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The Bitcoin price climbed 1% in the last 24 hours to trade at $58,651 as of 04:14 a.m. EST on trading volume that surged 4% to $28 billion.
This comes after MicroStrategy announced its third debt offering of 2024, aiming to raise $700 million by issuing convertible senior notes due in 2028. The proceeds will be used to pay off $500 million in existing senior secured notes, while the remaining funds can be used to buy more BTC.
MicroStrategy Announces Proposed Private Offering of $700M of Convertible Senior Notes $MSTR https://t.co/OCq7wj2u0P
— Michael Saylor⚡️ (@saylor) September 16, 2024
Meanwhile, Senator Elizabeth Warren is calling for a steep 0.75% interest cut by the Federal Reserve this week. Three other Democratic senators also urged Fed chair Jerome Powell and fellow policymakers to make aggressive rate cuts to protect the US economy.
Bitcoin Price To Continue Rebounding
The Bitcoin price was in a sustained bullish stance from September 7 to September 13, soaring to the 60,000 resistance zone, according to data from GeckoTerminal.
Even though the bears may have gained some control, the support of around $58,000 offered the bulls a cushion and staging a rebound.
The push above drove the price of Bitcoin above the 50-day Simple Moving Average (SMA), affirming the bullish stance. The 200-day SMA now acts as a resistance that the bulls aim to overcome to push the price up.
Moreover, the Relative Strength Index (RSI) also seems to be rebounding from below the neutral zone to currently trade at 50, which shows that the bulls are currently buying.
If the bullish trend continues, BTC could continue soaring as the bulls target $64,000.
Conversely, if the bears take charge, the Bitcoin price could correct under the current support level, with the next support at $56,000 offering a cushion against downward pressure.
Even amid bullish sentiment around the Bitcoin price, investors are piling into the new meme token Crypto All-Stars (STARS), which has amassed over $1.3 million in its presale.
99Bitcoins, a crypto channel on YouTube with over $706K subscribers, says $STARS has the potential to soar 100X after its launch.
Crypto All-Stars Presale Secures Over $1.3 Million
Crypto All-Stars is off to a roaring start in its presale after raising over $1.3 million in slightly more than a month after its launch.
The new project offers meme coins a new utility: passive income generation via unified staking.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
Crypto All-Stars introduces an industry-first capability via its MemeVault protocol, which enables holders of top meme coins like Dogecoin ($DOGE) and Pepe ($PEPE) to stake them together and earn a single reward – the native $STARS token.
Crypto All-Stars also enables staking of meme coins that include Shiba Inu, Floki, Brett, Mog Coin, Milady Meme Coin, Turbo, Toshi, Coq Inu, and Bonk, with plans to add more meme coins in the coming months.
Investors can also earn passively through the project’s native staking mechanism, which offers a staggering 1,133% annual percentage yield (APY).
You can buy the token now for $0.001447. But the price will increase in less than 2 days, so act fast to lock in the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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