The Bitcoin price dropped 4% in the last 24 hours to trade at $58,348 as of 03:34 a.m. EST on trading volume that surged 87% to $27 billion.
This comes as Justin Sun’s WBTC custody move sparks controversy in crypto after his partnership with BitGo. The partnership has prompted the community to prompt decentralization concerns.
However, Sun has clarified that he does not control the private keys of WBTC reserves. He emphasizes his commitment to promoting decentralization and security in the DeFi ecosystem.
As concerns prevailed, the price of Bitcoin dropped below $58K to trade at $57,963 before rebounding to its current price.
One event that may change the bearish sentiment is the upcoming Donald Trump interview with Elon Musk.
In the interview, the crypto topic might come up, as Trump and Musk are pro-crypto.
Bitcoin Price Could Sustain The Bullish Momentum
The Bitcoin price took a tumble at the beginning of August, dropping from the $65,800 resistance to find support around $50,000, according to data from GeckoTerminal .
BTC price bulls then took control of the price, as BTC has been trading within the rising channel pattern despite dropping slightly below the channel yesterday.
The price of Bitcoin aims to continue with the bullish stance, as it now trades above the 50-day Simple Moving Average (SMA). If the bullish stance continues, BTC could eventually overcome the 200-day SMA at $62,463.
Moreover, the Relative Strength Index (RSI) is also dropping below the 50-midline level as it closes in the oversold region, currently at 40. If the buying continues, the RSI could prompt buying signals, as BTC will become undervalued.
According to the Bitcoin price analysis on the 4-hour chart, BTC is currently on a slight drop but showing strong signs of a bullish trend reversal.
If the bulls buy the asset, prompted by the asset becoming undervalued, the price of Bitcoin could go through a trend reversal to climb back to the rising channel, as they target the resistance zone at $66,725.
Bitcoin Price Chart Analysis Source GeckoTerminal.com
However, in an inverse scenario, the BTC price could plunge back to the $55,000 support, if the BTC bears continue selling the asset.
Meanwhile, as the Bitcoin price aims for a continued surge over the channel, other investors are also buying the new Solana GameFi project, Mega Dice (DICE) , as it continues to draw attention.
GameFi Sensation Mega Dice Zooms Past $1.68 Million In Blockbuster Presale
Mega Dice is a GameFi cryptocurrency initiative operating on the Solana network that has recently garnered attention by raising over $1.68 million, approaching the $2 million mark. This project aims to merge gaming and cryptocurrency, targeting gamblers on its platform and holders of its DICE token.
The project stands out as a top brand in the crypto casino domain, boasting over 10,000 active players monthly and exceeding $50 million in monthly wagering. Players also enjoy over 4,000 casino games and 50 sports and eSports betting options.
As the project operates as a leading platform on Solana, DICE seamlessly merges GambleFi and GameFi and looks to ascend to the throne currently held by Rollbit.
99Bitcoins, a popular crypto channel on YouTube with over 706,000 subscribers, says that $DICE could potentially soar 100X after its launch.
Token holders also stand to share in the casino’s profits daily through its unique staking system .
To join the presale, you can buy $DICE on the official website here for $0.105266 per token using BNB, ETH, or SOL. You can also earn 10% on any purchases made by investors you refer.
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