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The Bitcoin price jumped 1% in the last 24 hours to trade at $108,500.89 as of 11 p.m. EST as investors buy the crypto.
With the recent gain by the BTC price, the leading crypto is now less than 4% away from its all-time high (ATH) of $111,970.16 that it set on May 22.
Bitcoin Price Trying To Break A Major Resistance Level
Daily chart for WBTC/USD (Source: GeckoTerminal)
The Bitcoin price is attempting to overcome a resistance level at $108,853.66, according to data from GeckoTerminal. Should the crypto break above this technical barrier within the next 24 hours, it could give BTC the room needed to enter into a price discovery phase and set a new ATH in the short term. Traders might then push BTC to as high as $119,228.08.
However, a rejection from the $108,853.66 mark within the next 24 hours could stop the Bitcoin price in its tracks. In this alternative scenario, BTC might end up dropping to the nearest technical support level at $99,516.67.
Technicals Suggest The Bitcoin Price Might Climb Some More
From a technical point of view, indicators on the daily chart suggest the Bitcoin price might continue to tick upwards in the coming 48 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are both flashing bullish.
Over the past few days, the MACD line has broken away above the MACD Signal line. This is usually seen as a sign of growing bullish momentum. Currently, the gap between the two lines is still growing, which might suggest that the positive trend will continue over the next 24-48 hours.
Meanwhile, buyers have gradually grown stronger against sellers, with the RSI climbing over the past few days as well. Traders will, however, want to keep an eye on this indicator, as the current reading below 40 warns that bears still have an upper hand. Despite this, the positive slope of the RSI line suggests there could be a confirmed bullish shift in power soon.
As the Bitcoin price nears its ATH, investors are FOMO buying a new presale crypto called BTC Bull Token (BTCBULL) with just hours left. According to popular YouTube channel 99Bitcoins, which has over 723K subscribers, BTCBULL has the potential to soar 10X after its launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is unlike the meme coins that came before it. The crypto is built on the belief that the leading crypto by market cap will soar all the way to $1 million, possibly even higher. As such, the project has set price milestones for Bitcoin that will either trigger a BTC airdrop or a BTCBULL Token burn.
The first of those airdrops will happen when Bitcoin hits $150K for the first time. Thereafter, every new $50K milestone Bitcoin achieves will result in another airdrop.
That gives investors a way to grow their BTC exposure and potentially profit from the crypto’s gains without having to buy Bitcoin directly.
The BTCBULL token burns will follow the same $50K-milestone schedule, but will kick off when BTC hits $125K for the first time.
With the possible demand from investors looking to grow their exposure to BTC via the project’s airdrops, there might be strong upside pressure on BTCBULL’s price. This pressure will most likely be amplified as the number of tokens available in the market shrinks as a result of the token burns. BTCBULL might therefore undergo the parabolic rally predicted by 99Bitcoins.
Just Hours Left For Investors To Buy BTCBULL In Presale
BTC Bull Token’s presale has raised more than $7.7 million in early-stage funding so far, as investors bet big on the project’s future. Now, with just hours left until the ICO ends, time is running out for investors to get in at this ground level of the project and position themselves ahead of the potential rally predicted by experts like 99Bitcoins.
Interested investors can acquire the token via the simple buy widget embedded on the project’s website for $0.00258 apiece using either crypto or bank card.
Investors will want to buy before the presale ends in less than 4 hours.
Check out BTCBULL on its official website.
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