BTC Price Jumps 2% to Trade at $98,761.37 as of 10:18 p.m. EST

The Bitcoin price jumped 2% in the last 24 hours to trade at $98761.37 as of 10:18 p.m. EST as traders go long on the crypto.

The Federal Open Market Committee (FOMC) opted to keep the interest rate at the same range on Wednesday. Members voted to keep the rate steady at between 4.25% and 4.5%, a band it has been in since December last year.

The crypto market has been closely watching the FOMC meetings in recent months, as any decision to raise interest rates could impact riskier assets such as cryptocurrencies.

After the FOMC opted to maintain the interest rate at its present level, the Bitcoin price rose 2% in the last 24 hours to trade at $98,761.37 by 10:18 p.m. EST.

Bitcoin Price Attempts To Flip A Major Resistance Into Support

(Daily chart for BTC/USDT from TradingView)

The Bitcoin price is trying to break above the resistance level at $98,371.74. Should it clear this technical obstacle, it could open up the room needed for the largest crypto by market cap to rise to as high as $107,963.22 in the short term.

However, a rejection from the $98,371.74 mark could stop the Bitcoin price in its tracks. In this more bearish scenario, the crypto might end up dropping towards the nearest support down at $88,023.04. In an extremely bearish case, BTC could even plunge to as low as $77,926.75, but this will require a major shift in the crypto market.

Technicals Suggest The Bitcoin Price Might Continue To Rise Despite Overbought Conditions

From a technical standpoint, indicators on the daily chart suggest the Bitcoin price might continue to rise in the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) on the daily chart show buyers are currently in control.

That’s after the MACD line rebounded above the MACD Signal line in the last 24 hours. Ever since then, the gap between the two lines has started to grow. This alignment of the MACD line above the Signal line and the growing gap between them suggests renewed bullish momentum that could elevate the Bitcoin price in the short term.

Meanwhile, a major bullish technical flag was triggered by the RSI after the indicator crossed its Simple Moving Average (SMA) line on the daily chart.

Traders will want to keep an eye on tha RSI, because the current reading near 70 suggests BTC might be in overbought territory. There have been instances in the past where the RSI has remained this high for sustained periods of time. This is usually when a crypto is pumping. The positive slope of the RSI on the daily chart suggests this might be the case in this instance.

As Bitcoin tries to continue its climb in overbought conditions, investors are also piling into the presale for a new meme coin called BTC Bull Token (BTCBULL). Popular YouTube channel 99Bitcoins, which has over 725K subscribers, predicts the crypto could soar 10X after its launch.

Investors Stand To Receive Bitcoin For Simply Holding BTCBULL

BTC Bull Token is a unique meme coin project given the fact that its holders stand to earn free Bitcoin via airdrops if the leading crypto begins to rise. Built on the belief that BTC will soar to $1 million per coin and beyond, BTCBULL has set specific price milestones that will trigger the Bitcoin distributions.

According to the project’s website, the first airdrop will happen when BTC hits $150K for the first time. Every new $50K milestone the crypto king achieves after that will result in another airdrop. This essentially gives BTCBULL holders a much more cost effective way to gain Bitcoin exposure as institutions such as Strategy, Metaplanet and Semler Scientific load up on the crypto.

What’s more, BTCBULL itself could be a 10X gem, as predicted by 99Bitcoins. Adding to the meme coin’s potential is the scheduled BTCBULL token burns that will happen at specific Bitcoin price milestones as well.

The token’s supply will be permanently reduced with each new $25K milestone BTC hits, starting at $125K. This will make BTCBULL more scarce and might subsequently make it more valuable.

BTCBULL Presale Charges Towards $6 Million

Investors are rushing to buy BTCBULL at presale prices, and have already sent more than $5.4 million to the project’s ongoing ICO. This buying frenzy is likely to continue as investors try to get in on the project’s Bitcoin airdrops early.

There’s still time left for investors to participate in the presale. BTCBULL can be bought via the simple widget embedded on the project’s website. Selling for $0.0025, the meme coin can be bought with either crypto or bank card. Once