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The Bitcoin price rose over 1% in the last 24 hours to trade at $94,913.46 as of 9:39 p.m. EST as investors slowly start to buy the crypto.
The uptick in the BTC price comes after Michael Saylor’s Strategy added another 15,355 Bitcoin to its massive stash between April 21 and April 27, when the crypto leader’s price surged above $90,000.
In an April 28 announcement, the company said that the latest BTC buy cost $1.42 billion with an average purchase price of $92,737 per Bitcoin.
Bitcoin Hovering Below A Major Resistance
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price is trading below a resistance level at $94,650.81, and has been trying to clear this technical obstacle for the last couple of days. Should BTC close a daily candle higher than this mark within the next 48 hours, it could have the foundation needed to rise to as high as $103,067.40 in the short term.
On the other hand, a rejection from the $94,650.81 resistance or a sudden selloff could see the crypto market leader start to drop towards the nearest support at $84,993.15. Continued sell pressure should the Bitcoin price drop to this point might then lead to a plunge to as low as $75,583.11.
Technicals Suggest The Bitcoin Price Might Pullback In The Near Term
From a technical point of view, indicators on the daily chart warn the Bitcoin price might undergo a correction soon. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show weakening bullish power.
That’s as the MACD line started to drop towards the MACD Signal line in the last 72 hours.
The current alignment of the MACD lines is bullish. However, the narrowing gap between them could be an early indication of an upcoming bearish trend reversal. Traders will want to monitor the MACD for a possible cross below the Sigal line to confirm the change in trend.
RSI readings have also leveled out in the high 60s. Although the current reading above 50 shows a lot of bullish strength, it also places the Bitcoin price in overbought territory. These overextended conditions towards the upside are generally seen as a sell signal, because it suggests Bitcoin’s downside potential is greater than its upside potential.
If the Bitcoin price fails to close above the $94,650.81 resistance in the next 48 hours, traders might act on the bearish warning signs presented by the MACD and RSI on the daily chart. This sell pressure could then push BTC’s price down to $84,993.15.
As Bitcoin hovers around a major resistance, investors flock to the presale for new meme coin BTC Bull Token (BTCBULL). Popular YouTube channel 99Bitcoins, with over 725K subscribers, predicts the new crypto could surge 10X after its official launch.
A Meme Coin Offering Free Bitcoin To Its Investors
BTC Bull Token is a Bitcoin-branded meme coin that aims to support the largest crypto by market cap on its journey to $1 million per coin and beyond. As the Bitcoin price reaches new heights, the project will reward its investors with free BTC via airdrops. The airdrops will start when the Bitcoin price hits $150K, and continue with every $50,000 increase thereafter.
With Strategy and other firms like Metaplanet and Semler Scientific aggressively accumulating Bitcoin, BTC Bull Token offers investors a much cheaper way to gain exposure to the largest crypto by market cap that does not require institution-level funding.
What’s more, experts have joined 99Bitcoins in sharing a positive outlook for BTCBULL.This could be in anticipation of the buying frenzy from investors looking to get in on the Bitcoin airdrops, which will likely boost the meme coin’s price.
There will also be BTCBULL token burns which will happen at certain Bitcoin price milestones that will make the meme coin more scarce. These will start when BTC reaches $125K for the first time, with every subsequent $25,000 milestone also permanently removing BTCBULL tokens from the supply.
The combination of the Bitcoin airdrops and BTCBULL token burns could lead to a skewed supply and demand ratio that might ultimately lead to the meme coin’s price skyrocketing after its launch.
Investors Bet Big On BTCBULL’s Future
Investors are piling into BTCBULL’s ongoing presale, which has already raised more than $5.1 million in early-stage funding.
Anyone that wants to participate in the ICO can purchase BTCBULL for $0.002485 apiece via the widget embedded on the project’s website using either crypto or bank card.
Interested investors will want to act fast, because the meme coin’s price will undergo a presale increase in less than 31 hours.
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