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The Bitcoin price plunged 4% in the last 24 hours to trade at $103,497.13 as of 9:41 p.m. EST as investors offload some of their holdings in the crypto on the market.
The drop in the BTC price comes after Israel reportedly launched airstrikes on Iran, intensifying regional conflicts and triggering a flight from risk assets.
Bitcoin Price Nears Support, Will The Key Level Hold?
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price is nearing the support level at $100,457.38. Should it fall below this technical safety net within the next 48 hours, it could end up dropping to as low as the subsequent mark at $93,671.11.
However, buyers identifying the current Bitcoin price as a buy opportunity could result in a more bullish scenario playing out. In this alternative case, BTC might try to flip the resistance level at $100,285.77 into support. Should this happen, it could give the leading crypto a foundation to rise off from and potentially reach a new all-time high (ATH).
Bitcoin Price Drop Might Only Be Getting Started
Looking at technical indicators on the daily chart, there are warning signs that suggest the Bitcoin price could end up dropping some more in the next 48 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show sellers might have the upper hand.
In the last 48 hours, the MACD line attempted to break above the MACD Signal line, which could have indicated a possible shift in momentum from bears to bulls. However, the MACD line ended up being rejected by the Signal line. Ever since, the prior has been breaking away below the latter. This could be seen as a sign of growing bearish momentum.
Meanwhile, the RSI line broke below its Simple Moving Average (SMA) line in the last 48 hours as well. This is a classic bearish technical event that is usually interpreted as a confirmation that sellers have gained an upper hand in terms of strength over buyers.
The downward slope of the RSI line warns bears are still growing stronger, while the latest reading in the mid 40s suggests there is still a lot of room for the Bitcoin price to drop before it enters oversold territory.
As the Bitcoin price approaches support, investors are piling into the presale for BTC Bull Token (BTCBULL) that is ending in around 17 days. 99Bitcoins, a prominent YouTube channel with over 723k subscribers, says BTCBULL could soar 10X after launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is a Bitcoin-branded meme coin that is built on the belief that the largest crypto by market cap will soar all the way to $1 million, and possibly beyond. As Bitcoin soars to new heights, the project will reward its holders with BTC airdrops and BTCBULL token burns at certain price milestones.
The first of those airdrops will happen when Bitcoin breaks above $150K for the first time. Thereafter, every new $50K milestone BTC achieves will result in another airdrop to BTCBULL token holders. This essentially allows the project’s backers to grow their BTC exposure and profit off of Bitcoin’s gains without having to take on any additional risk.
The BTCBULL token burns will also happen with each new $50K milestone BTC achieves, but will kick off when Bitcoin hits $125K for the first time. The idea behind these events is to mimic BTC’s ever-growing scarcity.
That combination of BTC airdrops and BTCBULL token burns could lead to a favorable supply and demand ratio for the meme coin, especially as more investors rush to get in on the airdrops while BTCBULL’s supply shrinks. This could ignite the 10X rally predicted by 99Bitcoins.
Time Is Running Out For Investors To Get BTCBULL At Presale Prices
BTC Bull Token’s presale has managed to raise over $7.1 million through its ongoing presale so far, signaling strong investor confidence in the project’s future. With under 3 weeks left until the project launches, time is running out for investors to get in at this ground level of the project.
Before it’s too late, investors can acquire BTCBULL via the simple buy widget embedded on the project’s website. Selling for $0.00256, BTCBULL can be bought with both crypto and bank card.
Once purchased, the tokens can also be locked up in the project’s presale staking pool that offers an attractive 57% APY.
Investors will want to buy before the presale ends in around 17 days.
Check out BTCBULL on its official website.
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