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The Bitcoin price jumped over 3% in the last 24 hours to trade at $102,679.68 as of 10:23 p.m. EST as traders go long on the crypto.
The recent rise in the BTC price has pushed the crypto’s weekly performance deeper into the green zone to more than 5%. It has also allowed the crypto market king to break above $100K for the first time since Jan. 20, according to TradingView data.
Bitcoin Price Forms A Bullish Channel, How High Will It Rise?
Daily chart for BTC/USD (Source: TradingView)
The Bitcoin price has printed multiple higher highs and higher lows over the past 2 weeks, resulting in the formation of a bullish channel. This trend has allowed the market leader to break above the resistance level at $98,371.71 in recent days. Should BTC continue climbing, it might target the $107,963.22 barrier next.
However, the Bitcoin price dropping out of the ascending channel within the next 48 hours could mark the end of the crypto’s rally. In this more bearish scenario, BTC might retest the $98,371.71 level, but as support.
Continued pressure from sellers could then push the crypto down to $88,023.04. In an extremely bearish case, the Bitcoin price might even fall to $77,926.75.
Technicals On The Daily Chart Point To A Continued Rise For The Bitcoin Price
Looking at technical indicators on the daily chart, it appears 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) are showing positive signs.
In the last 48 hours, the MACD line rebounded off of the Signal line. The prior is positioned above the latter as well, which is a bullish orientation, and the gap between the two lines has started to grow. This suggests renewed bullish momentum.
Meanwhile, the RSI also triggered a major bullish technical flag after it broke above its Simple Moving Average (SMA) on the daily chart in the last few days. Traders usually see this technical development as a sign that buyers have gained the upper hand against sellers.
With the current reading above 70 suggesting BTC is in overbought territory, traders might start to be more cautious. Although an RSI value above 70 generally points to greater downside potential than upside potential for a crypto, there have been instances where the RSI has remained high for extended periods of time. This is usually when a crypto is rallying.
Overall, the ascending price channel combined with the growing gap between the MACD and Signal lines suggests a bullish scenario might be more likely to play out. As such, the Bitcoin price might attempt to flip the $107,963.22 barrier into support in the next 48 hours if the current positive trend persists.
With Bitcoin in a bullish trend and surging back above the $100K mark, investors are piling into the presale for BTC Bull Token (BTCBULL). Influential YouTube channel 99Bitcoins, which has over 725K subscribers, predicts the crypto could soar 10X after launch.
A Meme Coin Offering Its Investors Free Bitcoin
BTC Bull Token is a meme coin unlike all of those that came before it, and offers its investors free Bitcoin via airdrops. Built on the belief that BTC will soar to $1 million per coin and beyond, the project has set specific milestones for the Bitcoin price that will trigger the airdrops.
The first Bitcoin airdrop will happen when BTC hits $150K for the first time. Thereafter, every new $50K milestone achieved by Bitcoin will result in another airdrop.
There will also be BTCBULL token burns along the way, which will increase the meme coin’s scarcity and subsequently boost its value as demand grows.
The token burns will follow the same milestone-based approach as the airdrops, and will start when Bitcoin hits $125K for the first time. Thereafter, every $25K increase in BTC’s price will also permanently remove tokens from the supply.
BTCBULL could be considered one of the best Bitcoin plays in the market for retail investors. As institutions such as Strategy, Semler Scientific, BlackRock and Metaplanet aggressively buy Bitcoin, the project might be one of the last avenues to build cost-effective BTC exposure.
BTCBULL Presale Charges Towards $6 Million
Investors are rushing to buy BTCBULL while it’s still in presale, and have poured more than $5.4 million into the project’s ongoing ICO.
Anyone can get in on this ground level by buying BTCBULL through the simple widget embedded on the project’s website. Selling for $0.0025, BTCBULL can be bought with both crypto or bank card.
Interested investors will want to buy before the next presale price increase in around 6 hours.
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