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The Bitcoin price printed a minor gain in the last 24 hours to trade at $105,614.16 as of 10:16 p.m. EST as investors slowly start to increase their exposure to the crypto.
The uptick in the BTC price comes after Strategy (formerly MicroStrategy) announced plans to raise $250 million through an initial public offering of a new class of perpetual preferred stock to fund more Bitcoin purchases.
In a June 2 statement, the company said it intends to issue 2.5 million shares of its 10% Series A Perpetual Stride Preferred Stock at $100 a share.
Bitcoin Price Bounces Off Support And Heads For Resistance
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price rebounded from a support level at $102,185.08 in the last few days, and is now approaching the immediate resistance at $107,310.72. Should the crypto break above this point within the next 48 hours, BTC could have the technical foundation to continue rising and potentially soar to as high as $111,940.32.
However, a rejection from the $107,310.72 resistance, or a sudden change in the broader crypto market’s trend, could prevent the bullish move from happening. In this alternative scenario, the largest crypto by market cap might once again test the $102,185.08 resistance. This could expose it to the risk of plunging all the way down to $95,571.37 if there is extreme sell pressure.
Technicals Suggest The Bitcoin Price Could Go Either Way
Technical indicators on the daily chart suggest the Bitcoin price could go either way, with the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) contradicting each other.
On one hand, the MACD shows BTC’s momentum is starting to turn more bullish. This is after the MACD line started to rise towards the MACD Signal line in the last few days. If the margin between the two lines continues to shrink, the MACD line could soon cross above the Signal line.
That will trigger a major bullish technical flag and could confirm that BTC’s momentum has turned positive.
However, it seems sellers still have an upper hand in terms of strength even though momentum might be shifting in favor of their bullish counterparts. The RSI line on the daily chart is currently positioned below its Simple Moving Average (SMA), a classic bearish sign. Additionally, the RSI line is also sloped downward, which suggests sellers are still accumulating strength.
As the Bitcoin price tries to keep climbing, investors are buying into a new presale crypto called BTC Bull Token (BTCBULL). According to 99Bitcoins, an influential YouTube channel with over 723K subscribers, BTCBULL could soar 10X after launch.
BTCBULL Offers Investors Free Bitcoin
As Strategy looks to raise millions to buy more Bitcoin and institutions engage in a BTC buying spree, BTC Bull Token is the perfect project for retail investors looking to gain exposure to the leading crypto.
Built on the conviction that Bitcoin will soar to $1 million per coin, and possibly beyond, BTC Bull Token celebrates certain BTC milestones. As the crypto king soars to new heights, the meme coin’s backers will be rewarded with BTC airdrops and BTCBULL token burns at certain price milestones.
The airdrops will begin when BTC breaks $150K for the first time. Thereafter, every $50K increase in Bitcoin’s price will trigger another airdrop. This essentially gives BTCBULL token holders a way to profit from BTC’s gains without having to buy Bitcoin directly.
Meanwhile, the BTCBULL token burns will start when Bitcoin breaks $125K for the first time, and will continue with each $50K rise after that. These burns will reduce BTCBULL’s supply, which, when coupled with the demand from investors looking to get in on the Bitcoin airdrops, could lead to strong upside pressure on BTCBULL’s price.
That could result in the 10X rally predicted by 99Bitcoins, especially as the Bitcoin price continues to rise.
Last Chance To Buy BTCBULL In Presale – Just 27 Days Left
BTC Bull Token has raised over $6.7 million in presale so far, signaling strong investor confidence in the project’s future. Recently, the ICO entered its final leg, meaning investors have one last chance to buy the meme coin at this early stage before its launch.
Interested investors can purchase BTCBULL for $0.002545 apiece via the simple buy widget embedded on the project’s website using either crypto or bank card.
Once purchased, the tokens can also be locked up in the project’s presale staking pool that offers a 61% APY.
Investors will want to hurry, because BTCBULL’s presale will end in around 27 days on June 30.
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