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The Bitcoin price dropped over 4% in the last 24 hours to trade at $82,328.19 as of 9:55 p.m. EST as investors offload their holdings in the crypto on the market.
The drop in the BTC price comes amid a more than 4% decline in the crypto market’s capitalization to approximately $2.7 trillion, according to CoinMarketCap.
Bitcoin Price Hovering Above A Key Support
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price is hovering above a support level at $80,258.09 after plunging below the $85,494.58 support in the last 24 hours. Should the largest crypto by market cap drop below this second technical safety net within the next 12 hours, it could be at risk of falling all the way down to $76,554.23 in the short term.
On the other hand, traders identifying BTC’s current price as a buy opportunity could lead to a more bullish scenario playing out. In this alternative case, the Bitcoin price might try to re-establish a position above the $85,494.58 mark. Thereafter, continued buy pressure could result in a climb to the subsequent mark at $90,475.63.
Technicals Suggest The Bitcoin Price Could Start To Rise Soon
From a technical standpoint, indicators on BTC’s 4-hour chart suggest the crypto’s bearish move might be nearing its end. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing early bullish signs.
That’s after RSI readings rebounded from deep oversold territory under 30 to just under 40, signaling growing buyer strength. While the current reading below the neutral 50 mark is bearish, the positive slope of the RSI line suggests there could soon be a shift in power that favors bulls.
Additionally, the RSI is attempting to cross above its Simple Moving Average (SMA) line on the 4-hour chart. Traders might interpret these two lines intersecting as a sign that buyers have taken over control of the Bitcoin price. This could therefore lead to some long orders entering Bitcoin’s order books and a subsequent price increase.
Meanwhile, the MACD line is starting to rise towards the MACD Signal line on the 4-hour chart. The narrowing gap between these two lines, with their current orientation, could indicate that BTC’s bearish momentum is cooling down. Should the margin between the two MACD lines continue to shrink, it could lead to a bullish crossover.
While Bitcoin tries to recover, investors rush to buy a new meme coin called BTC Bull Token (BTCBULL). Alessandro De Crypto, a prominent YouTuber that boasts more than 14.7K subscribers, says the new crypto could go on to print massive gains for investors.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is a Bitcoin-themed meme coin that aims to cheer the crypto market king on as it soars to new heights. As BTC embarks on a journey to $1 million per coin and beyond, BTCBULL token will reward its holders with Bitcoin airdrops and token burns at certain price milestones.
According to the project’s website, BTCBULL holders will receive free BTC when Bitcoin hits $150K and $200K for the first time.
Meanwhile, BTCBULL token burns will be triggered when the largest crypto by market cap reaches $125K, $175K and $225K for the first time. By permanently removing BTCBULL tokens from the supply, the scarcity of the crypto rises. This, combined with high levels of demand from investors looking to get in on the BTC airdrops, could result in a BTCBULL price explosion.
With BTC showing signs of a recovery and US President Donald Trump pushing ahead with a strategic crypto reserve, Bitcoin could very well start to soar. This puts the next price milestone at $125K, which will trigger a BTCBULL token burn, within reach.
Investors Bet Big On BTCBULL’s Future
Investors are rushing to buy BTCBULL during its ongoing presale stage, which has seen the token raise over $3.4 million so far. With the bullish predictions by experts like Alessandro De Crypto and the chance to earn free Bitcoin via airdrops, it’s easy to see why a buying frenzy has erupted around the new meme coin.
Interested investors can participate in the presale by acquiring BTCBULL through the simple buy widget embedded on the project’s website. Selling for $0.0024, BTCBULL can be bought with either crypto or bank card.
To lock in the best rate, investors will want to act fast since BTCBULL will undergo a presale price hike in less than 8 hours.
Visit the BTC Bull Token website.
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