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The Bitcoin price slipped 3% in the last 24 hours to trade at $89,038.82 as of 9:56 p.m. EST as investors decrease their exposure to the crypto.
The BTC price dropped below the $90K mark for the first time since Nov. 14, 2024, to reach a low of $87,629 during yesterday’s trading session.
Bitcoin Price Reclaims A Support Level
4-hour chart for BTC/USDT (Source: TradingView)
The Bitcoin price was able to reclaim the support at $88,444.73 in the last couple of hours. Now, the leading crypto has the room needed to potentially rise to the major resistance at $90,884.93 if the bullish pressure persists. In an extreme case, BTC might even rise to as high as $93,904.24 in the short term.
On the other hand, a sudden selloff could result in a drop below the aforementioned $88,444.73 mark. A drop below this recently-flipped level might expose the Bitcoin price to the risk of plunging all the way down to $85,971.15.
Technicals Suggest Bulls Are Trying To Take Control Of The Bitcoin Price
Looking at technical indicators on BTC’s 4-hour chart, it seems bulls are trying to take back control of the crypto market leader’s price. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) suggest a reversal of BTC’s bearish trend may happen soon.
In the last couple of hours, RSI readings have started to rise. Traders often see increasing RSI values as a sign of growing buyer strength. However, the RSI on the 4-hour chart remains below its Simple Moving Average (SMA) line to suggest that bears still have an upper hand. The RSI crossing above the SMA line could signal that buyers are back in control.
BTC’s bearish momentum seems to be cooling down as well, as suggested by the MACD line that is rising towards the MACD Signal line on the 4-hour chart. Similar to the RSI and its SMA, the MACD will need to break above the MACD Signal line to support a bullish reversal.
If the RSI crosses the SMA, and the MACD lines intersect, traders might react positively and start to buy BTC. This could result in the Bitcoin price trying to reclaim a position above $90K. However, sellers could still step in and exert pressure on the crypto market leader’s price.
While bulls try to regain control of the Bitcoin price, investors flock to a new meme coin called BTC Bull Token (BTCBULL) for potential BTC airdrops. According to YouTube channel Yellow Trades, which has over 62.8K subscribers, BTCBULL could turn $100 into $10,000.
Giving Investors Free Bitcoin As BTC Soars
BTC Bull Token is the first Bitcoin-themed meme coin that aims to support the largest crypto by market cap on its journey to $1 million per coin and beyond. Despite BTC dropping below $90K for the first time since November last year, the bullish technical indicators suggest the market leader could start to rise soon.
With enough buying pressure, Bitcoin could embark on a journey to the $1 million mark. Should this happen, investors will want to have some BTCBULL tokens in their portfolios.
The project will airdrop free BTC to investors who hold BTCBULL tokens in Best Wallet when the Bitcoin price hits certain milestones for the first time. The next airdrops will be triggered when BTC reaches $150K, $200K and $250K.
Along with the potential BTC airdrops, there will also be BTCBULL token burns at specific price milestones. Tokens will be permanently removed from the supply when Bitcoin hits $125K, $175K and $225K. This will increase the scarcity of BTCBULL, which, coupled with the hype around the project due to the chance to earn free BTC, could lead to a price explosion.
Investors Rush To Buy BTCBULL At Presale Prices
Investors are rushing to buy BTCBULL during its ongoing presale stage, which has already seen more than $2.8 million pumped into the project so far.
Anyone that wants to participate in the ICO can buy BTCBULL through the simple widget embedded on the project’s website. Selling for $0.00238, the meme coin can be bought with either crypto or bank card. After acquiring some BTCBULL, investors can also stake their tokens for an attractive 152% APY.
Investors interested in getting in on the ground stages will want to act fast, because BTCBULL’s price is set to undergo a series of presale price hikes as the ICO progresses. The next price adjustment will be in just over 7 hours.
Buy BTCBULL tokens here.
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