Bitcoin price drops, Lawrence Summers says BTC reserve is crazy

bitcoin price fell more than 3% in the last 24 hours to trade at $98,661.54 at 3:44 am EST.

The correction in btc price comes as former US Treasury Secretary Lawrence Summers dismissed incoming President Donald Trump's plans for a strategic bitcoin reserve as “crazy.”

“Some of what is being said, this idea that we should have some kind of national reserve of bitcoin, is crazy,” Summers said during a Dec. 6 interview with Bloomberg TV.

btc It also experienced a turbulent trading day yesterday as investors celebrated a new all-time high of $103,583.91 for the crypto leader.

But the euphoria did not last long as btc suffered a quick and sharp correction below $93,000, wiping $200 billion off its market capitalization in the process. It has since recovered and is trading at its current price.

bitcoin Price Could Break Out of a Consolidation Channel Soon

4-hour chart for btc/USDT (Source: <a target="_blank" href="https://www.tradingview.com/x/DxkIWk4c/”>TradingView)

He bitcoin The price has been in a consolidation phase between $93,362.62 and $99,186.57 for most of the past few days. During this period, it broke below and above the sideways range, but each breakout of the consolidation channel did not last long.

Now, btc is attempting another challenge at the upper boundary of the channel at $99,186.57. If the leading cryptocurrency breaks this barrier in the coming hours, btc could rise as high as $103,845.17 in the short term.

However, a rejection of the $99,186.57 threshold could lead to a retest of the $93,362.62 support. A drop below this technical safety net could cause the price of bitcoin to fall to the next mark of $86,839.80.

Technicians Suggest Bears Are Losing Control Over bitcoin Price

From a technical perspective, btc appears to have entered a negative cycle in the last 12 hours. However, there are signs that the bulls are starting to return. Throughout the last trading day, the MACD line crossed below the MACD signal line. This specific technical event is often interpreted as an indication that a cryptocurrency has entered a downtrend.

The Relative Strength Index (RSI) is also currently positioned below its simple moving average (SMA) line on the 4-hour chart. This could suggest that sellers currently have an advantage over buyers.

However, the RSI line has started to rise in the last few hours and still has a positive slope. The gap between the RSI and SMA lines is also starting to narrow, which could lead to the bulls regaining the advantage over their bearish counterparts.

As traders try to push the price of bitcoin back above $100,000, investors are rushing to buy a new meme coin and a PEPE spinoff. Wall Street Invitation (WEPE) for possible parabolic gains.

A Meme Coin with a Mission to Level the Playing Field for Retail Traders

Wall Street Pepe (WEPE) is a new meme coin project that has a mission to empower retail traders.

From WEPE's point of view, until now all the big plays in the cryptocurrency market have been kept secret by greedy crypto whales. Wall Street Pepe will level the playing field for smaller traders by giving them unrestricted access to future alpha calls.

To up their game, traders can team up with other crypto degens and join the WEPE Token Army. Becoming a member of the group is simple: investors will only need to purchase the WEPE token to unlock exclusive information that will allow them to trade like a professional.

While traders wait for signals and information, they can also simultaneously profit from their WEPE holdings, which experts say could rise after its launch.

An analyst on the Cryptonews YouTube channel, which has more than 13,000 subscribers, said WEPE could be the next massive degenerative game.

Additionally, investors can passively grow their WEPE holdings through the lucrative staking opportunity offered. Anyone who locks WEPE tokens will now gain access to a stratospheric 436% annual staking return.

Investors are betting big on the future of WEPE

The pre-sale for Wall Street Pepe recently surpassed the $1.2 million mark, indicating strong investor confidence in the project's future. Anyone can purchase the token at this early stage using the simple purchase widget built into the project website.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”5.5474452554745″>

$1 Million raised in 3 days. The future is green. pic.twitter.com/MnZiMCqKR0

—Wall Street Pepe (@WEPEToken) <a target="_blank" href="https://twitter.com/WEPEToken/status/1864959920677822780?ref_src=twsrc%5Etfw”>December 6, 2024

The WEPE token is currently selling for $0.000204 and can be purchased with crypto or bank card.

Once purchased, investors can navigate to the staking page on the website to put their WEPE tokens to work for the 436% staking APY.

Buy and bet WEPE here for 436% APY.

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