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The Bitcoin price dropped over 4% in the last 24 hours to trade at $79,106.31 as of 9:44 p.m. EST as investors dump their holdings in the crypto on the market.
Following the decrease in the BTC price, BitMEX co-founder Arthur Hayes has urged his followers on X to be patient. In a March 11 X post, he speculated that BTC might drop to $70K, which will be a 36% correction from its $110K all-time high and is “normal for a bull market.”
Bitcoin Price Resting On Top Of A Support Level
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price is hovering above a support at $76,554.23 after plunging below the $80,258.09 mark in the last 24 hours. Should the largest crypto by market cap fall below $76,554.23 within the next 12 hours, it could be at risk of falling to the subsequent mark at $71,563.36 in the short term.
On the other hand, traders identifying Bitcoin’s current price as a buy opportunity could result in a more bullish scenario playing out. In this alternative case, the Bitcoin price might try to reclaim the $80,258.09 support. A 4-hour candle close above this price level could then clear the room for BTC to climb to $85,494.58 if the buy pressure persists.
Technicals Suggest Bulls Are Trying To Take Control Of The Bitcoin Price
From a technical standpoint, indicators on BTC’s 4-hour chart suggest the bearish pressure on the crypto is starting to ease. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators are starting to show early positive signs.
That’s after RSI readings rebounded from oversold territory below 30 and have started to rise in the last couple of hours. Now, the RSI is attempting to cross above its Simple Moving Average (SMA) line on the 4-hour chart. Should these two lines intersect, traders might interpret this technical event as a signal that buyers have gained the upper hand against sellers.
What’s more, the current RSI reading in the low 30s suggests that BTC’s upside potential is greater than its downside potential. Traders could try to capitalize on this opportunity, which might lead to some buy volume on BTC’s charts.
Meanwhile, the MACD line has stopped breaking away below the MACD Signal line in the last couple of hours as well. Should the gap between the two technical indicators continue to narrow, it could lead to a bullish crossover that might be interpreted as a sign that momentum has swayed in bulls’ favor.
As the Bitcoin price tries to recover, investors flock to a new meme coin presale called BTC Bull Token (BTCBULL) to protect their portfolios. According to 99Bitcoins, a popular YouTube channel with over 725K subscribers, BTCBULL has the potential to soar 10X after its launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is a Bitcoin-themed meme coin that aims to support the leading crypto on its journey to $1 million per coin and beyond. Not so long ago, the $100K mark was believed to be unreachable for Bitcoin. However, changing macroeconomic conditions, a pro-crypto US President and growing institutional adoption have created a perfect bullish storm.
As Bitcoin soars to new heights, BTC Bull Token aims to reward its holders with BTC airdrops and BTCBULL token burns at certain price milestones. According to the project’s website, free Bitcoin will be distributed to token holders when BTC hits $150K and $200K for the first time.
Meanwhile, BTCBULL airdrops, which will increase the scarcity of the meme coin, will take place when Bitcoin hits $125K, $175K and $225K.
While BTC might be in a bearish phase, the current retracement could just be a healthy pullback before a rally. Should this be the case, the next price milestone of $125K, which will trigger a BTCBULL token burn, could be achieved sooner than expected.
BTCBULL Presale Charges Towards $4 Million
Investors are betting big on BTC Bull Token’s future, as evident by the more than $3.4 million the project has raised through its ongoing presale so far.
Anyone interested in participating in the ICO can do so by acquiring BTCBULL through the buy widget embedded on the project’s website. Selling for $0.002405, BTCBULL can be bought with either crypto or bank card.
Investors interested in locking in the best rates will want to act fast, because BTCBULL’s price will undergo a presale price increase in less than 3 days.
Visit the BTC Bull Token website.
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