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The Bitcoin price dropped more than 3% in the last 24 hours to trade at $92,298.35 as of 10:45 p.m. EST as investors decrease their exposure to the leading crypto.
The retracement by the BTC price coincides with a broader crypto market correction that has seen the digital asset space’s capitalization plunge over 4% in the last 24 hours. During this period, Bitcoin also briefly dropped below $91K to as low as $90,924.90.
Bitcoin Price Resting On A Key Support
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price is hovering above a support at $90,884.93. Should the largest crypto by market cap fall below this price point in the coming few hours, it could be exposed to the risk of plunging down to the subsequent support at $88,444.73 in the short term.
On the other hand, the Bitcoin price managing to stay above the $90,884.93 mark for the next 8 hours might be seen as a positive sign. Traders will likely start to buy into the crypto market leader. This could then lead to a more bullish scenario playing out, wherein BTC tries to reclaim the $93,904.24 support. Continued buy pressure might then push the crypto up to $95,703.66.
Bitcoin Price Technicals Still Favor Sellers
From a technical standpoint, indicators on BTC’s 4-hour chart warn that bears still have a tight grip on the Bitcoin price. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest the crypto’s price might drop some more.
RSI readings have plunged to oversold territory below 30. Although a low RSI reading is often seen as a buy signal, it also warns that sellers are overpowering buyers. If enough bulls decide to go long on BTC at this point, it could lead to a shift in power that favors buyers.
Meanwhile, momentum favors bears, which is suggested by the MACD line’s positioning below the MACD Signal line. The gap between the two technical indicators is still growing as well, which could be interpreted as a sign of SOL’s bearish momentum picking up steam.
While the positive slope of the RSI line suggests buyers are starting to chip away at sellers’ grip on the Bitcoin price, the MACD line breaking away below the MACD Signal line shows that bulls still have a lot of work ahead of them if they want to shift momentum in their favor.
While Bitcoin technicals still show bearish signs, investors flock to a new meme coin called BTC Bull Token (BTCBULL) for gains. Popular crypto YouTube channel 99Bitcoins, which has over 726K subscribers, predicts BTCBULL could soar 10X after its launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is the first Bitcoin-themed meme coin that wants to support the largest crypto by market cap on its journey to $1 million per coin and beyond. As BTC soars to new heights, BTCBULL token holders stand to receive free Bitcoin through airdrops.
Upcoming price milestones that will trigger a BTC airdrop will be when Bitcoin hits $150K, $200K, and $250K for the first time. In addition to the airdrops, there will also be BTCBULL token burns when the crypto king hits $125K, $175K and $225K for the first time. By removing tokens from the supply, the scarcity of BTCBULL is increased, which could lead to a price surge.
While Bitcoin may have dropped in the past 24 hours, there are still promising developments in the US market that could see the leading crypto rally. Firstly, pro-crypto US President Donald Trump is considering launching a Bitcoin strategic reserve. He also said that he would make the US the crypto capital of the world. Meanwhile, BTC is also being adopted by large institutions.
Should Trump greenlight a BTC reserve in the US and large Wall Street institutions continue to accumulate Bitcoin, BTC Bull Token’s next Bitcoin airdrop could happen sooner than most expect.
Investors Pour More Than $2.7 Million Into BTCBULL’s Red-Hot Presale
BTC Bull Token’s presale is off to a roaring start, and has already raised over $2.7 million so far. Investors interested in getting in on the ground stage of the project and positioning themselves ahead of the next BTC airdrop can do so by acquiring some BTCBULL tokens through the buy widget embedded on the project’s website.
Selling for $0.00238, BTCBULL can be bought with either crypto or bank card. Once purchased, the tokens can also be staked for a 155% annual percentage yield (APY).
Buy BTCBULL here before a presale price hike in 30 hours to lock in the best deal.
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