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The Bitcoin price slipped over 3% in the last 24 hours to trade at $98,661.54 as of 3:44 a.m. EST.
The correction in the BTC price comes as former US Treasury Secretary Lawrence Summers dismissed incoming President Donald Trump’s plans for a strategic Bitcoin reserve as “crazy.”
“Some of what is being said, this idea that we should have some kind of national Bitcoin reserve, is crazy,” Summers said during a Dec. 6 interview with Bloomberg TV.
BTC also experienced a turbulent trading day yesterday as investors celebrated a new all-time high of $103,583.91 for the crypto leader.
But the euphoria didn’t last long as BTC suffered a quick and sharp correction to below $93K, wiping out $200 billion from its market cap in the process. It has since bounced back to trade at its current price.
Bitcoin Price Could Break Out Above A Consolidation Channel Soon
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price has been in a consolidation phase between $93,362.62 and $99,186.57 for the majority of the last few days. During this period, it has broken both below and above the sideways range, but each break out of the consolidation channel did not last long.
Now, BTC is attempting another challenge at the upper boundary of the channel at $99,186.57. Should the leading crypto break above this barrier in the next few hours, BTC might rise to as high as $103,845.17 in the short term.
However, a rejection from the $99,186.57 threshold might lead to a retest of the $93,362.62 support. A drop below this technical safety net could then result in the Bitcoin price dropping to the subsequent mark at $86,839.80.
Technicals Suggest Bears Are Losing Their Grip On The Bitcoin Price
From a technical perspective, BTC seems to have entered into a negative cycle in the last 12 hours. However, there are signs that bulls are starting to make a comeback. Throughout the last trading day, the MACD line crossed below the MACD Signal line. This specific technical event is often interpreted as an indication that a crypto has entered a bearish trend.
The Relative Strength Index (RSI) is also currently positioned below its Simple Moving Average (SMA) line on the 4-hour chart. This could suggest that sellers currently have the upper hand against buyers.
However, the RSI line has started to rise in recent hours and is still positively sloped. The gap between the RSI and SMA lines is also starting to narrow, which could lead to bulls stealing back the advantage from their bearish counterparts.
While traders try to push the Bitcoin price back above $100K, investors are rushing to buy new meme coin and PEPE spinoff Wall Street Pepe (WEPE) for potential parabolic gains.
A Meme Coin On A Mission To Level The Playing Field For Retail Traders
Wall Street Pepe (WEPE) is a new meme coin project that is on a mission to empower retail traders.
As WEPE sees things, up until now all of the big plays in the crypto market have been kept a secret by greedy crypto whales. Wall Street Pepe will level the playing field for smaller traders by giving them unrestricted access to future alpha calls.
To level up their game, traders can join other crypto degens and join the WEPE Token Army. Becoming a member of the group is simple, investors will just need to purchase the WEPE token to unlock exclusive insights that will enable them to trade like a pro.
While traders wait for signals and insights, they also stand to simultaneously benefit from their holdings in WEPE, which experts say could surge after its launch.
An analyst from the Cryptonews YouTube channel, which has over 13K subscribers, said that WEPE could be the next massive degen play.
Additionally, investors can passively grow their WEPE holdings through the lucrative staking opportunity on offer. Anyone who locks up WEPE tokens now will gain access to a stratospheric 436% annual staking yield.
Investors Bet Big On WEPE’s Future
Wall Street Pepe’s presale recently surpassed the $1.2 million mark, signaling strong investor confidence in the project’s future. Anyone can acquire the token at this early stage using the simple buy widget embedded on the project’s website.
$1Million raised in 3 days. The future is green. 🐸⚔️ pic.twitter.com/MnZiMCqKR0
— Wall Street Pepe (@WEPEToken) December 6, 2024
The WEPE token is currently selling for $0.000204, and can be bought with either crypto or bank card.
Once purchased, investors can then navigate to the staking page on the website to put their WEPE tokens to work for the 436% staking APY.
Purchase and stake WEPE here for the 436% APY.
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