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The Bitcoin price edged up a fraction of a percent in the last 24 hours to trade at $91,919 as of 11:22 a.m. EST on trading volume that dropped 2% to $75 billion.
This comes as president-elect Donald Trump announced the nomination of Howard Lutnick, CEO of Wall Street giant Cantor Fitzgerald, as the next Secretary of Commerce.
Lutnick has expressed strong support for Bitcoin, describing it as a transformative asset that could reshape the global financial system.
The BTC price earlier surged to a new all-time high of $94,022.
Bitcoin Price May Still Soar To A New High
The Bitcoin price has strongly broken out of a bullish reversal pattern (Head and Shoulders) above the neckline at $65,100, confirmed by increasing volume and sustained movement above key moving averages.
The steep rally after the breakout and higher highs indicate the continuation of an uptrend, according to data from GeckoTerminal.
After the breakout rally, a smaller rising channel is developing at the current high levels. This could signal some short-term consolidation that could lead to a sustained rally.
The price of Bitcoin now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), which is a confirmation of the ongoing uptrend.
The Relative Strength Index (RSI) is in the overbought zone, currently at 76, indicating strong bullish momentum but also suggesting that the price may be due for a short-term pullback or consolidation before continuing higher.
Moreover, the Moving Average Convergence Divergence (MACD) line is significantly above the signal line, with a widening gap, reflecting strong bullish momentum. The histogram shows consistent positive bars, reinforcing the continuation of the uptrend.
Bitcoin Price Prediction
According to the Bitcoin price analysis on the 1-day chart, BTC price is currently on a bullish trend, with major indicators, including the RSI and MACD, showing that the price may still soar to new highs.
If the momentum sustains, the Bitcoin price may still soar, breaching the previous all-time high at $94,040, as the bulls target $100,000.
Conversely, as the RSI shows that the price is now overextended, the bears may take control of the price, which may drive BTC to the next possible support level at $71,987, within the 50-day SMA.
As the Bitcoin price soars, investors are buying into a new PolitiFi meme coin called FreeDum Fighters ($DUM), with its presale blasting past $598k in funds raised.
According to analyst and YouTuber Jacob Bury, with over 43k subscribers, DUM can potentially surge 10X when it launches.
FreeDum Fighters: Next Crypto To Explode?
FreeDum Fighters is a political-themed meme coin designed around a futuristic world where users engage with candidates MAGATRON, a powerful robotic entity, and ‘KAMACOP,’ a trailblazing feminist, representing Donald Trump and Kamala Harris, respectively.
Investors who buy DUM tokens are asked to vote (stake) for their preferred candidate. So far, 56% have chosen MAGATRON and are currently offered an annual staking yield of 251%.
The remainder have voted (staked) for Kamacop, which offers a dazzling 412% staking return.
FreeDum Fighters has plans to introduce additional political figures into the mix in the future, with DOGE potentially becoming the face of the new Department of Government Efficiency under the Trump administration. The site has already featured Dark MAGA in its artwork.
This vision positions FreeDum Fighters as a long-lasting project and a leading platform for meme-ified PolitiFi.
Ready for this year's elections?
Get involved early by joining the @Freedum_Fighter elections between MAGATRON and Kamacop 🦅
Cast your vote by participating in the $DUM presale and using their stake-to-vote system 🗳️
Be sure to follow this project, you will not regret it.🔥🔥 pic.twitter.com/j452Rht1Lq
— Red (@_Redweb3) October 17, 2024
Available on multiple blockchain platforms, including Ethereum (ETH), Binance Smart Chain (BSC), Base, and Solana (SOL), FreeDum Fighters also holds lively weekly political debates for token holders.
Visit the official FreeDum Fighters website to buy $DUM tokens here using ETH, BNB, USDT, USDC, or SOL, with each token worth $0.000085.
Buy before a price hike in a little more than 1 day to get the best deal.
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