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Bitcoin (BTC) has gone up by 1.2% in the past 7 days as the top crypto has been a stronghold during the latest downturn.
Rising tensions in the Middle East last weekend contributed to plunging the price of most digital assets, but that has not been the case with Bitcoin, as the latter has served as a safe haven for crypto-native investors.
Bitcoin’s year-to-date gains currently sit at 14.8% while top altcoins like Ethereum (ETH) and Solana (SOL) have generated losses of 26.3% and 24.6% respectively.
As a result, BTC’s dominance has been rising in the past 12 months from 53.3% to 65% at the time of writing.
The token’s massive market cap – exceeding $2 trillion at the time – is one of its strongest appeals to investors. In addition, Bitcoin is a decentralized alternative to gold that allows holders to protect themselves from the risk of holding fiat currencies at regulated bank accounts and other similar vehicles.
At a point when geopolitical tensions are rising, investors are increasingly turning to blockchain technology to safeguard their assets.
Data from CryptoQuant emphasized this week that the net change in BTC tokens among long-term holders in the past 30 days has reached a record level, meaning that whales are hoarding Bitcoin even at a point when the price is quite close to its all-time high.
The average price at which these tokens have been bought ranged from $95,000 to $107,000. This indicates strong conviction from deep-pocketed market participants that Bitcoin has the fuel to move to higher ground this year.
BTC Seems to be Consolidating Ahead of Its Next Leg Up
Looking at Bitcoin’s daily chart, we can see a descending price channel forming as a result of the token’s latest lower highs.
In addition, BTC has made lower lows the past couple of times that it has experienced strong downturns.
However, the price is still well above its 200-day exponential moving average (EMA), which still favors a bullish price outlook.
As analysts have pointed out, the $98,000 – $100,000 levels have acted as strong support for the price action in the last two pullbacks. As long as these two critical areas hold, Bitcoin still has a chance to rise to retest its latest all-time high.
This descending price channel seems to be more of a consolidation phase rather than a downtrend as market participants could be accumulating tokens – as confirmed by on-chain data – ahead of BTC’s next leg up.
Hence, every dip to $100,000 may be treated as an opportunity to buy.
Alongside the upside potential that holding Bitcoin as a long-term investment offers, a new crypto presale called BTC Bull Token (BTCBULL) offers investors the chance to generate passive income as the top crypto continues to reach new highs.
BTC Bull Token (BTCBULL) Distributes Rewards Based On How Bitcoin Performs
BTC Bull Token (BTCBULL) has introduced an innovative rewards system tied to certain price milestones that Bitcoin is expected to reach soon.
Starting at a baseline price of $100,000, for every $25K that BTC adds to its price, a new reward will be unlocked for token holders.
The first milestone is set at $125,000. Once the top crypto reaches that level, a portion of BTCBULL’s circulating supply will be burned.
Next up, once Bitcoin hits $150,000, token holders will receive a direct airdrop of BTC tokens in the wallets where they currently hold BTCBULL. The amount of tokens they will receive corresponds to the percentage of BTCBULL’s circulating supply they own at the time.
These actions will be automatically executed by smart contracts that have been audited by two top blockchain security firms – Coinsult and Solid Proof.
As Bitcoin rises, so will the price of BTCBULL, as token holders will be closer to getting their first reward. Early buyers who take advantage of the token’s discounted presale price stand to reap the highest returns once this happens.
To buy $BTCBULL, head to the BTC Bull Token website and connect your wallet. You can either swap USDT or ETH or use a bank card to invest.
