Bitcoin Price Up Slightly as Traders Rush to This BTC-Gifting ICO
Bitcoin’s price has slightly increased to $109,226, fueled by Michael Saylor’s challenge to Apple about Bitcoin investments. Indicators show a bullish market structure and a potential breakout above $112,329 resistance. Meanwhile, interest surges in BTC Bull Token, which rewards holders with Bitcoin airdrops, having raised over $7 million in its ICO.
Bitcoin’s value climbed slightly in the last day, sitting at $109,226 as of 3:18 a.m. EST, though trading volume dropped by 16% to $33.5 billion. This uptick comes as notable Bitcoin supporter Michael Saylor, who serves as the Strategy Chairman for MicroStrategy, suggested Apple reconsider its strategy by favoring Bitcoin investments over stock buybacks. His tweet underscored a notable challenge to the tech giant.
The current Bitcoin price displays a bullish market structure, which is often interpreted as a signal for upward trends. A rounded bottom pattern has developed over months, culminating in a strong upward breakout. After breaking previous resistance in the $95,000 to $101,000 range, Bitcoin is now teetering near a significant resistance level at $112,329, as recent GeckoTerminal data elaborates.
Key moving averages – the 50 Simple Moving Average (SMA) and the 200 SMA – reveal Bitcoin trading well above support at $94,520 and $70,515, respectively. This robust performance of the 50 SMA denotes positive intermediate-term momentum. The Relative Strength Index (RSI) is currently at 64.55, reflecting bullish sentiment but suggesting there is room for growth without hitting overbought territory.
Now that the rounded bottom pattern has been established and with Bitcoin above critical moving averages, analysts are eyeing a potential breakout beyond the $112,329 resistance level. Should it surpass that point, the next target could be around $124,449, correlating with the 0.27 Fibonacci extension level. A continued bullish market could push BTC into the $130,000-$135,000 range, yet failure to overcome the $112K resistance might lead to a pullback, with prices possibly dropping back to the $101,736 or $95,182 thresholds.
Amid energized trading, there’s also burgeoning interest in a new Bitcoin-themed meme coin, BTC Bull Token (BTCBULL), set to reward holders with free Bitcoin. YouTuber Jacob Bury, with a following of over 56.7k, highlights BTCBULL’s potential for substantial gains post-launch, predicting a possible tenfold increase in value.
Impressively, the ongoing ICO for BTC Bull Token has already raised over $7 million, marking a stellar presale performance this year. Unlike traditional tokens, BTC Bull Token incentivizes users with Bitcoin airdrops at significant BTC price milestones. Holders can expect payouts every time Bitcoin reaches $150,000, $200,000, or even a massive airdrop when it hits $250,000, contingent upon how much they purchased during the Community Sale.
Notably, the team behind BTCBULL will also engage in token burns at every $50,000 marked by Bitcoin, aiming to enhance scarcity and, thus, value. Token holders additionally can stake their tokens for an impressive 57% annual percentage yield (APY). Those looking to join the presale can easily acquire BTCBULL for $0.002555 using several payment options, but there are only about 19 days left before the presale wraps up.
In summary, Bitcoin has experienced a slight increase in price, buoyed by a unique market structure that suggests potential further gains. Prominent discussions surrounding Bitcoin’s integration into major corporations, like Apple, indicate a growing acceptance. Meanwhile, the new Bitcoin-themed token, BTC Bull Token, presents innovative rewards for holders and showcases a robust ICO performance. The landscape remains dynamic as traders continue to seek opportunities amidst evolving market conditions.
Original Source: insidebitcoins.com
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