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The Bitcoin price plummeted over 5% in the last 24 hours to trade at $78,517.97 as of 9:42 p.m. EST as investors dump their holdings in the crypto on the market.
The drop in the BTC price coincided with a broader crypto market pullback that saw the digital asset space shed more than 6% of its total market cap.
Bitcoin Price Drops Below Key Support, Tests Another Key Level
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price plunged below the support at $80,310.23 in the last 24 hours and is now testing the next key support level at $77,298.43. Should the leading crypto drop below this second technical safety net within the next 24 hours, it could stand the risk of falling all the way down to $74,788.59 in the short term.
However, BTC rebounding from the $77,298.43 support within the next 12 hours could lead to a more bullish scenario playing out. In this alternative case, the Bitcoin price might try to reclaim a position above the $80,310.23 mark. Thereafter, continued buy pressure could push the Bitcoin price up to as high as $83,895.71.
Bitcoin Price Drop Could Continue Over The Course Of The Next 24 Hours
From a technical point of view, indicators on the 4-hour chart warn the Bitcoin price drop might not be over yet. More specifically, traders will want to keep an eye on the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI).
The MACD line has plummeted below the MACD Signal line in the last 24 hours. Given the current alignment of the two lines, with the prior below the latter, it seems BTC is in a negative short-term trend. Additionally, the growing gap between the two MACD lines indicates that BTC’s bearish momentum is picking up steam.
Sellers also seem to have a strong upper hand against buyers, as suggested by the RSI line’s positioning below its Simple Moving Average (SMA) on the 4-hour chart.
While the current RSI reading below 30 suggests that BTC is in oversold territory and could subsequently be seen as a buy signal, it is not unusual for the RSI to remain low for sustained periods of time when a crypto is being dumped.
As the Bitcoin price clings to support, investors continue to buy a new meme coin called BTC Bull Token (BTCBULL) to grow their portfolios. According to Crypto analyst and YouTuber Alessandro De Crypto, who has over 14.4K subscribers, BTCBULL could print massive gains for investors once it launches.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is a Bitcoin-branded token that is unlike the meme coins that came before it. What sets the crypto apart from its predecessors is that it offers its holders free Bitcoin via airdrops as the largest crypto by market cap soars to new heights.
The project is confident that BTC will skyrocket to $1 million per coin and beyond. As such, it has set certain price milestones that will trigger BTC airdrops.
According to the project’s website, BTCBULL token holders will receive free BTC when Bitcoin hits $150K for the first time. Thereafter, every $50K increase in the crypto’s price will also trigger an airdrop.
The rewards don’t stop there, however, as the project has also scheduled BTCBULL token burns along the way. Similar to the airdrops, the token burns will be triggered at certain price milestones. Tokens will be permanently removed from the meme coin’s supply when Bitcoin reaches $125K for the first time and with every $25K increase thereafter.
The token burns are meant to mimic BTC’s ever-growing scarcity, and could lead to a skewed supply and demand ratio if investors rush to buy BTCBULL for the Bitcoin airdrops. This means that not only can BTCBULL holders benefit from the Bitcoin airdrops, but could also potentially enjoy a massive profit from a BTCBULL price rally.
Investors Bet Big On BTCBULL’s Future
The imbalance in the supply and demand ratio could come sooner than expected, as investors have already poured more than $4.4 million into BTCBULL’s ongoing presale.
With the chance to receive free Bitcoin, the project’s meme coin appeal and the bullish predictions from experts like Alessandro De Crypto, it’s easy to see why a buying frenzy has erupted around the project’s ICO.
Investors interested in participating in the presale can buy BTCBULL via the simple widget embedded on the project’s website. Selling for $0.00245, BTCBULL can be bought with either crypto or bank card. Tokens can also be staked for a 93% APY.
Buyers will want to act fast before the next presale price hike in just over 2 days.
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