Join Our Telegram channel to stay up to date on breaking news coverage
The Bitcoin price dropped 2% over the past 24 hours to trade at $105,015.02 as of 10:15 p.m. EST as investors decrease their exposure to the crypto.
The drop in the BTC price comes as US spot Bitcoin ETFs (exchange-traded funds) suffered $422.7 million net outflows yesterday, according to Farside Investors data. This brought an end to the 6-day inflow streak the funds had been on.
Bitcoin Price Trades In A Sideways Channel
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price has been oscillating in a sideways range between $100,531.66 and $110,285.77 over the last 2 weeks. Now, the crypto market leader is on the verge of dropping below the middle level of this sideways channel at $104,830.57 in the next 24 hours.
Should BTC close today’s trading session below that middle mark, it stands the risk of retracing to the $100,531.66 level. Thereafter, continued pressure from sellers might end up pushing the Bitcoin price down to as low as $94,026.66 in the short term.
Bears Might Push The Bitcoin Price Down Lower In The Short Term
Looking at technical indicators on the daily chart, such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the daily chart, the Bitcoin price might continue to drop over the next 24-48 hours.
That’s as the MACD line breaks away below the MACD Signal line. Traders could see this as an indication of BTC’s bearish momentum growing stronger. If sellers capitalize on this opportunity, it will be easier for them to push BTC down than it will be for bulls to sway the charts in their favor.
Meanwhile, the RSI is positioned below its Simple Moving Average (SMA) on the daily chart, which is usually seen as a bearish sign that sellers have the upper hand over buyers. What’s more, the current reading in the high 40s warns the Bitcoin price could drop a lot more before it enters oversold conditions.
As the Bitcoin price risks a continued drop, investors flock to a new presale token called Bitcoin Hyper (HYPER). According to crypto analyst and YouTuber Crypto Boy, who has over 61K subscribers, HYPER is an amazing project and a potential 100X gem.
Bitcoin Security Meets Solana Speed With HYPER
Bitcoin is the blockchain pioneer, and has served as the technical blueprint for the majority of projects that came before it. However, developers have chosen to focus their attention on their own scalable project, leaving Bitcoin in dire need of an upgrade. This is where Bitcoin Hyper comes in.
Bitcoin Hyper is a layer-2 scaling solution for Bitcoin, and leverages the Solana Virtual Machine (SVM) to help the network process more transactions. This implementation means that Bitcoin Hyper is one of the first projects to combine Bitcoin’s robust security with Solana’s lightning-fast speeds, opening up a plethora of possibilities for Web3 developers.
Bitcoin Hyper also uses a native Canonical Bridge that lets investors and traders transfer their value onto the HYPER network. Once on the layer-2, users can then engage in complex DeFi activities such as staking, lending, and trading on decentralized exchanges.
When a user wants to exit the layer-2, they just deposit their HYPER tokens to a dedicated address to receive their original Bitcoin. The whole system is secure through zero-knowledge proofs, which ensure transaction validity but also maintain a high level of anonymity.
Bitcoin Hyper Presale Races Towards $2 Million – Best Crypto To Buy Now?
Investors are already showing strong demand for what the project has to offer, which is evident by the more than $1.3 million the project has raised so far through its presale. With the bullish predictions by experts like Crypto Boy, as well as the project’s combination of Bitcoin’s security and Solana’s speed, it’s easy to see why a buying frenzy has erupted around the ICO.
Interested investors can participate in the presale and acquire HYPER for $0.011925 apiece via the widget embedded on the project’s website. Available payment options include crypto and bank card.
Once purchased, the tokens can also be staked for a massive 556% APY.
Anyone looking to lock in the best presale deal will want to hurry, because HYPER’s price will undergo a series of increases as the ICO progresses. The next presale price hike will happen in just over 15 hours.
Learn more about Bitcoin Hyper.
Related Articles:
- Metaplanet Passes Coinbase As 7th-Biggest Bitcoin Holder
- Polyhedra’s ZKJ Tanks 83% As Abnormal Trades Rock ZKJ/KOGE Pair
- NFT.NYC 2025 Is Happening Next Week – Here’s More Details
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
