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The Bitcoin price dropped almost 2% in the last 24 hours to trade at $86,291 as of 08:20 p.m. EST on trading volume that plunged 14% to $51.9 billion.
This comes after the first White House Crypto Summit underwhelmed investors. The closely watched summit largely reiterated previous policy statements, including President Donald Trump saying the US will follow the rule that every Bitcoin investor knows very well: “Never sell your Bitcoin.”
🚨BREAKING: President Trump says America will follow the rule that every Bitcoiner knows very well:
"Never sell your Bitcoin"
BULLISH AF 🚀 pic.twitter.com/7wGQAQSDsw
— CryptosRus (@cryptosrus_yt) March 7, 2025
On Thursday, Trump signed an executive order to create a Strategic Bitcoin Reserve and a Digital Asset Stockpile of other tokens that will hold cryptocurrencies forfeited due to legal proceedings.
Bitcoin Price On A Bearish Trend
The BTC price is currently experiencing a significant pullback following the formation of a bearish double top pattern on the daily chart. After reaching a local high of $109,588, the Bitcoin price has declined below the crucial neckline support around $92,200, confirming a bearish reversal.
After breaking down from the neckline, Bitcoin’s price attempted a minor rebound but was rejected below the 50-day Simple Moving Average (SMA), reinforcing the bearish sentiment. Now, the price of Bitcoin is testing support at the 200-day SMA (purple line at $83,178), which is a crucial level to monitor for further price movements.
Meanwhile, the Relative Strength Index (RSI) is at 40.88, nearing the oversold region (below 30). This suggests BTC is experiencing weak momentum but is not yet in extreme oversold territory. A bounce could occur if RSI dips below 30 and reverses upward.
BTC/USDT Chart Analysis (Tradingview)
BTC Price Prediction
Given the bearish confirmation from the double top breakdown, Bitcoin remains under pressure. A breakdown below the 200-day SMA ($83,178) could send the Bitcoin price toward $80,000 and potentially $75,000 in a deeper correction.
Conversely, if the price of BTC reclaims $90,000 and moves above the 50-day SMA ($96,474), it could regain momentum for another attempt at $100,000.
Meanwhile, investors are piling into a new Bitcoin-themed meme coin called BTC Bull Token (BTCBULL) that will give free Bitcoin to token holders.
99Bitcoins, a prominent YouTube channel with over 725k subscribers, says BTCBULL has the potential to soar 10X after launch.
BTC BULL Token Amasses Over $3.3M In A Month – Next Crypto To Explode?
BTC Bull Token is making headlines after the project smashed the $3.3 million mark in less than a month since its presale launched.
Every time the price of Bitcoin hits a new milestone, the BTC Bull project will reward holders with BTC airdrops.
The first target is $150k, followed by airdrops for every additional $50,000 increase in the price.
A huge BTCBULL Token airdrop also awaits the strongest hodlers when BTC hits $250,000, weighted by the participant’s Community Sale purchase amount.
Also, each $25,000 upward move in Bitcoin’s price triggers a $BTCBULL token burn, starting at $125k. Fewer tokens in circulation means greater scarcity, thereby strengthening the price outlook for $BTCBULL.
🚨 $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
$BTCBULL holders also have an opportunity to earn passively through the project’s staking platform, which offers a massive 128% annual percentage yield (APY).
Investors interested in participating in the presale can visit the official BTC Bull website to buy BTCBULL tokens for $0.0024 each using BNB, ETH, USDT, or a bank card.
Buy before a price hike in about 2 days to secure the best deal.
Check out BTC BULL Token here.
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