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The Bitcoin price soared 4% in the last 24 hours to trade at $116,424.27 as of 10:39 p.m. EST as investors rush to buy the crypto.
The BTC price managed to set a new all-time high (ATH) of $116,608.78 in the last couple of hours. This was just 24 hours after it broke above $112K for the first time ever.
Bitcoin Price Tests A Recently-Formed Resistance After New Record High
Daily chart for Bitcoin/USDT (Source: TradingView)
The Bitcoin price breached the resistance level at $112,140.12 in the last 24 hours. Now, the crypto is facing a newly-formed technical barrier at $116,261.09 after its recent record price. Should Bitcoin overcome this obstacle, it could go on to set yet another ATH in the short term.
However, failure to clear the $116,261.09 resistance could prompt impatient traders to realize their profits. As a result, the Bitcoin price could end up retesting the aforementioned $112,140.12 mark, but as support this time.
Continued sell pressure at that point might then result in a drop to the $107,269.88 support. In an extreme case, BTC could even fall to $102,586.96 if bears continue to exert pressure on the Bitcoin price.
Technicals Suggest The Bitcoin Price Is Still Being Controlled By Bulls
Looking at technical indicators on the daily chart, it seems bulls are still in control of the Bitcoin price. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Bitcoin price might rise soon.
The MACD line has broken far above the MACD Signal line, an indication of strong bullish momentum. There are still no warnings that this trend between the MACD and Signal line will change.
Meanwhile, the RSI is positioned well above its Simple Moving Average (SMA) on the daily chart as well. Traders could see this as a sign of buyer dominance. However, the current reading above 70 warns the Bitcoin price is slightly overbought, which could result in a pullback if some traders try to reduce their downside risk.
If there is a retracement due to the current RSI standing, it might only be temporary given the strong momentum shown by the MACD.
As the BTC price tries to keep climbing after its new ATH, investors are also buying into a new presale token called Bitcoin Hyper (HYPER). Several experts have stepped forward to share their bullish outlooks for the crypto. Among them is crypto analyst and YouTuber TodayTrader, who has over 13K subscribers and said HYPER could turn investors “into crypto millionaires.”
Bitcoin About To Get A Major Scaling Upgrade
Bitcoin has proven itself in terms of security and decentralization. However, the legacy network lags when it comes to transaction speeds when compared to competitors like Solana, Avalanche and even Ethereum. As institutional adoption for Bitcoin continues, there is a growing need to increase the network’s scalability. This is where Bitcoin Hyper comes in.
The project is a Bitcoin-orientated layer-2 scaling solution that will help the network process more transactions at any given time. This is made possible through its integration with the Solana Virtual Machine (SVM), which is the super performant engine that powers the Solana blockchain.
Not only will Bitcoin Hyper bring Solana speeds to the Bitcoin blockchain, it will also make it possible for more computationally-demanding applications and use cases such as NFTs, DEXs and more to run on the Bitcoin network. If this happens, Bitcoin could finally transition from being primarily a store of value chain to a more utility-aligned network.
HYPER Presale Blasts Past $2.3 Million As Investors Bet Big On The Project’s Future
The ongoing Bitcoin Hyper presale has raised over $2.3 million in early-stage funding so far, signaling strong investor confidence in the project’s future.
Investors that want to participate in the presale can do so by purchasing HYPER through the easy-to-use widget embedded on the project’s official website. Selling for $0.012225, HYPER can be purchased with both crypto or bank card.
Once bought, the tokens can then also be put to work via the project’s presale staking program that offers a 351% APY.
Investors won’t want to wait too long before buying, because HYPER’s price will increase as its presale progresses. The next ICO price hike will happen in around 39 hours.
Visit the official Bitcoin Hyper website to learn more.
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- Ethereum Reclaims NFT Market Dominance – Jumps +30% In Daily Sales
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