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The Bitcoin price rose 5% in the last 24 hours to trade at $83,359 as of 09:09 p.m. EST on trading volume that plunged 8% to $38.6 billion.
This comes despite the global fallout from Donald Trump’s chaotic tariffs policy. The dollar fell more than 1% on Friday to reach its lowest level in three years, a 10% slide from the beginning of the year.
While stock and bond markets calmed a little yesterday, uncertainty continues to reign amid a brutal trade war between the US and China that risks triggering a recession.
US Dollar down 9.05% since Jan 13th…make it an even 10% and those 10% baseline tariffs are a wash pic.twitter.com/fEhXMl4DS4
— Option Millionaires (@OMillionaires) April 11, 2025
Bitcoin Price Currently On A Bearish Trend
The BTC price action has recently demonstrated signs of potential weakness following a significant bullish run late in 2024.
The chart reveals the formation of a rounded top pattern, a classic reversal signal that often indicates the exhaustion of buying momentum and a transition into a bearish phase. After reaching a high of $109,396, the price of BTC has been gradually declining, forming lower highs and lower lows within a descending channel.
Meanwhile, the daily chart for Bitcoin price paints a concerning picture for bulls. The asset is currently in a downtrend, as the price is trending below the 50-day and 200-day Simple Moving Average (SMA).
The price of BTC, currently hovering around $83,359, has just experienced a “Death Cross,” a widely watched bearish signal in which the 50-day SMA crosses below the 200-day SMA.
Moreover, the Relative Strength Index (RSI) currently stands at 50.22, which suggests a neutral momentum state. However, after a prior dip into oversold territory, the RSI’s inability to climb decisively above 50 could indicate a weak bullish follow-through and a possible continuation of the downtrend if buying pressure does not increase.
The Moving Average Convergence Divergence (MACD) indicator is still in bearish territory, but the histogram shows a bullish divergence, suggesting weakening downside momentum.
BTC/USDT Chart Analysis (Tradingview)
BTC Price At A Make-or-Break Level, Testing Key Resistance
Key support levels to watch include the $67,000–$68,500 zone and the $56,000–$58,000. Conversely, $87,250 at the 200-day SMA forms the immediate resistance. Beyond that, the BTC price may surge to $92,000 or more.
Wave analysis of the Bitcoin chart suggests the possibility of a final wave down toward the $68,294 level if the price experiences rejection at the current resistance.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL), which will give token holders free Bitcoin.
99Bitcoins, a prominent YouTube channel with over 725k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token Presale Closes On $5 Million Milestone
BTC Bull Token is built to reward conviction. The project delivers real Bitcoin payouts every time the top crypto breaks a new milestone, starting at $150,000 and repeating every $50,000 after that.
All investors have to do is hold the $BTCBULL token to become eligible for those airdrops, which are weighted based on how much investors hold.
BTC Bull Token’s fundraising campaign is accelerating fast with investors pumping $4.57 million into the ICO.
There will also be a massive BTCBULL airdrop for the strongest hodlers when BTC hits $250,000, weighted by ”Community Sale purchase amount.”
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
Beyond the Bitcoin rewards, the project also incorporates token burns that kick in when BTC reaches $125,000 and repeat for every $25k increase in the Bitcoin price afterwards.
BTCBULL token holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 91% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull Token website to buy BTCBULL tokens for $0.002455 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in a little more than 2 hours to lock in the best deal.
Visit the BTC Bull Token website.
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