The price of Bitcoin is down a steep 12.5% from the April highs as it clings on to support at the lower angle of a wide consolidation triangle pattern.
Bitcoin failed to break the upper angle of the triangle earlier this month at $72,000 and went on to collapse following further instability and uncertainty in the Middle East.
With Bitcoin prices plummeting, several crypto projects and meme coins continue to survive – with some even thriving.
For example, 99Bitcoins ($99BTC) recently raised over $450K in its presale, while Dogeverse ($DOGEVERSE) approaches $6 million.
Bitcoin Price Plummets 12.5% From April Highs Following Middle East Instability
Bitcoin fell 12.5% from its April 2024 highs and is currently clinging to support near the $63,500 region.
The number-one-ranked cryptocurrency started to collapse over the weekend following an unprecedented Iranian drone and missile attack on Israel.
The further instability in the Middle East, with uncertainty surrounding another war developing in the world, caused all risk-on assets to collapse.
Fortunately, Bitcoin is now battling to maintain support at the lower angle of a triangle pattern, with stronger support below around $61,780 – provided by the March 2021 highs.
With the Bitcoin block halving expected to occur this week, traders believe the support will likely hold.
Where Is the Support for $BTC?
The following daily chart shows the consolidation pattern in which Bitcoin has been trapped.
The recent price collapse caused $BTC to head toward the lower support of the triangle;
Looking ahead, if the sellers close a daily candle beneath the lower angle of the triangle, the first strong support lies at $61,780.
This is followed by $60,000, $59,310, $58,355 (Feb 2021 highs), $55,400, and $52,145 (December 2021 highs).
On the other side, resistance lies at $64,895 (April 2021 highs). This is followed by $68,000, the upper angle of the triangle, $70,000, $72,000, and the $73,780 all-time high price.
What Projects Are Surviving the Market-Wide Crash?
While Bitcoin takes a nosedive, traders are using the opportunity to position themselves as early adopters in newly emerging projects, hoping to benefit from the price pumps when the project launches.
In particular, 99Bitcoins ($99BTC) is turning heads in the industry this week as it seeks to push the boundaries of learn-to-earn with its education platform, which has millions of registered users.
In addition, the multi-chain meme coin Dogeverse ($DOGEVERSE) is also sustaining momentum as it nears the $6 million raised in its presale.
99Bitcoins Presale Raises $400K, While Dogeverse Pushes Toward $6 Million
99Bitcoins ($99BTC) is a stand-out project during the Bitcoin price collapse, raising over $400,000 during the market wipeout.
Traders are rushing to the $99BTC presale as the world-famous educational platform is set to pioneer the learn-to-earn sector, providing rewards for users who complete its educational courses.
99Bitcoins has been a long-standing cornerstone for education in the crypto industry, serving as the entry point into blockchain technology for almost ten years.
The platform is now launching its native token, opening new avenues for rewarding users for completing its courses.
In addition to pushing learn-to-earn in a new direction, $99BTC is also pioneering the BRC-20 movement, with its token set to bridge onto the Bitcoin network and take advantage of its enhanced security.
With Bitcoin approaching its highly anticipated halving cycle, experts believe a new string of retail users will enter the industry, and 99Bitcoins will be their first point of contact.
The presale offers the perfect opportunity to get positioned as an early adopter by buying the token at what could be the lowest price.
Users can purchase $99BTC through the project’s website using $ETH, $USDT, or a debit/credit card.
Another project turning heads this week is the multi-chain-hopping meme coin – Dogeverse ($DOGEVERSE).
Dogeverse also performed remarkably during the $BTC price plummet, raising almost $6 million in a week.
Investors are rushing to the Dogeverse presale as they believe its multi-chain angle puts it in a different category from the meme coin replicas crowding the market today.
The Doge-related meme coin will launch on Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base chains simultaneously, providing complete flexibility for investors.
The interoperable aspect of the meme coin will improve trading through cost and speed optimizations, allowing it to gather support from multiple chains.
Dogeverse can be bought on presale for $0.000296 in the current stage using the Ethereum, Avalanche, Binance Chain, or Polygon blockchains.
