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The Bitcoin price pumped 3% in the last 24 hours to trade at $109,683.10 as of 9:35 p.m. EST as investors rush to buy the largest crypto by market cap.
The recent gain by the BTC price has not only pushed the crypto’s weekly performance into the green zone, it has also nudged Bitcoin closer to its all-time high (ATH) of $111,970.17 that it set just 18 days ago on May 22. With just a 2% margin between BTC’s current price and its record high, a new price peak may be in the cards for the flagship crypto.
Bitcoin Price Clears A Major Resistance, Will It Reach A New ATH?
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price surged past the resistance level at $105,605.59 in the last 48 hours, and is now nearing the barrier at $111,689.83. Should the leading crypto clear this next obstacle, it could gain the room needed to enter into an upside price exploration phase and potentially go on to set a new ATH.
However, a rejection from the $111,689.83 resistance level could prompt traders to book their profits in the following 24 hours. In this alternative and more bearish scenario, the Bitcoin price might end up testing the nearest support, which is now the $105,605.59 mark.
Losing that level could then result in a drop to the subsequent technical safety net at $100,386.17 if the bearish pressure persists. Thereafter, continued sell volume might end up forcing the Bitcoin price below the psychological $100K mark to as low as $93,583.25.
Bitcoin Price Still Backed By Strong Technical Strength On The Daily Chart
From a technical perspective, indicators on the daily chart such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest the Bitcoin price might continue to climb in the next 48 hours.
A major bullish technical flag is on the verge of being triggered by the MACD indicator, as the MACD line looks to cross above the MACD Signal line. Should this intersection happen, traders might see it as an indication that the crypto has entered a positive short-term trend. This could then trigger a wave of buy pressure that might push BTC up in the short term.
Meanwhile, the RSI crossed above its Simple Moving Average (SMA) on the daily chart in the last week. This is a classic bullish development that suggests bulls have gained the upper hand against bears. Additionally, the current reading in the low 60s indicates there is still room for BTC to climb before it enters overbought territory, typically signaled by an RSI over 70.
As the Bitcoin price sets its scopes on a new ATH, investors are also buying up a new presale token called Bitcoin Hyper (HYPER). According to crypto analyst and YouTuber Crypto Boy, who has over 61K subscribers, HYPER is an amazing project.
Bitcoin About To Get A Major Speed And Scalability Upgrade
Bitcoin Hyper is a layer-2 scaling solution that aims to up the legacy Bitcoin blockchain’s speeds and scalability.
To achieve that, the project introduces its own sidechain that will bundle and process transactions off of the Bitcoin mainnet using the Solana Virtual Machine (SVM).
It will then periodically commit the state of its native layer-2 chain to the Bitcoin layer-1, essentially reducing the stress on the mainnet and allowing it to facilitate more transactions at any given time.
Bitcoin Hyper operates similar to other layer-2 solutions, including Arbitrum and Optimism within the Ethereum ecosystem.
To start transacting on the Bitcoin Hyper chain, users will receive a designated BTC address to send their crypto to. After depositing BTC to this address, users will then receive an equivalent amount of BTC on the Bitcoin Hyper blockchain, enabling them to engage with the scalable decentralized apps on the sidechain.
HYPER Presale Closes On $1 Million
The Bitcoin Hyper presale is pulling investors in at a rapid pace after going live just days ago. So far, the project has raised more than $992K in early-stage funding, signaling strong investor confidence in the project’s future.
Interested investors can acquire the token via the simple buy widget embedded on the project’s website. Currently priced at $0.011825, HYPER can be bought with either crypto or bank card. Once purchased, the tokens can also be staked for an attractive 736% APY.
Anyone looking to buy will want to hurry, because HYPER’s price will increase as its presale progresses. The next price hike will happen in less than 17 hours.
Visit the Bitcoin Hyper website.
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