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The Bitcoin price experienced a slight drop in the last 24 hours to trade at $95,369.54 as of 2:40 a.m. EST as some investors decrease their exposure to the largest crypto by market cap.
The minor retracement in the BTC price comes after the US government transferred more than $1.9 billion worth of Bitcoin that was seized from Silk Road to a Coinbase Price wallet.
Data from the on-chain analytics platform Arkham Intelligence shows that a wallet linked to the US Government moved roughly 19,800 BTC on Dec. 2.
Bitcoin Price Stuck In Consolidation
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price has been in a consolidation phase between $94,319.21 and $98,751.43 in the last few days. This might be an accumulation period before the market leader enters into another leg up.
If BTC starts to rally, it could try to flip the resistance level at $98,751.43 into support. Thereafter, continued buy pressure could push the Bitcoin price to a new all-time high and potentially even to above the psychological $100,000 barrier.
Conversely, a breakdown of the Bitcoin price in the short term could lead to BTC losing the $94,319.21 support. Falling below this mark might then result in the leading crypto’s price falling to the subsequent technical safety net at $90,441.01. In an extremely bearish scenario, the Bitcoin price could plunge to as low as $86,562.82.
Bears Currently Have Control Of The Bitcoin Price
From a technical standpoint, indicators on BTC’s 4-hour chart suggest bears currently have a slight upper hand on the crypto’s chart. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) warn of a potential correction if sellers decide to capitalize on their current advantage.
In the last 24 hours, the RSI managed to briefly rise above its Simple Moving Average (SMA) line to suggest that bulls gained an upper hand. However, bears quickly took control of the situation, leading to the RSI falling back below the SMA. With the negative slope of the RSI line, it seems bears are now growing stronger against their bullish counterparts.
Momentum seems to favor sellers at the moment, which is suggested by the MACD line’s positioning below the MACD Signal line. In the last few hours, MACD Histogram readings have also started to turn more negative. Traders might see this as a sign that BTC’s bearish momentum is starting to pick up steam.
As Bitcoin tries to break out of consolidation, the presale for Best Wallet (BEST) is closing on the $2 million mark.
An All-In-One Crypto Wallet About To Take The Crypto World By Storm
Best Wallet (BEST) is a multi-chain, non-custodial crypto wallet project that gives users all the features they need to secure, manage and grow their portfolios all from a single app.
The project offers a wallet that can store assets from more than 60 blockchain networks, including leading chains such as Bitcoin, Ethereum, Solana, Binance Smart Chain and much more.
With Best Wallet, users have powerful analytics at their disposal and can keep track of which tokens are trending as well as gain insights into market sentiment and real-time updates on leading projects.
Within the app, users are also able to use the Best DEX (decentralized exchange). This will allow them to swap their tokens at any time without relying on a central third party. What’s more, the wallet implements advanced security measures such as 2FA and biometric login.
To expand its offering, Best Wallet is launching its native BEST token. By simply holding BEST, investors will unlock a range of benefits including early access to new projects, reduced transaction fees and higher staking rewards. BEST holders will also be able to have their voices heard during key governance decisions.
With its extensive range of features and the benefits unlocked through its BEST token, it’s no wonder that YouTube channel Crypto Wire told its more than 11.4K subscribers that Best Wallet is the only wallet crypto investors will ever need.
Investors Rush To Buy BEST To Get Access To A 2,015% Staking APY
Best Wallet has already raised over $1.96 million through its ongoing ICO, signalling strong investor confidence in the project’s future. Selling for $0.0229, BEST can be bought via the simple buy widget embedded on its site using either crypto or card. Alternatively, investors can also buy the token through the Best Wallet app.
🔥 Join the $BEST Token Presale! 🔥
Stack your $BEST today and lock in the lowest price before it’s gone. Available now on our official website and Best Wallet app.
Every moment counts – don't miss out! 🚀
Download now! 📲 https://t.co/AALEwrMCmn pic.twitter.com/975cKh0jLr
— Best Wallet (@BestWalletHQ) November 25, 2024
Potential buyers will want to act fast, because the token’s price is set to increase as its presale progresses. The next price hike is in just over 24 hours. Once bought, the BEST tokens can also be staked for a humongous 2,105% annual return.
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Best Wallet - Manage Your Crypto
- Access DeFi and Web3 Dapps Across Multiple Chains
- Comes With Your Own OpenAI Powered Chat Bot Assistant
- Get Early Access to Upcoming Token Launches & ICOs
- Integrated Decentralized Exchange To Buy & Trade Crypto
- Store Crypto And NFTs With Industry Leading Security
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