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The Bitcoin price pumped 7% in the last week and edged up a fraction of a percentage in the past 24 hours to trade at $104,000 as of 3:42 a.m. EST, with trading volume plunging 23% to $31.6 billion.
That rise in the BTC price comes after the release of the US Consumer Price Index (CPI) data for April, which shows that inflation grew at a moderate pace, coming in below market expectations.
The CPI data eased concerns over the inflationary effects of trade tariffs.
Bitcoin Price Poised For A Bullish Trend Continuation, Targeting $110K
The BTC price is displaying a strong bullish trend, trading firmly within an ascending channel and recently completing a rounded bottom formation. This pattern signals a long-term accumulation phase followed by a breakout, which has now propelled the Bitcoin price above the key psychological level of $100,000, as GeckoTerminal data shows.
The chart also shows multiple successful retests of support levels along the trend, reinforcing the strength of this uptrend.
Meanwhile, the 50 Simple Moving Average (SMA) on the 3-day chart at $92,740 is trending well above the 200 SMA at $66,978, forming a classic golden cross setup that historically supports continued bullish price action.
The price of Bitcoin remains firmly above both SMAs as well, indicating strong upside momentum and solid dynamic support zones.
Moreover, the Relative Strength Index (RSI) is currently at 68.47, suggesting strong buying momentum but approaching overbought territory.
Additionally, the Moving Average Convergence Divergence (MACD) has crossed bullishly, with increasing separation between the blue MACD line and the orange Signal line, indicating strong positive momentum.
The Bitcoin price is well-positioned for further gains in the near to medium term. The breakout from the rounded bottom pattern, combined with strong support from the 50 SMA and the MACD strength, paints a compelling picture for bulls, who are targeting $110,000, a 6.29% surge from the current level.
Conversely, the $92,822 level offers a cushion against downward pressure for the price of BTC in case of a pullback.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL), which will give token holders free BTC.
Jacob Bury, a prominent YouTuber with over 56.3k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token Presale Closing On The $6 Million Mark
With the Bitcoin price showing strong potential ahead, many investors are now focusing on the BTC Bull token presale. BTC Bull Token aims to ride Bitcoin’s upward trend by rewarding BTCBULL holders whenever BTC’s price hits major milestones.
The project plans to airdrop BTC to its holders when the price of Bitcoin reaches $150,000 for the first time. More airdrops will follow for every subsequent $50,000 gain until Bitcoin hits $1 million.
Holding BTCBULL in Best Wallet automatically unlocks eligibility for Bitcoin airdrops each time a milestone is reached. 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
In addition to BTC airdrops, the team will carry out token burns as well, permanently removing a portion of the total supply. The aim is to follow Bitcoin’s footsteps and increase scarcity and value.
Investors are buying this idea, with the BTC Bull Token presale garnering over $5.7 million already. Token holders can also earn passively by staking their tokens for a 72% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull Token website to buy BTCBULL for $0.00251 each using BNB, ETH, USDT, or a bank card.
Buy BTCBULL before a price hike in around 24 hours to secure the best deal.
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