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The Bitcoin price jumped 2% in the last 24 hours to trade at $57,986 as of 03:49 a.m. EST on trading volume that surged 23% to $34 billion.
The BTC price drop coincides with the release of July’s positive U.S. Consumer Price Index (CPI). The CPI came in at 2.9%, which is below expectations and the lowest rate since 2021. The declining inflation increases the chances of the Federal Reserve cutting interest rates in September.
With the CPI report, various investors continue to anticipate a price rally across digital assets in the coming weeks.
Bitcoin Price Aims For A Rebound
The Bitcoin price’s movement from July to the beginning of August formed a rounding top pattern, which allowed the price to drop to as low as $49,000, according to data from GeckoTerminal.
BTC then rebounded to the $62,400 level and has since been trading within a symmetrical triangle.
The BTC price bulls aim for a bullish rally above the triangle, but still trades below both the 50-day and 200-day SMAs, which now act as the immediate resistance levels at $61,674 and $62,457 respectively.
Moreover, the Relative Strength Index (RSI) is currently dropping towards the oversold level, currently at 42, to indicate that the asset is now undervalued.
With the crypto currently undervalued, buyers may start buying the asset. If the buying intensifies, the price of Bitcoin may soar to a target of $68,000.
However, if the bears breach the $57,000 resistance, BTC could plunge back to the $55,000 major support zone.
As the BTC price aims for a bullish rally, the new meme coin, The Meme Games ($MGMES), is capturing investors’ attention, having garnered over $365K.
According to Jacob Bury, a popular crypto analyst on YouTube, $MGMES has the potential to surge 10X after its launch.
The Meme Games Presale Blasts Past $365K – Best Crypto To Buy Now?
The M͏eme Ga͏mes͏ is an ͏innova͏tive͏ pro͏ject tha͏t combines the excitement of the Olympics wit͏h t͏he whim͏s͏ical world of͏ mem͏e coins͏. It offers cr͏ypt͏o e͏nthus͏iasts a͏ chance to engage in a compet͏itiv͏e, fun-fille͏d presale event ͏where participants stand to win subst͏antial toke͏n bon͏uses.
The con͏c͏ept ͏r͏evolves aro͏un͏d popular me͏m͏e characte͏rs competing f͏or ͏go͏ld, mirroring th͏e spirit o͏f th͏e just concluded 2024 Olymp͏ics.
This is what happens when $TURBO has one too many espresso's. ☕️ #Paris2024 #Crypto #DOGE #BRETT pic.twitter.com/TngVhXoMvE
— The Meme Games (@MemeGames2024) August 8, 2024
Here, investors support a meme character of their choice, which acts as an athlete competing in the blockchain version of the Olympics. Their wins will earn their backers a 25% bonus.
As a token holder, you can earn passively through the project’s staking mechanism. All you have to do is buy and stake $MGMES for an annual percentage yield (APY) of 563%.
You can buy $MGMES tokens now for $0.00925 each. With a price hike coming in about four days, buy soon to lock in the best deal.
Purchase $MGMES from the official website here using ETH, BNB, USDT, or a bank card.
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