Bitcoin Struggles Below $57,000 as Bitcoin ETFs Witness Outflows
The crypto market faces difficult times as Bitcoin (BTC) has dropped over 10% in the past week. The impact of Bitcoin price movement affected most of the altcoins. However, Rebel Satoshi (RECQ) has shown resilience and is leading the crypto market with its amazing presale run. Let’s explore more.
- Bitcoin’s price fell over 10% in the past week.
- BTC was trading around $56,900 on August 8 with a trading volume of 48 billion in the past 24 hours.
- The US Dollar recovered as the US Dollar Index (DXY) rose by 0.95% after the Bank of Japan delayed the rate hikes. This boosted USD as the Yen dropped 1.5% against the dollar but negatively impacted Bitcoin.
- Additionally, there were outflows from US-based spot Bitcoin ETFs for three consecutive days, totaling $148.6 million. This selling pressure has been linked to a broader market sell-off, pushing Bitcoin’s price to seven-month lows.
- Technical analysis shows a bear flag pattern on the four-hour chart points to a continuation of the downtrend. Despite support at $56,000, the crypto price could decline further to around $44,880 if this level is breached.
Rebel Satoshi Stands Strong Amidst Crypto Turmoil
Rebel Satoshi is gaining attraction from the crypto world as a community-based Web3 project that combines decentralization, freedom, and unity.
The platform features an arcade with engaging play-to-earn games. Players can enjoy and earn rewards from playing games. It also boasts a collection of 9,999 unique NFTs, representing the community’s spirit of rebellion.
$RECQ powers a diverse ecosystem with locked liquidity and a buyback program for price stability. Users can access pay-to-play and free-to-play games while earning rewards for participation. Rebel Satoshi’s merchandise allows supporters to showcase their commitment to the project’s goals, challenging centralized systems and promoting decentralization through a vibrant and engaged community.
It mixes fun and purpose, creating a playful and united community in the crypto world. Members take part in quests and enjoy memes while challenging norms. Early investors from stage 1 have already made over 240% gains. The next stage price will be $0.0076 USDT, an increment of 11.7% from this stage. Experts predict that Rebel Satoshi will be one of the best DeFi projects of 2024.