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The Bitcoin price dropped 1% in the last 24 hours to trade at $108,435 as of 10:10 p.m. EST as some investors choose to lower their exposure to the crypto.
The slight pullback in the BTC price comes after Michael Saylor’s Strategy, the world’s largest corporate Bitcoin investor, announced it bought 4,020 BTC for $427.1 million between May 19 and May 23 when BTC briefly broke above $110K.
Bitcoin Price Trading In A Long-Term Positive Channel
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price has been trading in a long-term ascending price channel after the leading crypto printed a series of higher highs and higher lows over the past few weeks. Should BTC continue to trade in this channel for the next 48 hours, it might try to flip the $111,281.45 resistance into support. Thereafter, the Bitcoin price could rise to as high as $117,306.05.
That bullish thesis will likely be invalidated if the Bitcoin price falls out of the positive channel. This could result in a test of the nearest support level at $106,615.46. Thereafter, continued pressure from sellers could lead to a drop to the subsequent support at $101,298.39.
Technicals Warns The Bitcoin Price Might Drop In The Coming 48 Hours
From a technical perspective, indicators on the daily chart warn the Bitcoin price might drop in the next few hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.
In the last couple of days, the MACD line dropped below the MACD Signal line. This technical event suggests the Bitcoin price has entered a new bearish cycle. In the last 24 hours, the MACD line has also started to break away below the MACD Signal line, which warns BTC’s bearish momentum might be picking up steam.
Sellers also recently gained an upper hand over buyers. This is after the RSI dropped below its Simple Moving Average (SMA) on the daily chart. Usually when this happens it indicates a bearish shift in power. While the current reading above 50 is still bullish, the downward slope of the RSI line suggests sellers might already be trying to take control.
As the Bitcoin price tries to keep climbing, investors are piling into the presale for BTC Bull Token (BTCBULL). According to popular YouTube channel 99Bitcoins, which has over 723K subscribers, BTCBULL could skyrocket 10X after its launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is a new meme coin that is built on the belief that the largest crypto by market cap will soar to $1 million per coin, possibly even higher. As the Bitcoin price soars to new heights, the project will reward its holders with BTC airdrops and BTCBULL token burns.
The first Bitcoin airdrop will happen when BTC breaks $150K for the first time. Thereafter, every $50K increase in the crypto’s price will result in another airdrop. Meanwhile, the BTCBULL token burns will start when Bitcoin hits $125K for the first time, with each subsequent $50K increase resulting in another burn as well.
The demand from investors looking to get in on the BTC airdrops, coupled with the BTCBULL token burns, could result in a favorable demand and supply ratio for BTCBULL, which could also lead to strong upside pressure on the meme coin’s price.
Demand could start to soar as soon as investors realize that BTCBULL allows them to build much cheaper BTC exposure than if they were to buy the crypto directly.
Investors Rush To Buy BTCBULL At Presale Prices
Investors are pouring capital into BTC Bull Token’s presale, which has raised over $6.4 million so far. With the bullish predictions from experts like 99Bitcoins, the opportunity to receive free Bitcoin via airdrops, and the project’s meme coin appeal, it’s easy to see why investors are piling into the BTCBULL ICO.
Interested investors can participate in the presale by purchasing BTCBULL through the simple buy widget embedded on the project’s website. Selling for $0.00253 apiece, BTCBULL can be bought with either crypto or bank card.
Once purchased, the BTCBULL tokens can also be staked for a 64% APY. So, investors won’t have to wait until the project’s launch to start seeing gains on their holdings.
Anyone looking to buy will want to hurry, because BTCBULL’s price will undergo a series of price increases as the presale progresses. The next price hike is scheduled for around 6 hours.
Check out BTC Bull Token on its official website.
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