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The Bitcoin price dropped over 4% in the last 24 hours to trade at $87,747.30 as of 9:47 p.m. EST as investors decrease their exposure to the crypto.
The drop in the BTC price comes after US President Donald Trump signed an executive order to establish a Strategic Bitcoin Reserve. Many investors had hoped the US government would announce a plan to buy more BTC for the reserve, but Trump’s crypto and AI czar David Sacks said it would only use the Bitcoin it already has from criminal cases.
Just a few minutes ago, President Trump signed an Executive Order to establish a Strategic Bitcoin Reserve.
The Reserve will be capitalized with Bitcoin owned by the federal government that was forfeited as part of criminal or civil asset forfeiture proceedings. This means it…
— David Sacks (@davidsacks47) March 7, 2025
He added that the government will look to develop “budget-neutral” strategies to acquire more Bitcoin.
Bitcoin Price Reclaims A Support Level
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price dropped below the $86,696.31 support in the last few hours, but has managed to recover to trade back above this technical safety net. Should the largest crypto by market cap close a 4-hour candle below $86,696.31 within the next 12 hours, it might be exposed to the risk of plunging to the subsequent support at $82,334.15.
On the other hand, traders identifying the current Bitcoin price as a buy opportunity could lead to the crypto flipping the resistance level at $92,024.14 into support. Thereafter, continued pressure from bulls might then push BTC up to as high as $95,278.28 in the short term.
Bitcoin Price Drop Might Only Be Getting Started
From a technical standpoint, indicators on BTC’s 4-hour chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), warn BTC might drop some more in the next few hours.
The RSI fell below its Simple Moving Average (SMA) line on the 4-hour chart. This technical development is often interpreted as a signal that sellers have taken control of an asset’s price. The negative slope of the RSI line also suggests that sellers are still accumulating strength against buyers, which might see more bearish pressure being applied to Bitcoin’s price.
Meanwhile, a major bearish flag is on the verge of being triggered by the MACD, with the MACD line attempting to break down to below the MACD Signal line. These two lines crossing in the next couple of hours might indicate that BTC has entered a short-term negative cycle. If traders react to this bearish signal, it could lead to more downward pressure being applied to BTC.
While bears try to take control of the Bitcoin price, investors continue to buy into the presale for new meme coin BTC Bull Token (BTCBULL) for gains. Popular YouTuber Alessandro De Crypto, who has over 14.7K subscribers, says BTCBULL could print massive gains for investors.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is a Bitcoin-themed meme coin that wants to cheer the leading crypto on as it makes its way to $1 million per coin and beyond. As Bitcoin rises to new heights, the project will reward its token holders with BTC airdrops and BTCBULL token burns at specific price points.
According to the project’s website, BTCBULL holders will receive free Bitcoin when the market leader reaches $150K and $200K for the first time. Meanwhile, BTCBULL token burns will happen when Bitcoin hits $125K, $175K and $225K.
While the Bitcoin Strategic Reserve bill signed by Trump fell short of inventors’ hopes, it has opened the door for one of the largest economies in the world to hold BTC. This major development could soon be reflected in Bitcoin’s price, which might then lead to it rising to the first token burn milestone at $125K.
Trump’s executive order could also have a domino effect on other nations, leading to the formation of several more Bitcoin reserves. This accelerated adoption of the leading crypto could subsequently result in upside pressure being applied to the Bitcoin price.
With the above in mind, investors will likely flock to BTC Bull Token, which presents the ultimate Bitcoin play.
BTCBULL Presale Raises Over $3.3 Million
BTC Bull Token has already managed to raise over $3.3 million through its presale, signaling strong investor confidence in the project’s future. With Trump’s new executive order, this buying frenzy is likely to go into overdrive as investors try to get in on the free Bitcoin the project offers investors. There is also a 130% APY on offer to anyone who buys and stakes BTCBULL now.
Interested investors can acquire the token via the widget embedded on its website using either crypto or bank card. Selling at $0.002395, investors who want to lock in the best rate will want to act fast given there will be a presale price hike in less than 8 hours.
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