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The Bitcoin price jumped 3% in the last 24 hours to trade at $110,651.28 as of 10:09 p.m. EST as traders go long on the crypto.
That comes after the BTC price reached a new all-time high (ATH) of $110,946.44 throughout the past day of trading. Bitcoin has since corrected slightly to trade at its current price.
Bitcoin Price Forms A Bullish Channel
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price has registered a series of higher highs and higher lows on the 4-hour chart in the last 48 hours, resulting in the formation of a positive price channel. Should the crypto market leader continue to trade in this positive range, it could break above $111,281.45 and continue rising in the next 48 hours.
However, a sudden drop in the Bitcoin price due to a change in market trend or profit-taking activity might lead to a test of the nearest support level at $106,615.46. If there is continued sell pressure should BTC hit this mark, the crypto could drop to as low as $101,298.39 in the short term.
Bulls Might Push The Bitcoin Price Up Higher In The Short Term
From a technical perspective, indicators on the 4-hour chart suggest the Bitcoin price might continue to climb in the next 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are both showing bullish signs.
That’s after the MACD line started to break away above the MACD Signal line over the past 24 hours. As the gap between the two technical indicators continues to grow, BTC’s bullish momentum seems to show no signs of cooling down.
Meanwhile, the RSI is currently above 70. While this warns the Bitcoin price is in overbought territory that could lead to a pullback soon, there have been instances where the RSI remains high for extended periods of time. This is usually when a crypto is pumping. The positive slope of the RSI line suggests this might be the case this time.
As the Bitcoin price tries to keep its climb going, investors are also buying up a new presale meme coin called BTC Bull Token (BTCBULL). According to popular YouTube channel 99Bitcoins, which has over 723K subscribers, BTCBULL could soar 10X post-launch.
A Meme Coin Offering Its Investors Free Bitcoin
BTC Bull Token is a new meme coin project unlike any of those that came before it, and is built on the belief that Bitcoin will rocket to as high as $1 million per coin. As the leading crypto soars to new heights, the project will reward its investors with multiple BTC airdrops and BTCBULL token burns at certain price milestones.
According to the project’s website, the Bitcoin airdrops will happen with each new $50K milestone BTC achieves, starting at $150K. Meanwhile, the BTCBULL token burn will trigger with each $25K rise in Bitcoin’s price, beginning at $125K.
The combination of Bitcoin airdrops and BTCBULL token burns could lead to a bullish supply and demand ratio for the meme coin that might ignite a rally for the token.
Adding to the bullish outlook for the token is the fact that BTCBULL gives investors a much more cost-effective way to build BTC exposure without having to buy Bitcoin directly. This essentially lets investors profit from BTC’s gains by holding a token with high-growth potential, making BTCBULL one of the smartest Bitcoin plays in the market.
With the new ATH, the next milestones at $125K and $150K, which will trigger a BTCBULL token burn and BTC airdrop, respectively, are within reach.
Investors Bet Big On BTCBULL’s Future
BTC Bull Token has already raised over $6.1 million through its ongoing presale, signaling strong investor confidence in the project’s future. With the bullish predictions by experts like 99Bitcoins, the chance to receive Bitcoin airdrops, and the project’s meme coin appeal, it’s easy to see why an investor frenzy has erupted around the token at this early stage.
Interested investors can participate in the presale by purchasing BTCBULL via the simple widget embedded on the project’s website. Selling for $0.002525, the meme coin can be bought with either crypto or bank card. Once purchased, the tokens can also be put to work in the project’s presale staking pool, which offers a 67% APY.
Anyone that wants to secure the best presale deal will want to hurry, because BTCBULL’s price will undergo a series of staged increases as the ICO progresses. The next price hike will happen in around 2 days.
Learn more about BTC Bull Token.
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