BTC triple TH is up nearly 700% today following the highly anticipated cryptocurrency listing. The Meme Token rose to an intraday high of $0.00005066 before profit-taking pulled it lower.
Now finding support near the 50 EMA on the 5-minute chart, BTC three TH is stabilizing between crucial levels as the bulls look to continue the uptrend.
Despite the pullback from its peak, BTC triple-TH is still up a massive 448.83% so far today amidst the volatility in listings.
BTC Three Th’s indicators suggest consolidation before continued trend
The 5-minute chart of BTC ThreeTH shows three important EMA levels – 20, 50, and 100. The coin is currently trading at $0.00003518, which is slightly below the 20 EMA but above the 50 EMA.
This suggests that BTC three TH is consolidating between these two levels, indicating stability despite a volatile start.
The RSI for BTC three TH is currently at 48.88, just below 50. This shows that neither buyers nor sellers are in full control at the moment.
A retest of RSI50 is likely to continue the uptrend but failure to break above RSI50 could result in more consolidation or decline.
Monitoring BTC triple th key level could lead to trading opportunities
On the resistance side, BTC triple-TH faces obstacles at the 5-minute 20-MA and the Fibonacci 0.382 level. A break above $0.00004058 to $0.00004242 (near the Fib 0.236 level) is likely to continue its upward trajectory.
On the other side, the 5-minute 50 EMA and the Fib 0.5 level act as supports. Failure to sustain above these levels could result in further downside.
As BTC triple TH finds its footing following the introduction of volatility, traders have an opportunity to take advantage of the consolidation that is occurring.
Careful monitoring of key support and resistance levels and momentum indicators like the RSI can reveal favorable entry and exit points.
Despite BTC triple TH’s impressive gains, the broader cryptocurrency market continues to face bearish investor sentiment, with many looking for projects that can provide returns even without major cryptocurrency price fluctuations.
A new cryptocurrency called Bitcoin BSC (BTCBSC) aims to meet this requirement by allowing token holders to earn staking rewards on the Binance Smart Chain (BSC).
The rise in Bitcoin derivatives appears to be aimed at taking advantage of the current cryptocurrency bear market
BTCBSC positions itself as a "Bitcoin clone" or Bitcoin derivative, meaning it seeks to build on the technology of the original Bitcoin network. The project offers familiar token economics for Bitcoin, including a fixed total supply of 21 million tokens.
But BTCBSC is differentiated through its proof-of-stake consensus mechanism and integration with BSC. Proof-of-stake enables BTCBSC to operate with much lower transaction fees and faster confirmation times than Bitcoin.
The average BTCBSC transaction costs about $0.10 and is confirmed in 5 seconds. In comparison, a Bitcoin transaction can take more than 10 minutes to confirm and cost upwards of $10 depending on network congestion.
BTCBSC’s integration with BSC also enables it to support smart contracts. This feature unlocks the staking rewards system, which currently distributes 69% of the total token supply to participants over a 120-year period.
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Staking incentives for holding BTCBSC tokens
According to the project’s white paper, the BTCBSC staking rewards system will serve two purposes.
First, it will provide token holders with a way to earn a return on their investment without having to rely solely on price appreciation. At current rates, stakers can expect to earn around 8-10% APY.
Second, staking incentivizes long-term holding of tokens, which discourages sellers. Prices typically drop significantly after a project launches as early investors sell tokens on the open market. Rewarding holding with staking yields can reduce selling pressure.
This combination provides benefits to long-term holders seeking recurring income as well as investors focused on capital gains who want to mitigate post-issuance volatility.
By distributing a majority of tokens through staking rewards, BTCBSC will incentivize long-term holding to reduce price volatility after launch.
This allows for more sustainable growth compared to other crypto projects.
BTCBSC presale now open to the public
In addition to staking rewards, BTCBSC seeks to drive demand through pre-sale scarcity and speculative potential leading up to the next Bitcoin halving in 2024.
The project is currently running a public presale, offering 29% of the total token supply to early adopters. According to the development team, the tokens are priced at $0.99 each, which is comparable to the price of Bitcoin in 2011.
After the pre-sale ends, BTCBSC will be listed on the decentralized exchange PancakeSwap. Liquidity has been locked through Unicrypt, reducing the risk of potential pullbacks.
For those looking to earn yield on their cryptocurrency holdings, BTCBSC’s staking model offers an interesting option.
