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The Bitcoin price dropped 2% in the last 24 hours to trade at $101,908.05 as of 10:22 p.m. EST as some investors decrease their exposure to the crypto.
Despite the recent pullback, the BTC price is still 8% in the green on the longer-term weekly time frame. It’s also up 19% over the past month.
Bitcoin Price Trades In A Bullish Channel
Daily chart for BTC/USD (Source: TradingView)
An ascending channel has formed on BTC’s charts after the Bitcoin price printed a series of higher highs and higher lows over the past 2 weeks. Should the crypto continue to trade within this positive range for the next couple of days, the Bitcoin price might end up attempting a challenge at the $107,963.22 resistance level.
However, a sudden change in market trend or a selloff might result in the Bitcoin price falling out of the bullish channel. In this more bearish scenario, BTC could end up testing the immediate support level at $98,371.74. Thereafter, continued sell pressure could push BTC down to $88,023.04. An extreme case might even see BTC return to around $77,926.75.
A Retracement May Be In The Cards For The Bitcoin Price
Looking at technical indicators on the daily chart, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) warn of an impending pullback for the Bitcoin price.
That’s after the MACD line dropped towards the MACD Signal line in the last couple of days. As the gap between the two technical indicators shrinks, there is a growing risk that the MACD line might soon cross the Signal line. This bearish technical flag, if triggered, could indicate that BTC has entered a negative cycle.
Meanwhile, a bearish technical flag was already triggered by the RSI in the last 24 hours. This was after the RSI crossed below its Simple Moving Average (SMA) line on the daily chart, indicating that sellers have gained an upper hand over buyers.
If bears choose to act on the warnings presented by the MACD and RSI on BTC’s daily chart, they might have the strength and momentum needed to push the Bitcoin price down to $88,023.04 in the short term. If buyers don’t step in, BTC might end up dropping to the aforementioned $77,926.75 level.
While the Bitcoin price trades in a positive channel, investors are piling into the presale for BTC Bull Token (BTCBULL). Prominent YouTube channel 99Bitcoins, which has over 725K subscribers, predicts the meme coin could soar 10X after its launch.
A Meme Coin Rewarding Its Investors With Free Bitcoin
BTC Bull Token is a Bitcoin-branded meme coin that is built on the belief that the largest crypto by market cap will soar past the $1 million mark. As the Bitcoin price climbs to new heights, the token’s holders will be rewarded with Bitcoin airdrops and BTCBULL token burns at specific price milestones.
The first Bitcoin airdrop will happen when BTC hits $150K for the first time. Thereafter, every $50K increase in the market leader’s price will result in another airdrop to BTCBULL holders.
Along with the airdrops, there will also be BTCBULL token burns. The first of these events will take place when Bitcoin hits $125K for the first time. Thereafter, every subsequent $25K milestone Bitcoin achieves will lead to even more BTCBULL tokens being removed from the supply.
The combination of Bitcoin airdrops and the decreasing BTCBULL supply could lead to a favorable supply and demand ratio for the meme coin. This means that not only is BTCBULL a great way to build BTC exposure without having to buy Bitcoin directly, it also presents investors with an opportunity at parabolic meme coin gains.
Investors Rush To Buy BTCBULL At Presale Prices
BTC Bull Token has already raised over $5.6 million through its ongoing presale, signaling strong investor confidence in the project’s future. With the bullish predictions from experts like 99Bitcoins, the chance to earn free Bitcoin via airdrops, and the project’s meme coin appeal, it’s easy to see why a buyer frenzy has erupted around BTCBULL’s ICO.
Interested investors can purchase the meme coin through the simple buy widget embedded on the project’s website. Selling for $0.00251, BTCBULL can be bought with either crypto or bank card. Once bought, the tokens can also be locked up in the project’s presale staking pool for an attractive 73% APY.
Buyers that want to secure the best presale deal will want to act fast, because BTCBULL’s price will undergo a series of staged increases as the ICO progresses. The next price hike will come into effect in around 2 days.
Learn more about BTC Bull Token.
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