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The Bitcoin price plunged 3% in the last 24 hours to trade at $101,618.90 as of 9:39 p.m. EST as investors offload some of their holdings in the crypto on the market.
The drop in the BTC price comes after CoinShares said institutional exposure to the crypto king via Bitcoin ETFs (exchange-traded funds) shrank 23% from $27.4 billion in Q4 2024 to $21.2 billion in Q1 2025, marking the first quarterly drop since the US funds launched last year.
Bitcoin Price Resting On A Vital Support, Will It Hold?
Daily chart for BTC/USD (Source: TradingView)
The Bitcoin price is resting on a support level at $100,386.17. Should it drop below this level within the next 48 hours, BTC could be at risk of plunging all the way down to $93,583.25.
However, traders identifying the current Bitcoin price as a buy opportunity might lead to a rebound in the crypto market leader’s price. Should this alternative scenario play out, BTC could end up bouncing off of the $100,386.17 support and begin to climb towards the nearest resistance level at $108,013.69.
Bitcoin Price At Risk Of Dropping Further As Bears Maintain Dominance
From a technical point of view, it seems bears still have control of the Bitcoin price, and might try to push BTC even lower heading into the weekend. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing bearish signs.
The MACD line crossed below the MACD Signal line over the past fortnight. This technical event is a classic bearish signal that indicates an asset has entered a negative short-term trend. Since the two lines crossed, the signal was validated, with BTC dropping below the $108,013.69 support to trade at its current level.
Now, the MACD line is breaking away below the MACD Signal line. This suggests that BTC’s bearish momentum is picking up steam.
Meanwhile, the RSI suggests sellers still maintain control of the Bitcoin price, after the indicator dropped below the neutral 50 point in the last couple of days. What’s more, the current reading in the low 40s warns there is still room for the Bitcoin price to drop before it reaches oversold territory, which is usually indicated by an RSI reading below 30.
As bears take control of the Bitcoin price, investors are flocking to the presale for BTC Bull Token (BTCBULL) before it ends in around 24 days. According to 99Bitcoins, a prominent YouTube channel with over 723K subscribers, the new crypto could soar 10X after its launch.
A Meme Coin That Gives Its Investors Free Bitcoin
BTC Bull Token is a new meme coin project that is poised to dominate the meme coin market. The BTC-themed token is built on the belief that the largest crypto by market cap will soar all the way to $1 million per coin and beyond. As Bitcoin soars, the project will reward its backers with BTC airdrops and BTCBULL token burns.
The first of those airdrops will happen when Bitcoin breaks $150K for the first time. Thereafter, every new $50K milestone the crypto achieves will result in another airdrop. This means that BTCBULL holders essentially stand to profit from massive BTC gains without having to invest in the crypto directly and take on the risk.
Meanwhile, the token burns, which will reduce the meme coin’s supply and subsequently make it more scarce, will happen with every $50K increase in BTC’s price as well, starting at $125K.
With the chance to earn free Bitcoin via airdrops for simply holding BTCBULL, an investor frenzy is likely to erupt around the meme coin. This, combined with the token’s shrinking supply, could lead to a skewed supply and demand ratio that might result in the rally predicted by 99Bitcoins.
Investors Rush To Buy BTCBULL Before Its Presale Ends
BTC Bull Token’s presale has been a hit with investors, and has already raised over $6.8 million so far. This momentum is likely to continue up until the ICO’s conclusion, which is less than a month away.
With time ticking down, interested investors still have a chance to get in at this ground stage of the project. To do so, investors can buy BTCBULL through the simple widget embedded on the project’s website. Currently selling for $0.00255, BTCBULL can be bought with both crypto or bank card.
Once bought, tokens can also be put to work in the project’s presale staking pool, which offers a 60% APY.
Anyone looking to buy will want to hurry, because BTCBULL’s presale will end in around 24 days.
Visit the BTC Bull Token website.
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