BTC Breaks Key Resistance Level While Bitcoin BSC Hit $3 Million
Bitcoin's recent price increase above $27,000 after breaking the $26,000 resistance has triggered excitement across the crypto community. While it's too early to call it a big rally, the positive trend has piqued investor interest in Bitcoin.
Bitcoin has been on a roller coaster ride, sharply rising and falling from newly attained highs. As of September 18, the asset hit a week high of $27,354, a 5% increase from a low of $26,160.
However, it briefly dipped below $27,000, closing at $26,754, according to CoinMarketCap data. But the bulls returned and pushed the price to $27 132 at 7:25 AM EST on September 19. Despite encountering hurdles, Bitcoin remains above the $27,000 price level and is now targeting $28,000.
Whale Activity and its Impact on Bitcoin's Price Move
Amid the ongoing price recovery, whales actively move substantial amounts of bitcoin. According to a crypto tracking platform, Whale Alert, big holders moved BTC to exchanges in the early hours of today.
800 #BTC (21,678,480 USD) transferred from unknown wallet to #Binancehttps://t.co/9xPnuwS8H7
- Whale Alert (@whale_alert) September 19, 2023
The first transaction transferred 800 BTC (over $21 million) from an unidentified wallet to Binance. Also following this was another transaction of 2900 BTC ($78 million) from an unknown wallet to Coinbase.The sudden movement could impact BTC's price in several ways.
Firstly, such large-scale transfers can lead to increased market volatility. When significant amounts of Bitcoin are moved within a short timeframe, it can trigger fluctuations in its price.These whale transactions could be responsible for the sharp rise and fall witnessed today in Bitcoin's price movement.
BTC Bounce Off from $25,330 Support, Will It Hit $31,454?
As shown on the daily chart, BTC price has found minor support above the $26,000 level and has even surpassed it, indicating that the bulls are strongly active in the market.
If the BTC stays above the support, it may target the monthly resistance level of $28,170. However, buyers need to exert more pressure to achieve this.
Furthermore, BTC has another major resistance level at $31,454. If the market breaches this zone, we could see a long-term bullish move in the market. On the other hand, should the bears take control of the market, BTC might fall below the $25,330 support level.
Technical Indicator Points toward Increase in Buying Activities
The chart shows that BTCUSDT hovers around the 50-day Simple Moving Average (SMA) but remains below the 200-day SMA.
Also, this situation indicates that the coin's recent price movements need to be stronger to surpass the longer-term average. But if the Bitcoin BTC manages to break above the 200-day SMA, it could signal a shift towards a more bullish trend.
Furthermore, the MACD is above the signal with bullish histogram bars, demonstrating the high buying pressure in the market. The Relative Strength Index, approaching the overbought region, shows that more buyers are entering the market, and their continuous charge could exert more upward push on BTC.
Overall, the market setup suggests a period of consolidation or indecision in the market as traders thread cautiously, unsure about the longevity of the ongoing uptick.
Bitcoin Alternative - New Bitcoin BSC Coin Raises Over $3,000,000 In Presale.
A new cryptocurrency, Bitcoin BSC (BTCBSC), has raised over $3 million since starting its Presale on September 5.BTCBSC is designed to replicate the success recorded in Bitcoin's early days.
It offers tokens at $0.99, equivalent to Bitcoin's early days when its price was less than a dollar. This allows investors to key in before the project's anticipated boom in the coming months.
Joining Bitcoin's Legacy with Eco-Friendly Tech for Crypto GrowthUnlike Bitcoin, which uses much energy for transactions, BTCBSC uses a greener stake-to-earn mechanism. Like the original Bitcoin block reward schedule, it allows users who stake their tokens to earn staking yields and rewards released every 10 minutes.
Hosted on the Binance Smart Chain transactions, BTCBSC offers cheaper and faster transactions, which makes it more attractive than Bitcoin. While Bitcoin BSC uses similar fundamentals to Bitcoin, it's a standalone project with no connection to Bitcoin.
Bitcoin BSC Project Phases and Goals
According to the project's roadmap, the Bitcoin BSC launch follows four main steps. These include Presale, staking, token launch, and earning money.
In the Presale, 29% of the tokens will be sold for $0.99 each. The funds raised in the Presale will be used for development and marketing. Staking is important for Bitcoin BSC. The staking smart contract will be activated during the Presale to encourage early staking.
After the Presale, BTCBSC will list on tier-one decentralized and centralized exchanges. Furthermore, the team has set aside 2% of the token supply for exchange liquidity.
Interestingly, the project team has introduced a referral program to incentivize those who invited people to participate. Interested buyers should visit the official Bitcoin BSC site to make a purchase.
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