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Does the popularity of BTCBSC affect the future value of Bitcoin?

In today’s rapidly evolving cryptocurrency landscape, the position and value of Bitcoin (BTC), the pioneer of the digital currency world, is being influenced by new blockchain platforms and their associated tokens.

With the current BTC price at $26,130 and a 24-hour trading volume of $12 billion, Bitcoin has seen a decline of almost 2% over the past day.

Despite this, Bitcoin retains its top spot in the CoinMarketCap rankings and boasts a live market capitalization of $509 billion.

There are currently 19,495,550 BTC coins in circulation, out of a maximum supply of 21,000,000.

As BTCBSC gains traction, one can’t help but think: How might its growing popularity impact Bitcoin’s future value?

Unique features of the Bitcoin BSC token on the BNB Smart Chain

Bitcoin BSC, a token on the BNB Smart Chain, is designed to transport investors to 2011, when Bitcoin cost just $1 and had a circulation of just over 6 million.

$BTCBSC replicates this in its presale by offering tokens for $0.99, which is the same as Bitcoin’s 2011 supply and price. What is unique about this token is its built-in staking feature, which allows users to generate passive income through additional tokens.

Unlike Bitcoin’s energy-intensive proof-of-work mechanism, $BTCBSC offers effortless staking with a single click after purchase.

Staking rewards, based on 2011 Bitcoin numbers, are paid out every 10 minutes according to Bitcoin’s block confirmation and are subject to halving every four years. This ensures a gradual release over 120 years until all 21 million $BTCBSC tokens are in circulation.

While Bitcoin pioneered the crypto space, advancements in the sector have surpassed its original design.

Buy Bitcoin BSC here

Bitcoin price prediction

Bitcoin’s valuation is currently trending downward and has broken the crucial support level at $26,500. There is a looming threat of BTC falling further below the important $26,000 mark in the near term.

Despite several attempts, Bitcoin failed to overcome the resistance at $27,500 and subsequently experienced a significant decline.

This decline caused the digital currency to fall below the critical support levels of $27,000 and $26,500, pushing it into bearish territory. Furthermore, BTC’s valuation fell below the $26,200 support and briefly approached the $26,000 area.

It recently hit a low around $26,026 and currently BTC appears to be in a period of loss consolidation. It is currently hovering slightly above the 23.6% Fibonacci retracement level of the recent decline from a high of $26,711 to the aforementioned low.

Bitcoin price chart – Source: Tradingview

With BTC price below both $26,500 and the 100 hourly Simple Moving Average, resistance is looming at $26,350. A significant barrier is emerging at around $26,500, marked by a notable bearish trendline and the 61.8% Fibonacci retracement of the previous decline.

If BTC manages to break the upcoming resistance at $26,700, there is a possibility of an uptrend. In such a scenario, BTC could rise towards the $27,000 threshold, and potential further upswings could target the $27,500 region.

On the other hand, if BTC fails to initiate a recovery above $26,500, further decline seems likely. Immediate support is around $26,050, with a significant cushion near $26,000. A

A final decline below this level could push BTC towards the $25,400 level in the following trading sessions. A sustained downtrend could even lead to a valuation near $25,000.

15 Best Cryptocurrencies to Watch in 2023

Get a head start in the world of digital assets by checking out our curated selection of the 15 best alternative cryptocurrencies and ICO projects to watch out for in 2023.

Our list was compiled by industry experts from Industry Talk and Cryptonews, so you can expect professional recommendations and valuable insights for your cryptocurrency investments.

Stay informed and discover the potential of these digital assets.

Find the best price to buy/sell cryptocurrencies

Crypto Price Tracker – Source: Cryptonews

Disclaimer: Cryptocurrency projects recommended in this article do not constitute financial advice from the publishing author or publication – cryptocurrencies are highly volatile investments with significant risk. Always do your own research.

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