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The Bitcoin price rose 1% in the last 24 hours to trade at $60,530 as of 09:55 p.m. EST, despite trading volume falling 28% to $32 billion.
The price of Bitcoin jumped higher yesterday to soar over the $60K level, tracking a surge in broader risk-driven sectors as the positive U.S. labor market helped soothe last week’s concerns that a recession was imminent.
Bitcoin Price Could Still Rally
According to the Bitcoin price analysis on the 1-hour chart, BTC has been on a sustained rally in the last three days, rallying within a rising channel pattern. The bulls capitalized on the $50,000 support to push the token up, according to data from GeckoTerminal.
BTC now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the uptrend.
Moreover, after a recent crash, the Relative Strength Index seems to be rebounding from within the 50-midline level to trade currently stand at 54, which is an indication that BTC bulls are actively buying.
If the buying continues, the price of Bitcoin could rally, with bulls potentially setting a target at the $68,000 resistance. The 50-day SMA has now crossed above the 200-day SMA as well, forming a golden cross at $60,000. A Golden cross could encourage bulls to take more buying positions, which could then propel the price of Bitcoin.
However, if bears take control and breach the lower boundary of the channel, the price of Bitcoin could tumble back to the next major support at $55,000.
While the Bitcoin price gears up for a potential rally, investors are buying a new Dogecoin derivative, PlayDoge (PLAY), which analysts believe has great speculative potential.
According to crypto analyst and YouTuber Jacob Bury, $PLAY could potentially surge 10X after its launch
PlayDoge Meme Coin Raises Over $6 Million – Best Meme Coin To Buy Now?
PlayDoge has now amassed over $6 million as its ICO explodes. As a Dogecoin derivative, $PLAY is a meme coin centered on the Shiba Inu dog breed. However, the project is more than just another light-hearted crypto.
PlayDoge is a mobile-based play-to-earn (P2E) game that transforms the DOGE meme into a Tamagotchi-style virtual pet, which allows users to earn $PLAY tokens.
Don’t ghost your #Doge or it’ll die 👻
Feed your Doge, earn rewards, and level up. No mazes, just fun!#Presale has launched! 🙌#PlayDoge #P2E #Memecoin pic.twitter.com/Fp2sFwycpj
— PlayDoge (@PlayDogeGame) May 31, 2024
The project mixes the 90s nostalgia with modern blockchain tech, which then allows users to care for an 8-bit pixel Doge in a retro-style mobile game. Players get to feed, play mini-games, and bond with their virtual pets, earning $PLAY tokens in the process.
Apart from earning through P2E, token holders can also earn passively by staking $PLAY for an impressive 77% annual percentage yield (APY).
You can buy $PLAY tokens for $0.00527 each. With a price hike coming in less than 9 hours, don’t wait around too long if you want to lock in the best deal.
Purchase $PLAY from the official website here using BNB, USDT, or a bank card.
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