Bitcoin Price Slides 1% as Traders Flock to ICO for Free BTC

Bitcoin’s price dropped by 1% to $107,736 amid decreasing trading volume. This comes after a US court ruling against Trump-era tariffs spurred positive market reactions. GameStop’s purchase of 4,710 Bitcoin and K33 raising $6.2 million signal increased institutional interest. Meanwhile, BTC Bull Token presale is gaining traction, promising airdropped Bitcoin to holders as investments rise.

In recent trading, Bitcoin’s price decreased by over 1%, settling at $107,736 as of 1:41 a.m. EST. Trading volumes fell sharply by 8% to nearly $32.3 billion. This decline comes on the heels of a US court ruling that blocked former President Trump’s import tariffs, which markets interpreted as a positive sign, leading to a surge in stocks as hopes for reduced global trade tensions grew. New York’s Governor Kathy Hochul even labelled the tariff policy as ‘ridiculous’.

Simultaneously, GameStop Corp has made waves by purchasing 4,710 Bitcoin, an investment valued at roughly $512 million at current rates. Meanwhile, the Norwegian crypto brokerage K33 has raised $6.2 million through new convertible loans to establish a Bitcoin treasury, suggesting increased institutional interest in Bitcoin. The question remains: will these developments be enough to propel Bitcoin past its all-time high?

Looking at the charts, Bitcoin’s price structure on the three-day timeframe reveals a rounding bottom pattern. This usually indicates a bullish reversal—suggesting the end of a downtrend and the commencement of a new upward trend. This formation has taken shape over the last several months, suggesting a shift in investor sentiment. Currently, the breakout from the resistance around $103,480 seems confirmed, with Bitcoin trading securely above that level.

The 50 Simple Moving Average (SMA), currently hovering at $93,894, is rising and lying below the current price, signalling a strong intermediate uptrend. In addition, the 200 SMA continues to trend higher, supporting the bullish long-term outlook. The Relative Strength Index (RSI) stands at 68.19, inching close to the overbought territory, hinting there may still be room for growth in Bitcoin’s price.

Crucial Fibonacci levels also support Bitcoin’s price, with the 0.382 and 0.5 retracements at $95,070 and $89,795, respectively. These levels have become strong support zones. With institutional interest on the rise, Bitcoin’s price could potentially reach new heights, targeting $139,776—representing a significant 30% increase from its current level. This target correlates well with the -0.618 Fibonacci extension based on prior movements. On the flip side, if Bitcoin faces downward pressure, the 50 SMA at $93,894 will serve as a critical support level.

Interestingly, investors are now showing considerable interest in a new meme coin—BTC Bull Token (BTCBULL)—which offers free Bitcoin through airdrops for holders. According to 99Bitcoins, a sizeable crypto YouTube channel boasting over 723,000 subscribers, BTCBULL is well-positioned for considerable growth potential.

Currently, in its presale phase, BTC Bull Token has already raised about $6.55 million. Early investors will receive airdrops of Bitcoin once specific price increments are hit—starting at $150K and following every increase of $50K until Bitcoin reaches $1 million. To drive scarcity and emulate Bitcoin’s limited supply, periodic token burns will commence when Bitcoin first hits $125K, continuing with every subsequent $50K increase. Such a burn strategy is expected to bolster the coin’s value.

Tokens are available at $0.002535 through BNB, ETH, USDT, or bank cards. There’s also an appealing staking feature offering a stellar 63% annual yield. With endorsements from experts and high investor interest, the launch of BTCBULL promises to energize the crypto space. Potential investors are encouraged to secure their tokens soon, as prices are expected to increase shortly.

For updates in the cryptocurrency sphere, keep an eye out for emerging tokens and sales/release news. The crypto world appears set for some exciting movements either way.

Related news highlights include new releases in the cryptocurrency market, and insights into the latest presales. Keep informed on what’s trending and make strategic investment choices as the market evolves.