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The Bitcoin price is up over 8% on the weekly time frame following a minor 24-hour gain to trade at $85,123.41 as of 9:42 p.m. EST as investors accumulate the crypto.
Along with the uptick in the BTC price in the last 24 hours, trading activity around the crypto market leader has also surged 15% to over $30.05 billion.
Bitcoin Price Attempting To Flip The $84,612.60 Resistance Into Support
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price is attempting to break above the $84,612.60 resistance level. Should the leading crypto overcome this barrier in the next 24 hours, it could have the technical foundation needed to rise above the psychological $90K mark and potentially reach as high as $91,478.28.
However, a rejection from the $84,612.60 resistance might prompt traders to realize their profits. This could then result in some sell pressure in BTC’s order books, which will likely push the Bitcoin price down to the closest support at $78,139.24. Continued sell pressure should BTC fall to this point might lead to a plunge to as low as $74,019.83 in the short term.
Bulls Are Still In Control Of The Bitcoin Price
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) suggest the Bitcoin price might keep climbing over the next 48 hours.
That’s after the MACD line crossed above the MACD Signal line in the last few days, triggering a major bullish technical flag and indicating that BTC has entered into a positive short term trend. What’s more, the gap between the two lines continues to grow, which could be interpreted as a sign that BTC’s bullish momentum is growing stronger.
Buyers also gained an upper hand recently when the RSI line rose to above its Simple Moving Average (SMA) line on the daily chart. Additionally, the current reading above the neutral 50 mark indicates bullish strength, but also suggests that there is room for the Bitcoin price to climb before it enters overbought territory.
As the Bitcoin price challenges resistance, investors continue to flock to the presale for BTC Bull Token (BTCBULL).
99Bitcoins, a popular crypto channel on YouTube with over 725K subscribers, says BTCBULL has the potential to soar 10X after launch.
A Meme Coin Offering Investors Free Bitcoin
BTC Bull Token is unlike the meme coins that came before it. The Bitcoin-branded project was built on the belief that the largest crypto by market cap will soar to $1 million per coin and beyond.
As BTC rises to new heights, the project will reward its token holders with Bitcoin airdrops and BTCBULL token burns to celebrate certain milestones.
The next airdrop will be when Bitcoin reaches $150K for the first time. Every subsequent $50K increase in the crypto’s price will then also trigger an airdrop.
Meanwhile, the next BTCBULL token burn will happen when BTC hits $125K. Tokens will then be permanently removed from the meme coin’s supply with every $25K increase in BTC’s price thereafter.
The token burns are meant to simulate BTC’s ever-growing scarcity. As the token’s supply shrinks, there is the possibility that a skewed supply and demand ratio will emerge. Given the chance at free Bitcoin via airdrops, buying pressure from investors could remain constant. This sets the meme coin up for a potential price explosion.
The gain in BTC’s price over the last week has made it even more expensive for investors to build a substantial position in the crypto. BTCBULL, with the Bitcoin airdrops, not only gives investors the opportunity at much more affordable BTC exposure, but also gives them a meme coin that analysts say has major upside potential.
BTCBULL Presale Races Towards $5 Million
BTC Bull Token’s ongoing presale has been a hit with investors, and has already raised more than $4.6 million in early-stage funding. With the bullish predictions by experts like 99Bitcoins, the opportunity to receive free Bitcoin and the project’s meme coin appeal, it’s easy to see why an investor frenzy has erupted around the project.
Anyone that wants to participate in the presale can acquire the token for $0.00246 apiece via the widget embedded on the project’s website using either crypto or bank card.
Once purchased, investors can also lock up their holdings in the project’s presale staking program, which offers an 89% APY.
Interested investors will want to buy before the next presale price hike in less than 32 hours.
Visit the BTC Bull Token website.
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