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The Bitcoin price plunged more than 5% in the last 24 hours to trade at $80,694.87 as of 10:43 p.m. EST as investors offload their holdings in the crypto on the market.
With this latest drop, the BTC price is now down over 17% on the weekly time frame.
Bitcoin Price Testing A Key Support
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price dropped below the support at $81,778.04 in the last couple of hours, and is now testing the subsequent support at $79,491.01. Should the leading crypto drop below this second technical safety net, it stands the risk of plunging all the way down to $77,107.98.
In a more bullish scenario, traders could end up identifying BTC’s current levels as an opportunity to buy at a discount. This potential buy volume could push the Bitcoin price back above the recently-lost $81,778.04 support. Thereafter, continued bullish momentum might result in a break above $83,648.54 before a potential rise to as high as $85,971.15.
Bears Seem To Still Be In Control Of The Bitcoin Price
Looking at technical indicators on BTC’s 4-hour chart, there are warning signs that point to a continued drop in the Bitcoin price. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flashing bearish.
The RSI dropped below its Simple Moving Average (SMA) on the 4-hour chart in the last couple of hours. Traders usually see this technical event as a sign that sellers have taken control of an asset away from buyers.
Additionally, the RSI shows that Bitcoin is extremely oversold with the current reading in the low 20s. While low RSI values are typically seen as a buy signal and an indication that a crypto’s upside potential is greater than its downside potential, it is not unusual for RSI readings to remain low for a sustained period of time when a crypto is being dumped.
Meanwhile, the MACD line is breaking away below the MACD Signal line. The current alignment of the two lines suggests the Bitcoin price is in a negative trend, while the growing gap between them warns that BTC’s bearish momentum is picking up steam.
As the Bitcoin price remains at the mercy of sellers, investors flock to a new meme coin called BTC Bull Token (BTCBULL) for gains in the market downturn. Alessandro De Crypto, a YouTuber with over 14.4K subscribers, says the new token could print massive gains.
Supporting Bitcoin On Its Journey Towards $1 Million And Beyond
BTC Bull Token is a Bitcoin-themed meme coin that wants to support the largest crypto by market cap on its journey towards $1 million per coin and beyond. BTC’s corrective phase over the past few days has presented investors with an opportunity to get in at a discount, which could lead to an influx of buy volume very soon and a subsequent price surge.
Before this potential recovery and rise in the Bitcoin price happens, investors will want to be holding BTCBULL tokens in Best Wallet to receive free Bitcoin via the project’s airdrops, which will happen when BTC hits certain price milestones for the first time. The next Bitcoin airdrops will happen when BTC reaches $150K and $200K for the first time.
In addition to the airdrops, there will also be periodic BTCBULL token burns that will happen when Bitcoin hits $125K and $175K, and will increase the scarcity of the crypto. Given the chance to earn free Bitcoin, demand for BTCBULL is likely to soar. This surge in hype coupled with the increased scarcity could lead to a price explosion.
BTC Bull Token Presale Races Towards $3 Million
Investors are rushing to buy BTCBULL at pre-market prices, pushing the project’s total ICO raise so far to over $2.94 million. This investor frenzy is likely to continue given the 146% APY on offer to anyone who purchases and stakes BTCBULL at this early stage.
Investors interested in unlocking these rewards will first need to buy BTCBULL through the simple widget on the project’s website. The meme coin is currently selling for $0.002385 and can be bought with either bank card or crypto.
After getting a hold of some BTCBULL, investors then just need to navigate to the staking page on the website to lock up their tokens and gain access to the high APY.
Learn more about BTC Bull Token.
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