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The Bitcoin price rose over 1% in the last 24 hours to trade at $83,158.08 as of 10:12 p.m. EST as investors start to accumulate the crypto.
This slight increase in the BTC price comes after BlackRock CEO Larry Fink warned in an annual letter that mounting US debt could drive investors towards Bitcoin, which could threaten the Dollar’s global dominance.
Bitcoin Price Rebounds From Support To Form A Bullish Channel
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price rebounded from the support at $81,426.96 in the last 24 hours, and has since printed a series of higher highs and higher lows on the 4-hour chart to form a bullish channel. Should the leading crypto continue to trade in this positive range, it might soon flip the resistance level at $83,182.90 into support. Thereafter, it could rise to as high as $84,837.53.
However, a rejection from the $83,182.90 mark could push the Bitcoin price below the lower barrier of the ascending channel that has formed on its 4-hour chart. This could result in BTC retesting the $81,426.96 support. If bulls are unable to defend this technical safety net for a second time, BTC might end up falling to as low as $80,110.00.
BItcoin Price Showing A Lot Of Bullish Strength On The 4-Hour Chart
From a technical standpoint, indicators on BTC’s 4-hour chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Bitcoin price might rise in the short term. This is after both of these indicators triggered major bullish technical flags on the 4-hour chart throughout the past 24 hours.
Recently, the MACD line crossed above the MACD Signal line. Traders usually see this specific technical event as an indication that a crypto has entered a positive trend. What’s more, the growing gap between the two MACD lines suggests that BTC’s bullish momentum is growing stronger. This could push the Bitcoin price up over the course of the next 24 hours.
The RSI also broke above its Simple Moving Average (SMA) in the last 24 hours, signaling that buyers have gained a slight upper hand against sellers. A confirmation of this advantage will be if the RSI rises higher than 50, which the positive slope of the technical indicator suggests could happen soon.
As Bitcoin price technicals flash bullish, investors flock to a new presale meme coin called BTC Bull Token (BTCBULL) to grow their crypto portfolios.
Multiple crypto experts have stepped forward to share their bullish predictions for the new meme coin. Among them is an analyst at the prominent 99Bitcoins YouTube channel, which has over 725K subscribers. In a recent video, the analyst said that BTCBULL has the potential to soar 10X after launch.
A Meme Coin Project That Airdrops Bitcoin To Holders – Best Crypto To Buy Now?
BTC Bull Token is a Bitcoin-themed meme coin that will reward its token holders as the largest crypto by market cap soars to new heights. As BTC’s price soars, the project will airdrop free Bitcoin to its token holders and execute a series of BTCBULL token burns at certain price milestones.
According to the project’s website, the BTC airdrops will happen when BTC hits $150K for the first time and after every $50K increase thereafter. Meanwhile, the first token burn will happen when BTC’s price reaches $125K for the first time. Every $50K increase after that will also remove tokens from the supply permanently.
The BTC airdrops and BTCBULL token burns could lead to a skewed demand and supply ratio for BTCBULL. As investors rush to buy the meme coin to receive free Bitcoin, the reduced supply will likely amplify the upside pressure on the crypto’s price. Therefore, not only does BTCBULL present an opportunity to receive BTC, it is itself a crypto gem that could surge.
As BlackRock’s Fink predicts that rising US debt will push people towards Bitcoin, investors will look for a cost-efficient way to gain exposure to Bitcoin without having to buy it directly or invest through ETFs (exchange-traded funds). BTC Bull Token presents such an opportunity, and is the only project in the market to do so.
Investors Rush To Buy BTCBULL At Presale Prices
BTCBULL has raised over $4.3 million through its ongoing presale so far, signaling strong market demand at this early stage.
Interested investors can acquire BTCBULL for $0.00244 apiece via the buy widget on its website using either crypto or bank card. BTCBULL tokens can also be staked in the project’s presale staking pool, which offers a 97% APY.
Anyone looking to get the best deal will want to buy before the next presale price increase in around 2 days.
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