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The Bitcoin price edged down over 1% in the past 24 hours to trade at $102,421 as of 3:44 a.m. EST, with trading volume plunging 12% to $27.7 billion.
The slide in the BTC price comes amid a fresh jab from long-time Bitcoin critic Peter Schiff, who ironically admitted that BTC may finally have a legitimate use case, just not the kind crypto advocates had in mind.
Schiff was reacting to a recent trade by famed short-seller Jim Chanos, who recently revealed he bought Bitcoin to hedge his short position in Michael Saylor’s Strategy (MSTR).
I've often said there's no actual use case for Bitcoin. It turns out I was wrong. @RealJimChanos found a valid reason to own Bitcoin. He bought it to hedge his short position in $MSTR. So @Saylor has ironically created a use case for Bitcoin, just not the use case he had in mind.
— Peter Schiff (@PeterSchiff) May 14, 2025
The twist is that Strategy, under the leadership of Michael Saylor, has been relentlessly stacking BTC, with holdings now approaching 570,000 coins.
Taking aim at Saylor’s aggressive strategy, Schiff quipped that Strategy may have inadvertently created a new use case for Bitcoin by giving investors a way to protect themselves from the company itself.
Bitcoin Price Poised For More Gains – Hints At A 7% Surge
The BTC price chart displays a strong bullish structure overall, characterized by a well-respected ascending channel that has been in play since mid-2023.
After consolidating within a sideways range and respecting horizontal supports, the Bitcoin price formed a rounded bottom, a classic reversal pattern, before breaking above resistance with strong momentum.
The 50 Simple Moving Average (SMA) on the 3-day chart at $92,708 acts as near-term dynamic support, while the 200 SMA at $66,969 underlines the longer-term bullish trend, as GeckoTerminal data shows.
Meanwhile, the Relative Strength Index (RSI) is currently at 65.99, approaching overbought territory, but still leaves some room for additional upward movement.
The Moving Average Convergence Divergence (MACD) is bullish. The MACD line is above the signal line, and the histogram bars are increasing, signaling continued buying momentum.
Given the bullish structure, positive momentum, and recent breakout from a rounded bottom formation, BTC appears poised for further upside. Sustained upward movement could push the price of Bitcoin to the next resistance level at $110,000.
However, being near the upper channel resistance and with the RSI nearing 70, a short-term pullback is possible, with the $90,358 level acting as a strong support.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL), which will give token holders free BTC.
Jacob Bury, a prominent YouTuber with over 56.3k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC Bull Token Presale Nears $6 Million – A Promising Alternative To Bitcoin?
BTC Bull Token is a one-of-a-kind project that enables its holders to earn real Bitcoin rewards without investing directly in BTC.
The project’s presale has already raised over $5.78 million, signaling rising investor interest.
BTCBULL holders will receive free Bitcoin when BTC crosses $150K for the first time and again at the $200K milestone. These events are designed to reward loyal supporters directly during high-momentum market phases.
Perhaps the most anticipated event of all is that when Bitcoin reaches $250K for the first time. When Bitcoin achieves this milestone, the project will conduct a monumental airdrop, distributing 10% of the entire 21 billion token supply to early supporters.
🚨 $BTCBULL is Live in Upcoming Tokens! 🚨@BTCBULL_TOKEN is a Bitcoin rewards-based meme token that delivers milestone-based airdrops as Bitcoin hits new price levels.
With built-in incentives for buying, holding, and trading, $BTCBULL gives holders a new way to stack BTC.… pic.twitter.com/BMzBHcLltU
— Best Wallet (@BestWalletHQ) February 10, 2025
In addition to BTC airdrops, the team will also carry out token burns, permanently removing a portion of the total supply. The aim is to follow Bitcoin’s footsteps and increase scarcity and value.
Bitcoin Bull token holders can also earn passively by staking their tokens for a 72% annual percentage yield (APY).
Investors who want to participate in the presale can visit the official BTC Bull Token website to buy BTCBULL for $0.00251 each using BNB, ETH, USDT, or a bank card.
Buy BTCBULL before a price hike in less than 1 hour to secure the best deal.
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