Bitcoin is currently in a critical phase that dictates whether it will pull back to below $104K or push above $114K.
Glassnode notes that Bitcoin is trading below the 0.95-quantile cost basis, ending the current euphoric phase that started mid-May. Now, current price action will indicate the next major Bitcoin trend as it enters a phase of sideways consolidation.
$BTC is currently risky for short term holders – at $108K, only 42% of them would be in profit according to Glassnode. Below this point, fear could drive a huge selloff as they seek to minimize losses. And this could drive $BTC down to the $93-95K range, reflecting past post-ATH phrases.
Retail investors are doing their part by buying the dip, but net inflows from spot ETF flows have cooled off. While inflows consistently hit over 3K in $BTC purchases per day, this has slowed to a 14-day average of 540BTC.
While the market makes up its mind about Bitcoin, we’ve identified a crypto project that bets BTC’s long-term success by bringing smart contracts, faster transaction speeds, and dApps to the chain.
Bitcoin Hyper ($HYPER) is that project, and it just touched $14M as whales are rushing to get in before the project is listed on exchanges.
But first, let’s see what’s happening to Bitcoin.
The release of the US jobs report Preliminary data shows that the US now has more jobless people than people with jobs, but there’s high hopes amongst economists that the full August data will show differently.
However, regardless of the outcome, it’s clear that the US labor market is slowing down – a signal that will most likely result in the US Federal Reserve cutting interest rates.
CME Group’s FedWatch tool shows 99.4% confidence that the Fed will lower rates by 25 basis points during the meeting on September 17th.
In turn, traders are hoping lowered rates will boost $BTC purchases as institutional money rotates out of bonds. While we’re waiting for $BTC to break out of a sideways phase, one presale project is betting on BTC’s recovery – Bitcoin Hyper ($HYPER).
Bitcoin Hyper ($HYPER) is the official token for Bitcoin Hyper, an innovative Bitcoin Layer-2 solution. The chain has performed very well historically as a store-of-value, which is why it’s still the dominant cryptocurrency. However, the aging Bitcoin network has a few issues holding it back.
Solana solves both these issues, so the Bitcoin Hyper devs had a bright idea – why not bring Solana’s capabilities onto the Bitcoin network?
It’s all powered by a Solana Virtual Machine (SVM) to Bitcoin via a Layer-2 with zK rollups, upgrading the speed of the Bitcoin network while also adding in smart contract capabilities.
That means developers will be able to add their own dApps to Bitcoin Hyper using $BTC as the underlying currency, paving the way for DeFi functions, NFT trading, and crypto swaps.
Caption: The Bitcoin Hyper infrastructure allows for easy onboarding withdrawal of $BTC
You’ll get the most out of Bitcoin Hyper using $HYPER. It reduces the fees on transactions you make using the network, resulting in cheaper crypto swaps and less overhead when executing smart contracts.
The Bitcoin Hyper devs have also promised the ability to gate certain features of smart contracts exclusively to $HYPER holders, encouraging wider use of the token on the network.
Don’t delay – the $HYPER presale has over $14M raised. That’s raised the price up to $0.012865, as it’s a dynamic presale. To sweeten the deal, if you buy in before the presale is over you can also stake your tokens and take home some juicy rewards.
Purchase now and earn up to 78% per annum for staking $HYPER.
Bitcoin has consistently been a strong long-term bet. Traders buying the dip know that while $BTC might retreat towards $90K in the short term, the overall upside is worth the risk – even if they have to DCA on the way down.
However, there’s a less risky play that offers short-term gains. $HYPER is set to bring exciting new capabilities to Bitcoin with an entirely new smart contract ecosystem, putting it on par with Ethereum and Soana.
