Bitcoin (BTC) Price Drops Over 4% to Trade at $82328.19

The Bitcoin price dropped over 4% in the last 24 hours to trade at $82328.19 as of 955 p.m. EST as investors offload their holdings

The Bitcoin price dropped over 4% in the last 24 hours to trade at $82,328.19 as of 9:55 p.m. EST on Thursday. As a result, the crypto market’s capitalization also declined by more than 4% to reach approximately $2.7 trillion, according to CoinMarketCap.

Bitcoin Price Edges Up After Plunging Technical Safety Net

The Bitcoin price is currently hovering above a support level at $80,258.09 after plunging below the $85,494.58 support in the last 24 hours.

If the largest crypto by market cap drops below this second technical safety net within the next 12 hours, it could be at risk of falling all the way down to $76,554.23 in the short term.

However, traders identifying BTC’s current price as a buy opportunity could lead to a more bullish scenario playing out. In this alternative case, the Bitcoin price might try to re-establish a position above the $85,494.58 mark.

Thereafter, continued buy pressure could result in a climb to the subsequent mark at $90,475.63.

Technicals Suggest The Bitcoin Price Could Start To Rise Soon

From a technical standpoint, indicators on BTC’s 4-hour chart suggest the crypto’s bearish move might be nearing its end. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing early bullish signs.

That’s after RSI readings rebounded from deep oversold territory under 30 to just under 40, signaling growing buyer strength. While the current reading below the neutral 50 mark is bearish, the positive slope of the RSI line suggests there could soon be a shift in power that favors bulls.

Additionally, the RSI is attempting to cross above its Simple Moving Average (SMA) line on the 4-hour chart. Traders might interpret these two lines intersecting as a sign that buyers have taken over control of the Bitcoin price. This could therefore lead to some long orders entering Bitcoin’s order books and a subsequent price increase.

Meanwhile, the MACD line is starting to rise towards the MACD Signal line on the 4-hour chart. The narrowing gap between these two lines, with their current orientation, could indicate that BTC’s bearish momentum is cooling down. Should the margin between the two MACD lines continue to shrink, it could lead to a bullish crossover.

While Bitcoin tries to recover, investors rush to buy a new meme coin called BTC Bull Token (BTCBULL). Alessandro De Crypto, a prominent YouTuber that boasts more than 14.7K subscribers, says the new crypto could go on to print massive gains for investors.