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The Bitcoin price is struggling to stay above its most crucial support level – the 4-hour 200 Exponential Moving Average.
Experts call it the ultimate strength test for BTC. Indeed, BTC has traded below this crucial indicator only once in 2024 – during the “Sell the news” trend in the aftermath of spot Bitcoin ETF approval.
The Bitcoin price is currently trading at $66,236 – marginally above the 4-hour 200 EMA indicator which is at $65,619. Traders are cautious not to enter any long positions unless BTC successfully retests this support level.
Instead, investors are switching to new crypto ICOs and presale tokens, especially since they remain largely unaffected by Bitcoin’s price action. For instance, projects such as Bitcoin Minetrix and Dogecoin20 have raised considerable sums in their respective ICOs.
Can The Bitcoin Price Bounce Back?
As previously mentioned, the 4-hour 200 Exponential Moving Average has been a reliable support level for BTC. Even when the Bitcoin price corrected by more than 18% in March, it bounced back up after temporarily tagging this level.
Even today on Thursday, BTC has jumped up by 1.5% after testing the support – climbing from $65,600 to $66,236.
However, the bulls would hope to reclaim the 2021 cycle high of $69000 as support, which could kickstart the next bullish continuation in Bitcoin. This scenario isn’t unlikely at all. Bitcoin appears to be mirroring NASDAQ’s price movements – if this thesis holds, BTC should hit the $69,000 price target in the coming days.
Crypto analysts have also identified the formation of a bullish pennant, which could catapult the largest cryptocurrency to $82,000.
On the other hand, if BTC falls below the 4-hour 200 EMA and hits $64,500, over $1 billion worth of long positions will be liquidated.
New Crypto ICOs Bitcoin Minetrix And Dogecoin20 In High Demand
The uncertainty in Bitcoin and other large caps has pushed investors further towards new cryptocurrencies and low-cap tokens. As such, they have the potential to deliver significantly higher returns due to their low valuations.
For instance, Bitcoin Minetrix has raised close to $13 million in its ICO and is being backed by experts to 10x post launch.
The reason behind their optimism is the project’s important real-world use case. Bitcoin Minetrix is launching a cloud mining platform that mines BTC on behalf of its users and splits the profits proportionately.
This approach eliminates the technical expertise and capital investment required in trading Bitcoin mining, making mining rewards accessible to retail investors. The project has also announced a $30,000 airdrop which is also contributing to the hype.
Similarly, a new meme coin – Dogecoin20 – is in high demand during its ICO, raising over $10 million in just over two weeks. The project claims to be an improved and sustainable version of Doge and offers lucrative staking rewards, right from the ICO itself.
According to the project’s staking dashboard, DOGE20 is currently offering an APY of over 60%.
Similar to BTCMTX, crypto influencers are bullish on Dogecoin20, backing it to up to 100x after its launch on Doge Day.
*Cryptonomist did not write the article or test the platform.
