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The Bitcoin price dropped less than 1% in the last 24 hours to trade at $117,731 as of 2:40 a.m. EST on trading volume that went down 4% to $70.4 billion.
The slight decrease in the BTC price comes even as the CoinMarketCap Altcoin Season Index shows the market is returning to a “Bitcoin Season” after smaller cryptos pumped over the past few days. It dropped 7 points in the last 24 hours, and currently stands at 36/100.
Bitcoin Price Prediction
BTC has been battling a major resistance at $118.5k for a while now, ever since it dropped from its new all-time high of $123k, which it recorded around 10 days ago. The coin found strong support at $117k, which prevented it from sinking further. However, every attempt it made to try and breach the resistance at $118.5k has resulted in a correction.
BTC managed to hit $119k, $120k, and even $121k several times in the past 10 days, but its price would always be rejected after a while. In the last 9 hours, the coin soared to $119k once again, and for a time, many thought that it finally breached the resistance at $118.5k permanently, only for it to correct once again.
BTC/USDT chart analysis (Source: TradingView)
Bitcoin’s Bollinger Bands saw a sharp widening as its price descended toward $117.5k, currently sitting at $117.7k. Meanwhile, its Relative Strength Index (RSI) value, which had fluctuated between the oversold zone and the neutral value of 50 yesterday, briefly climbed to 64.41 before sentiment turned bullish, and traders started taking profits, pushing the RSI down to a value of 30.
The RSI’s dip to the edge of the oversold zone prompted buyers to move in again, pushing it up to 36.48 at the time of writing; however, uncertainty remains, and traders seem hesitant to initiate another rally.
Promising Alternative To Bitcoin
With BTC still stuck under a major resistance, investors are buying Bitcoin Hyper (HYPER) — a new cryptocurrency that aims to revolutionize the Bitcoin ecosystem.
Currently still in presale, Bitcoin Hyper is the first Bitcoin Layer-2 project that aims to introduce greater speed and scalability to the oldest crypto ecosystem. Powered by its token, the Bitcoin Hyper technology is expected to unlock fast and cheap transactions and unleash the true power of the legacy blockchain.
If successful, it will revolutionize the network, enabling fast and inexpensive payments, while also facilitating the development of other crypto assets, such as meme coins, dApps, and more. Early investors who get the HYPER token now can also stake it for 213% APY.
BTC Hyper has also attracted the attention of experts, including those behind 99Bitcoins, a crypto YouTube channel with over 723k subscribers, who said in a recent video that this could be the next 10x crypto.
The project has certainly attracted the attention of investors who have poured over $4.55 million into its ICO so far. If you wish to join others who bought HYPER for only $0.012375 apiece, buy the token now, before its price sees its next increase, scheduled to happen in 8 hours.
Visit the Bitcoin Hyper website.
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