green light. This company's large purchase showsconfidence in the cryptocurrency industry, just like other institutions.

The chairman commenting that bitcoin is better than gold" in uncertain times further reinforces the bullish outlook on bitcoin. This purchase will likely increase investor confidence in Bitcoin, boosting its demand and price.

Analysts Predict Bitcoin to Reach $90,000

According to Wu Blockchain's May 28 X post, famous wealth management firm Bernstein expects the price of Bitcoin to reach $90,000 by the end of 2024.

The forecast shows that the combined market for Bitcoin and Ethereum ETFs will rise to $450 billion and that crypto ETFs will receive over $100 billion in inflows within the next two years.

With such a development, Bitcoin's price could reach $150,000 by 2025. The firm anticipates a massive capital inflow into the crypto market soon. This will, in turn, increase demand and potentially its price in the coming years.

BTC Price Analysis Using Technical Indicators

Despite the recent drop in Bitcoin price, it still trades above two essential moving averages: the 50-day and 200-day SMAs. This suggests the long-term bullish trend remains intact.

Another critical metric is the Relative Strength Index (RSI), which currently sits at 53.89. This signals moderately positive momentum and buying pressure in the market. The price is not yet overbought, so there's still room for further ascent if more buyers can enter the market.

Considering Bitcoin is above its 50 and 200-day SMAs, coupled with a 53.89 RSI, the overall picture appears bullish from a technical analysis standpoint.

However, short-term volatility and price swings are always possible, especially for an asset as volatile as Bitcoin. But there's this new token that several top influencers in the crypto space are talking about. This project raised significant funds just from the sale of its native token.

Endorsed Crypto Project Gathered Over $3 Million in Presale

With interest in cryptocurrencies increasing and the meme coin frenzy peaking, the crypto market has been flooded with numerous meme projects.

One standout meme coin recently launched is Wiener AI. Just last week, this presale project raised more than $1 million. As of today, May 29, 2024, the project has gathered over $3.3 million.

With such massive investor interest, WienerAI is gearing up to overtake meme coin forerunners in the coming months.

WienerAI: The Simple Crypto Trading Bot for Smart Investors

WienerAI is a powerful cryptocurrency trading tool designed to help crypto traders make profitable trades. It uses artificial intelligence (AI) to monitor the crypto market, analyze data, and predict good trading opportunities.

Also, the trading bot suggests the best prices to enter and exit trades. Instead of manually watching the markets, traders can let WienerAI do the hard work. The bot provides trade recommendations in just seconds with a few clicks.

But WienerAI doesn't stop there. It lets traders easily swap tokens across different cryptocurrency exchanges without paying fees. This swap feature ensures traders never miss out on a good trade opportunity. They can act quickly on WienerAI's recommendations without dealing with delays or interference.

Another cool thing about WienerAI is its staking protocol. This feature allows users to earn rewards simply by holding the platform's native token. Over 3.3 billion $WAI have been staked on the platform.

The APY is currently at 307%. However, this may not last long since the rewards will be reduced as more tokens are staked. So, now might be the best time to invest in this project to gain maximum returns when its price soars.

As more traders discover the benefits of using an AI-powered trading assistant, WienerAI is becoming increasingly popular in the crypto community. Investors can get the token today for an affordable value of $0.000712.

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