As Bitcoin struggles within the price channel, traders are buying this Bitcoin coin that made $1 million in three days

Home ” diary » As Bitcoin struggles within the price channel, traders are buying this Bitcoin coin that made $1 million in three days

Bitcoin’s price continues to struggle around the $25,500 mark as it struggles to maintain an ascending price channel established in September.

The number one cryptocurrency crashed in mid-August as traders are currently trying to defend support to prevent further declines.

Meanwhile, traders are turning their attention to a Bitcoin-themed coin that raised over $1 million in just three days.

Bitcoin BSC ($BTCBSC) is causing a stir due to its groundbreaking staking mechanism as traders rush to position, which will trigger a supply shock in the open market.

Bitcoin is struggling to hold the September price channel

The price of Bitcoin is now down a whopping 20% ​​from 2023 highs set in mid-July.

The cryptocurrency plunged below a descending price channel in mid-August, causing it to fall to May 2022 lows of around $25,420.

Since then, the cryptocurrency has established a short-term rising price channel as traders defended the lower boundary over the weekend.

The chart below shows a long-term outlook for Bitcoin since April;

The rising price channel can be better seen on the four-hour chart below;

As you can see, $BTC has formed an ascending price channel with bulls currently defending the lower boundary.

The series of higher lows and higher highs since early September is promising. However, a break below this price channel could lead to a further collapse in $BTC prices.

Looking ahead, if sellers break the channel’s lower boundary – provided by the May 2022 lows – the first support lies at $24,415.

This is followed by support levels at $25,000, $24,750 (June 2023 lows), $24,500, and $24,235 (December 2020 resistance).

If the bears continue to push Bitcoin further below $24,000, additional support lies at $23,500, $23,000, and $22,650 (December 2020 support).

Investors are rushing into Bitcoin BSC for high stake-to-earn rewards

As Bitcoin continues to navigate uncertainty, traders are increasingly flocking to an emerging Bitcoin alternative that they believe can deliver significant returns.

Traders rush over Bitcoin BSC ($BTCBSC) Pre-sale as they believe that its unique staking mechanism will cause a supply shock in the open market, resulting in a sudden price increase once the token hits the market.

The project has already surpassed $1 million in donations in just three days, showing the construction hype behind this project.

Bitcoin BSC ($BTCBSC) follows the success of a recent series of Bitcoin derivatives such as BTC 2.0 and BTC20, which at their peak delivered a 5x return for early adopters.

Bitcoin BSC is an updated version of Bitcoin based on the Binance Smart Chain and integrating a verified staking contract that releases $BTCBSC tokens according to the original Bitcoin block reward schedule.

Those who stake $BTCBSC receive a percentage of the rewards through the environmentally friendly Proof-of-Stake consensus algorithm.

The more $BTCBSC is staked in the contract, the higher the percentage of revenue from the staking pool.

Experts believe that the Stake concept will help alleviate the market’s selling pressure after the token’s launch, thereby creating a long-term passive income utility token.

The stake-to-earn feature is intended to incentivize long-term participation from the community and reinforce their commitment to the project through rewards.

Additionally, compared to Bitcoin mining, PoS is less energy intensive and does not require expensive mining machines.

Additionally, investors can start staking in the pre-sale and earn up to 500% APY in rewards;

The best part about staking is that all rewards are compounded, meaning they increase the longer they remain in the pool.

The staking contract has been fully verified and audited by Coinsult, one of the leading security companies in the industry. Therefore, investors can be confident that the staking mechanism is completely secure.

Built on the Binance Smart Chain, Bitcoin BSC can introduce new concepts to Bitcoin while offering the same security and technology as Ethereum.

Transactions on Binance Smart Chain are much faster than Ethereum and also much cheaper.

Since the blockchain is based on the Ethereum codebase, the Bitcoin BSC token will be accessible via regular DeFi wallets such as MetaMask and Trust Wallet – making it an easily accessible token.

Additionally, Bitcoin BSC can create an ecosystem of dApps to build on its network, expanding the use case of the $BTCBSC token into areas such as decentralized lending and yield farming.

Potential for a supply shock? Why do investors expect a 20x return?

Experts predict at least a 20x return on $BTCBSC if the token is launched on decentralized exchanges.

They assume that the majority of tokens will be tied to staking, leading to a supply shock in the open market.

Due to the Bitcoin theme, the total supply for Bitcoin BSC will be $21 million BTCBSC.

The project turns back the clock to April 2011, when there were 6.125 million BTC in circulation, priced under one dollar.

Therefore, in the Bitcoin BSC presale, $6,125 BTCBSC will be sold at a price of $0.99 – offering investors the opportunity to position themselves in the upgraded Bitcoin at the lowest prices.

Once the hard cap is reached, 14.875 million $BTCBSC will be sent to the secure and immutable staking contract, allowing users to stake their $BTCBSC to earn rewards for the next 120 years.

Additionally, any unsold $BTCBSC will also be transferred directly to the staking contract.

As a result, most of the $BTCBSC token supply is already locked in the staking contract and cannot be purchased by newbies on the open market.

Additionally, experts believe that most presale investors will stake their tokens to benefit from the impressive APY returns, further exacerbating the supply shock for new entrants.

Since most tokens are tied to the staking contract, new entrants will have to pay significantly higher prices once the token is launched – meaning a return of up to 20x for first-time users.

Therefore, investors benefit from the $BTCBSC rewards and the increasing value of the $BTCBSC token at the same time.

Welcome to #BitcoinBSC!🪙

The green BEP-20 version of #Bitcoin on the BNB Smart Chain takes you back to Bitcoin’s roots in 2011!

Stake $BTCBSC and earn rewards.

Don’t miss out – join the #Presale today!🚀
https://t.co/oM0YP8IlbV pic.twitter.com/vJjLltzQQG

– Bitcoinbsc (@Bitcoinbsctoken) September 5, 2023

Overall, Bitcoin BSC sets the stage for an explosive start after the presale.

Investors can take a look at this Bitcoin BSC white paper For more information or follow the project Twitter And telegram Accounts for the latest updates.

Investors are urged to act quickly as pre-sales are expected to last a short time at this rate. It offers the only way to position yourself below $1 or face paying higher prices once the token hits the market and starts trending on DexTools.

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