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The Bitcoin price jumped 2% in the last 24 hours to trade at $98,761.37 as of 10:18 p.m. EST as traders go long on the crypto.
The uptick in the BTC price comes after the Federal Open Market Committee (FOMC) opted to keep the interest rate steady between 4.25% and 4.5% yesterday, a range it has been in since December last year.
Jerome Powell says they will not lower Interest Rates
Yet he did for Joe Biden right before Presidential Debate before the election…
Waiting for Trump to trash him in 3, 2, 1…. lol pic.twitter.com/JeOewaaEgc
— MJTruthUltra (@MJTruthUltra) May 7, 2025
Bitcoin Price Attempting To Flip A Major Resistance Into Support
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price is trying to break above the resistance level at $98,371.74. Should it clear this technical obstacle, it could open up the room needed for the largest crypto by market cap to rise to as high as $107,963.22 in the short term.
However, a rejection from the $98,371.74 mark could stop the Bitcoin price in its tracks. In this more bearish scenario, the crypto might end up dropping towards the nearest support down at $88,023.04. In an extremely bearish case, BTC could even plunge to as low as $77,926.75, but this will require a major shift in the market.
Technicals Suggest The Bitcoin Price Might Continue To Rise Despite Overbought Conditions
From a technical standpoint, indicators on the daily chart suggest the Bitcoin price might continue to rise in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the daily chart show buyers are currently in control.
That’s after the MACD line rebounded above the MACD Signal line in the last 24 hours. Ever since then, the gap between the two lines has started to grow. This alignment of the MACD line above the Signal line and the growing gap between them suggests renewed bullish momentum that could elevate the Bitcoin price in the short term.
Meanwhile, a major bullish technical flag was triggered by the RSI after the indicator crossed its Simple Moving Average (SMA) line on the daily chart.
Traders will want to keep an eye on tha RSI, because the current reading near 70 warns BTC might be in overbought territory. There have been instances in the past where the RSI has remained this high for sustained periods of time. This is usually when a crypto is pumping. The positive slope of the RSI on the daily chart suggests this might be the case in this instance.
As Bitcoin tries to continue its climb in overbought conditions, investors are also piling into the presale for a new meme coin called BTC Bull Token (BTCBULL). Popular YouTube channel 99Bitcoins, which has over 725K subscribers, predicts the crypto could soar 10X after its launch.
Investors Stand To Receive Bitcoin For Simply Holding BTCBULL
BTC Bull Token is a unique meme coin project given the fact that its holders stand to earn free Bitcoin via airdrops if the leading crypto begins to rise. Built on the belief that BTC will soar to $1 million per coin and beyond, BTCBULL has set specific price milestones that will trigger the Bitcoin distributions.
According to the project’s website, the first airdrop will happen when BTC hits $150K for the first time. Every new $50K milestone the crypto king achieves after that will result in another airdrop. This essentially gives BTCBULL holders a much more cost effective way to gain Bitcoin exposure as institutions such as Strategy, Metaplanet and Semler Scientific load up on the crypto.
What’s more, BTCBULL itself could be a 10X gem, as predicted by 99Bitcoins. Adding to the meme coin’s potential is the scheduled BTCBULL token burns that will happen at specific Bitcoin price milestones as well.
The token’s supply will be permanently reduced with each new $25K milestone BTC achieves, starting at $125K. This will make BTCBULL more scarce and might subsequently make it more valuable.
BTCBULL Presale Charges Towards $6 Million
Investors are rushing to buy BTCBULL at presale prices, and have already sent more than $5.4 million to the project’s ongoing ICO. This buying frenzy is likely to continue as investors try to get in on the project’s Bitcoin airdrops early.
There’s still time left for investors to participate in the presale. BTCBULL can be bought via the simple widget embedded on the project’s website. Selling for $0.0025, the meme coin can be bought with either crypto or bank card. Once bought, the tokens can also be staked for a 76% APY.
Buyers that want to secure the best deal will want to act fast, because BTCBULL’s price will increase as its presale progresses. The next price hike will come into effect in around 30 hours.
Visit the BTC Bull Token website.
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