Bitcoin (BTC) Price Jumps Over 3% to Trade at $85923.29 as Investors Start to Accumulate the Crypto

The Bitcoin price jumped over 3% in the last 24 hours to trade at $85,923.29 as of 9:39 p.m. EST as investors start to accumulate the crypto.

The Federal Open Market Committee (FOMC) unanimously decided to keep its target range for federal funds at 4.25%-4.50%. This decision aligns with the expectations of analysts.

The CME FedWatch tool showed that market observers saw a 99% chance that the FOMC would keep interest rates unchanged.

After the FOMC's decision, the dollar showed little movement, remaining at 103.28 against a basket of six currencies.

Earlier in the day, data from the U.S. Labor Department revealed a 0.3% rise in producer prices in April, marking a smaller-than-expected increase. This follows a 0.4% gain in March.

The core PPI, which excludes volatile food and energy components, rose by 0.2% last month, meeting economists' projections. March's core PPI reading was revised upwards to 0.3% from the prior estimate of 0.2%.

The Bitcoin price has risen by over 3% in the last 24 hours to reach $85,923.29 at 9:39 p.m. EST as investors begin to accumulate the crypto.

Bitcoin Price Attempting To Break Above Resistance

4-hour chart for BTC/USDT (Source: TradingView)

The Bitcoin price is attempting to break above a resistance level at $86,893.11. If BTC manages to close a 4-hour candle above this barrier within the next 8 hours, it could have the foundation needed to rise to the subsequent mark at $91,150.02.

However, if there is a rejection from the $86,893.11 resistance, it might lead to a more bearish scenario playing out. In this alternative scenario, the Bitcoin price could end up testing the support at $82,636.21. In an extremely bearish scenario, BTC might even plunge to as low as $78,075.24 if the potential sell pressure persists.

Bitcoin Price Might Start To Correct Soon

From a technical perspective, indicators on BTC’s 4-hour chart warn the Bitcoin price may have reached a peak. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show early bearish signs.

That’s after RSI readings started to drop in the last few hours to signal growing seller strength. What’s more, the negative slope of the RSI line suggests that sellers are still growing stronger against buyers.

Meanwhile, BTC’s bullish momentum seems to have stalled. This is suggested by the MACD line that has started to level off above the MACD Signal line. If the gap between the two technical indicators starts to narrow, it could signal that BTC’s positive phase has come to an end.

With the Bitcoin price facing a potential correction as it nears resistance, investors might continue to flock to a new meme coin called BTC Bull Token (BTCBULL) to grow their portfolios. According to Alessandro De Crypto, a popular YouTuber with over 14.4K subscribers, BTCBULL could print massive gains for investors.

A Meme Coin Offering Investors Free Bitcoin

BTC Bull Token is a Bitcoin-themed meme coin that aims to support the leading crypto as it embarks on a journey to $1 million per coin and beyond. To incentivize investors to buy BTC and its own BTCBULL token, the project has lined up several Bitcoin airdrops and BTCBULL token burns that will happen when BTC reaches certain price points for the first time.

According to BTC Bull Token’s website, the next Bitcoin airdrops will be when BTC hits $150K and $200K for the first time. Meanwhile, the next BTCBULL token burns, which will make the meme coin more scarce and subsequently more valuable, will take place when Bitcoin reaches $125K, $175K and $225K.

With Bitcoin back on the rise and the FOMC deciding to leave interest rates unchanged, more investors will likely increase their exposure to risk on assets such as crypto and BTC. This means that the next milestone at $125K, which will trigger a BTCBULL token burn, is within reach.

Investors Bet Big On BTCBULL’s Future

Investors are rushing to buy BTCBULL while it’s still in presale, with its total early-stage raise already standing at more than $3.8 million.

With the bullish predictions from experts like Alessandro De Crypto and the chance to earn free Bitcoin via airdrops, it’s easy to see why an investor frenzy has erupted around the project’s ICO.

Anyone who wants to buy BTCBULL at the best presale rate will want to act fast, because the token’s price is set to increase as its presale progresses. The next presale price hike will happen in just