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The Bitcoin price slid 1% in the last 24 hours to trade at $105,638.71 as of 10:41 p.m. EST as some investors reduce their exposure to the crypto.
With the recent drop, the BTC price is now also in the red on the longer-term weekly time frame.
Bitcoin Price Resting On Support, Will The Level Hold?
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price is resting on a support level at $104,830.57. Should it fall below this technical safety net within the next 48 hours, it could be at risk of plunging to below the psychological $100K mark to the next key support level at $99,473.25.
However, traders identifying the current Bitcoin price as a buy opportunity could lead to a more bullish scenario playing out. This might result in BTC rising to the closest resistance level at $109,294.38. Breaching this obstacle could then give the crypto the room needed to enter into a price discovery phase towards the upside and potentially go on to set a new all-time high (ATH).
Technicals Warn The Bitcoin Price Might Drop Lower In The Short Term
From a technical point of view, indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are both flashing bearish, warning the Bitcoin price might drop some more in the next 24 hours. Both indicators are on the verge of triggering major bearish technical flags as well.
The MACD line dropped down to the MACD Signal line in the last 3 days. Now, the prior is attempting to cross below the latter. If this happens, traders might see it as a confirmation that the Bitcoin price has entered a negative trend.
Buyers have also lost some of their strength against sellers, as evident by the decrease in RSI readings over the last couple of days. This led to the RSI recently breaking below the neutral 50 mark as well as the Simple Moving Average on the daily chart.
Both of those developments often signal that momentum has shifted in favor of sellers, who now seem to have the upper hand and might push the Bitcoin price down lower in the short term.
As the Bitcoin price hangs on to support, investors are FOMO buying into the presale for BTC Bull Token (BTCBULL) that is offering one last chance to buy before the project’s claims go live. According to 99Bitcoins, a popular YouTube channel with over 723K subscribers, BTCBULL has the potential to soar 10X after it launches.
A Meme Coin Offering Investors Actual Bitcoin
BTC Bull Token is a Bitcoin-branded meme coin that wants to support the leading crypto on its journey to $1 million per coin and possibly higher. As the Bitcoin price soars to new heights, the project’s backers will either be rewarded with a BTC airdrop or BTCBULL token burn at certain price milestones.
Those BTC rewards will happen at every new $50K milestone Bitcoin’s price achieves, and will begin when the crypto breaks above $150K for the first time. Investors therefore have an opportunity to grow their exposure to BTC without having to buy Bitcoin directly, and can profit from the leading crypto’s gains as its price rises without taking on additional risk.
The BTCBULL token burns will follow the same $50K-milestone schedule, but will kick off when BItcoin breaks above $125K for the first time.
With the supply scheduled to shrink, the demand from investors looking to get in on the BTC airdrops could lead to amplified buy pressure on BTCBULL’s price. This could result in the 10X rally predicted by 99Bitcoins, especially as Bitcoin’s price soars to new heights amid continued institutional purchases.
Last Chance To Buy BTCBULL At Presale Price
BTCBULL’s presale officially ended a few days ago. However, given the strong demand for the project during its ICO, which raised over $7 million, the team have given investors one last chance to buy in at this early stage. With just over 5 days left until claims go live, the window of opportunity is shrinking fast.
Interested investors can buy BTCBULL for $0.002585 apiece via the simple widget embedded on the project’s website using either crypto or bank card. Once purchased, tokens can also be staked for a 52% APY.
With 5 days left until the presale ends, investors will need to hurry in order to get in at this early stage.
Visit the official BTC Bull Token website.
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