Join Our Telegram channel to stay up to date on breaking news coverage
The Bitcoin price plummeted over 10% in the last 24 hours to trade at $83,742.35 as of 9:50 p.m. EST as investors dump their holdings in the largest crypto by market cap.
This steep drop in the BTC price coincides with a more than 11% drop in the overall crypto market cap in the last 24 hours, according to CoinMarketCap.
Bitcoin Price Drops Below Key Support
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price fell below the $87,200.27 support over the last 24 hours and is now testing the subsequent mark at $83,082.30. Should it lose this second technical safety net, the leading crypto could be at risk of dropping all the way down to $78,589.95 in the short term.
However, traders identifying BTC’s current price as a buy opportunity could lead to a more bullish scenario playing out wherein Bitcoin tries to reclaim the $87,200.27 support. A 4-hour candle close above this mark could then give the Bitcoin price the foundation needed to rise to above $90K to potentially reach as high as $93,190.06.
Technicals Warn The Bitcoin Price Might Keep Falling
From a technical standpoint, indicators on BTC’s 4-hour chart suggest the Bitcoin price might keep falling in the next few hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.
The RSI plunged below its Simple Moving Average (SMA) line on the 4-hour chart. This technical event is often interpreted as a sign that sellers have gained an upper hand against buyers.
What’s more, the RSI line is still negatively sloped and stands in the high 30s. This suggests that sellers show no intentions of easing their pressure on the Bitcoin price yet, and that there is still more room for the crypto to fall before it enters oversold territory.
Meanwhile, the MACD line also crossed below the MACD Signal line in the last couple of hours to indicate that BTC has entered a negative cycle. With the gap between the two lines growing, it appears Bitcoin’s bearish momentum is picking up steam as well.
As technical indicators flash bearish for Bitcoin, investors might flock to a new meme coin called BTC Bull Token (BTCBULL) to wait out the crypto market storm and protect their capital. According to Alessandro De Crypto, a popular YouTuber with more than 14.7K subscribers, the meme coin has the potential to print massive gains for investors.
Rewarding Investors With Free Bitcoin
BTC Bull Token aims to support Bitcoin on its journey to $1 million per coin and beyond. As the crypto market leader soars to new heights, BTC Bull Token will reward its holders with token burns and Bitcoin airdrops at certain price milestones.
According to the project’s website, the next Bitcoin airdrops will be when BTC reaches $150K and $200K for the first time.
Meanwhile, BTCBULL token burns are scheduled to take place when Bitcoin hits $125K, $175K and $225K. These token burn events will decrease the overall supply of the crypto, subsequently increasing scarcity. This, combined with the demand from investors looking to receive free Bitcoin, could lead to a price explosion.
With the recent correction in the crypto market, investors are presented with an opportunity to buy the dip and acquire Bitcoin at a discount if they are willing to take on the risk. Investors who want to take a more cautious approach could buy into BTC Bull Token’s presale, since the token is not yet exposed to broader market swings and the project rewards holders with free BTC.
Investors Rush To Buy BTCBULL At Presale Prices
BTC Bull Token has managed to raise more than $3.1 million through its ongoing ICO, signalling strong investor confidence in the project’s future.
Investors interested in participating in the meme coin’s presale can do so by purchasing BTCBULL through the simple buy widget embedded on the project’s website. Selling for $0.00239, the crypto can be bought with either crypto or bank card.
After purchasing some BTCBULL, investors can then navigate to the staking page on the website and lock up their tokens for an attractive 135% APY.
To lock in the best deal, investors will want to act fast given BTCBULL’s price will undergo a series of increases as the project’s presale progresses. The next price hike will be in just over 7 hours.
Visit the BTC Bull Token website.
Related Articles:
- Metaplanet Shares Surge 21% On New Bitcoin Buy
- US SEC Says Meme Coins Are Not Securities
- Rare Punk Sells For $2.1M
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
