As MicroStrategy's bitcoin acquisition strategy purchases an additional 15,355 BTC, interest escalates among investors in a presale offering that distributes free bitcoin alongside the meme coin.
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The Bitcoin price leaped over 1% in the last 24 hours, settling at $94,913.46 as of 9:39 p.m. EST, as investors begin to accumulate the cryptocurrency.
This upward trend in the BTC pricefollows a series of purchases by MicroStrategy, which added another 15,355 Bitcoin to its hefty hoard between April 21 and April 27, as the crypto leader's price skyrocketed above $90,000.
The company revealed this latest purchase cost $1.42 billion, with an average price of $92,737 per Bitcoin, in an April 28 announcement.
Bitcoin Struggling to Break Above a Key Resistance
Daily chart for BTC/USDT (Source: TradingView)
At the moment, the Bitcoin price is lingering below a resistance level of $94,650.81, attempting to break through this technical barrier for the past few days. Should BTC close a daily candle above this mark within the next 48 hours, it could set the stage for a potential surge to $103,067.40 in the short term.
On the contrary, a rejection at the $94,650.81 resistance or a sudden dump could push the crypto market leader down towards the nearest support at $84,993.15. Prolonged selling pressure at this point could push BTC's price down to as low as $75,583.11.
Technical Analysis Suggests Correction Imminent
From a technical perspective, indicators on the daily chart suggest Bitcoin might experience a correction soon. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show signs of weakening bullish power.
Specifically, the MACD line has started to descend towards the MACD Signal line over the past 72 hours. While the current MACD alignment remains bullish, the shrinking gap between the lines could foreshadow an upcoming bearish trend reversal. Traders should keep an eye out for a possible MACD cross below the Signal line to confirm the shift in trend.
Additionally, RSI readings have leveled off in the high 60s. While the current reading above 50 indicates strong bullish energy, it also places the Bitcoin price within the overbought zone. These overextended conditions in the positive direction are generally seen as a sell signal, since they suggest Bitcoin's downside potential is larger than its upside potential.
If Bitcoin is unable to close above the $94,650.81 resistance within the next 48 hours, traders may respond to the bearish signals presented by the MACD and RSI on the daily chart and apply selling pressure to push BTC's price down to $84,993.15.
Meanwhile, investors are flocking to the presale for fresh meme coin BTC Bull Token (BTCBULL). With over 725K subscribers, YouTube channel 99Bitcoins anticipates the new crypto could surge 10X after its debut.
A Memecoin Offering Free Bitcoin Rewards
BTC Bull Token is a Bitcoin-themed meme coin developed to support the digital asset titan on its quest to achieve a price of $1 million and beyond. As the Bitcoin price climbs to new heights, the project will distribute free BTC to its investors via airdrops. Airdrops will commence when the Bitcoin price hits $150K, and will continue with every $50,000 increase thereafter.
With firms like MicroStrategy and others such as Metaplanet and Semler Scientific accumulating Bitcoin, BTC Bull Token offers investors a more affordable method to acquire Bitcoin without the need for institutional-level funding.
What's more, experts, including those from 99Bitcoins, share a favorable view on BTCBULL, potentially anticipating a buying frenzy from investors eager to capitalize on the Bitcoin airdrops.
Token burns for BTCBULL will occur at certain Bitcoin price milestones and will start when BTC reaches $125K for the first time, with a subsequent $25,000 milestone triggering additional burns. These token burns will make the memecoin scarcer, which could ultimately contribute to a surge in its price post-launch.
Investors are rushing to participate in the ongoing presale for BTCBULL, which has already raised over $5.1 million in early-stage funding. The memecoin can be purchased for $0.002485 per token via the embedded widget on the project's website using either crypto or a bank card. Interested investors should move quickly, as the memecoin's price will undergo a presale increase in less than 31 hours.
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- The average price of Bitcoin purchased by MicroStrategy within the last week was $92,737, as revealed in their April 28 announcement.
- As of the latest daily chart (Source: TradingView), Bitcoin is lingering below a resistance level of $94,650.81, attempting to break through this technical barrier for the past few days.
- Despite the surge in BTC price, investors are flocking to the presale for BTC Bull Token (BTCBULL), a meme coin that offers free Bitcoin rewards.
- In the world of finance, using technology for investing, both the MACD and RSI indicators on the daily chart suggest that Bitcoin might experience a correction soon, as the MACD line has started to descend toward the MACD Signal line and the RSI readings have leveled off in the high 60s.
