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The Bitcoin price edged up a fraction of a percentage in the last 24 hours to trade at $118,357.93 as of 10:47 p.m. EST as some investors up their exposure to the crypto.
That slight uptick in the BTC price comes after the US Federal Reserve (Fed) opted to keep interest rates unchanged, as expected.
Bitcoin Price Stuck In A Consolidation Pattern
Daily chart for WBTC/USD (Source: GeckoTerminal)
The Bitcoin price has been in a consolidation pattern between $114,727.48 and $121,401.12 over the past 2 weeks, data from GeckoTerminal shows. This period of sideways trading could be the build up to a big move, especially now that the market knows the Fed’s latest interest rate decision.
If the Bitcoin price begins to climb in the next couple of days, it could flip the resistance level at $121,401.12 into support. Overcoming this barrier might then result in a continued climb in the short term, with a potential price discovery phase to a new all-time high (ATH) if the bullish pressure persists.
On the other hand, impatient traders deciding to sell off their holdings in the crypto market leader could lead to a test of the nearest support level at $114,727.48. Losing this technical safety net might then expose the crypto to the risk of plunging down to $109,857.52 in the short term.
Technicals Suggest The Bitcoin Price Will Continue To Oscillate
From a technical point of view, indicators on the daily chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI), suggest the consolidation might continue in the next 24-48 hours. These indicators also show no clear advantage for bulls or bears.
Over the past week, the MACD line has been positioned below the MACD Signal line. This is a bearish alignment, and suggests that BTC is in a negative trend. However, sellers were unable to capitalize on this momentum. Now, the MACD Histogram bars are starting to level off.
Whether that change in the Histogram bars will translate into a bullish reversal will depend on if buyers start to buy BTC in the next 24-48 hours.
Meanwhile, the RSI has levelled off in the high 50s. This was after the indicator dropped over the last week, indicating a decrease in buyer power. Despite the decline, the latest RSI reading suggests bulls still have an upper hand over sellers.
While BTC remains in a state of limbo, investors are piling into the presale for Bitcoin Hyper (HYPER). According to 99Bitcoins, a popular crypto channel on YouTube with over 723K subscribers, HYPER is one of the best crypto ICOs to buy now.
Bitcoin About To Get Its Biggest Scaling Upgrade To Date
Bitcoin has proven itself as a decentralized store of value over the years. However, the legacy network has not had a major upgrade since its inception, resulting in it lagging behind faster and cheaper competitors such as Ethereum or Solana.
That decision by developers to not tamper with the Bitcoin network’s infrastructure too much is likely why the blockchain has had consistent up time, but speed is needed to facilitate mass adoption. Enter Bitcoin Hyper, a layer-2 scaling project that doesn’t seek to overhaul the Bitcoin network, but rather complement it.
Similar to other layer-2 chains, the BTC Hyper network will operate independently of the main chain and not introduce any additional computational burden to the Bitcoin base chain.
It will also integrate with the Solana Virtual Machine (SVM), which is the same engine that powers the lightning-quick and cost-effective SOL ecosystem.
Not only will that integration bring unprecedented speeds and lower costs to the Bitcoin blockchain, it will also make it possible for smart contracts to run in the BTC ecosystem. This could see Bitcoin transition from a store of value chain to a more utility-focused blockchain that will facilitate payments and host various decentralized applications.
Bitcoin Hyper Presale Breaks $6 Million
Investors are already betting big on Bitcoin Hyper’s future, and have pumped more than $6 million in early-stage funding into the project’s ongoing ICO.
Interested investors can get in at this ground level of the project by purchasing HYPER via the simple buy widget embedded on the project’s website. Selling for $0.012475, HYPER can be bought with either SOL, ETH, USDC, USDT, BNB or bank card.
Once purchased, the tokens can also be staked for a 170% APY.
In order to secure the best presale deal, investors will want to hurry. HYPER’s price will increase as the ICO progresses. The next ICO price hike will take place in less than 39 hours.
Visit the official Bitcoin Hyper website to learn more.
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