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The Bitcoin price surged over 8% in the last 24 hours to trade at $93,282.09 as of 9:59 p.m. EST as investors go long on the largest crypto by market cap.
The strong BTC price increase comes after US President Donald Trump announced that the President’s Working Group on Digital Assets has been directed to include Bitcoin, Ethereum and several other altcoins in a US strategic reserve for cryptocurrencies.
Bitcoin Price Breaks Above The $93,190.06 Resistance
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price has broken above the resistance at $93,190.06 in the last couple of hours, and is now trying to establish a position above this price point. Should the market leader close the next couple of 4-hour candles above this mark, it could have the foundation needed to enter into another leg up and rise to the subsequent resistance level at $99,554.21.
On the other hand, a sudden selloff might result in the Bitcoin price dropping below $93,190.06. This could then expose BTC to the risk of plunging all the way down to $87,200.27.
In an extremely bearish scenario, the crypto could even fall to $83,082.30 if the sell pressure persists.
Technicals Suggest The Bitcoin Price Is In Overbought Territory
From a technical point of view, indicators on BTC’s 4-hour chart show that buyers are still in control, but also warn that the Bitcoin price is overbought.
Traders will want to keep an eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the 4-hour chart to try and gauge BTC’s next move.
RSI readings have risen from deep oversold territory below 30 to overbought territory above 70 in the last 48 hours, before a slight retracement to the high 60s. This steep ascent suggests growing buyer strength.
However, the recent pullback could be an early sign of an upcoming bearish change in power. A bullish scenario will still be in play as long as the RSI remains above its Simple Moving Average (SMA) on the 4-hour chart.
Meanwhile, the MACD line is positioned above the MACD Signal line. Traders usually see this alignment as an indication that a crypto is in a positive trend. In recent hours, the MACD line has started to level off above the MACD Signal line, which might indicate that BTC’s bullish momentum has hit a peak.
As the Bitcoin price tries to enter into another leg up, investors flock to the presale for a new meme coin called BTC Bull Token (BTCBULL) for gains. According to Yellow Trades, a popular YouTube channel with over 62.8K subscribers, BTCBULL could turn $100 into $10,000.
BTCBULL Offers Investors Free Bitcoin
BTC Bull Token is a new Bitcoin-themed meme coin that will support the crypto market leader on its climb to $1 million per coin and beyond. As BTC’s price rises to new heights, the project will reward its token holders with Bitcoin airdrops.
The BTC airdrops will take place when BTC hits certain price milestones for the first time, with the closest targets at $150K and $200K.
In addition to the airdropped Bitcoins, BTCBULL token holders could also see their holdings grow in value, especially with the token burns the project has planned.
Following a similar principle to the Bitcoin airdrops, BTCBULL tokens will be removed from the supply permanently when BTC reaches $125K, $175K and $225K. These token burns will increase the crypto’s scarcity, which, matched with potential growing demand, could lead to a meteoric rise in BTCBULL’s price.
With the US President pushing forward with a strategic crypto reserve, other nations could follow suit. BTCBULL might be one of the best Bitcoin plays in the market for investors looking to maximize their potential profits from the growing BTC adoption.
As Bitcoin inches closer to $100K after the recent surge, the next price milestone at $125K that will trigger a BTCBULL token burn is just around the corner now.
BTCBULL’s Presale Surpasses $3.1 Million As Investors Bet Big On The Project’s Future
BTC Bull Token has already raised more than $3.1 million through its ongoing presale, signaling strong market demand in the project at this early stage.
With the chance at Bitcoin airdrops, the buying frenzy around the new meme coin is likely to continue. There is also a 138% APY on offer to presale investors who stake their BTCBULL tokens that could pull buyers in.
Investors interested in participating in the ICO can purchase BTCBULL through the simple widget embedded on the project’s website. Selling for $0.00239, BTCBULL can be bought with crypto or bank card.
Investors will want to act fast, because a presale price increase will take place in 31 hours.
Visit the BTC Bull Token website here.
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