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The Bitcoin price plunged 4% in the last 24 hours to trade at $53,879 as of 6:00 p.m. EST on trading volume that soared 54% to $48 billion.
This drop follows weaker-than-expected US jobs data. The 142,000 jobs added in August missed economists’ forecasts, though the unemployment rate ticked down to 4.2%.
The report has left investors uncertain about the Federal Reserve’s next move, with some expecting a quarter-point rate cut and others a half-point cut later this month.
Traders now await next week’s Consumer Price Index data for further insights.
Bitcoin Price Bearish – Is A Rebound Imminent?
The Bitcoin price has been on a downtrend and has finally crossed below the lower boundary of the falling channel pattern, breaching the $55,300 support zone, according to data from GeckoTerminal.
BTC still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which is an indication that the price of Bitcoin is still on a bearish trend.
Moreover, the Relative Strength Index (RSI) still trades within the oversold region, currently at 32, but shows signs of a rebound. The RSI also shows that BTC is currently undervalued and may be a buying signal for optimistic investors who wish to secure the asset at the lowest price.
If the bulls successfully stage a bullish trend reversal, the Bitcoin price could rebound, as they target $61,248.
However, if the bearish stance continues, BTC price could plunge back to the $50,000 support zone, which is a cushion against downward pressure.
Meanwhile, some investors are turning to Crypto All-Stars ($STARS), a new presale that YouTuber ClayBro, with over 130K subscribers, says has the potential to soar 29x after its launch.
Crypto All-Stars Raises Over $1 Million in ICO, Offers 1,400% APY Staking Rewards
In a crypto market that’s been languishing, Crypto All-Stars ($STARS) has raised over $1 million in its initial coin offering (ICO) in just three weeks since its launch.
This innovative project combines the appeal of meme coins with a game-changing staking protocol called MemeVault. Its multi-chain meme coin staking feature, a first in the industry, sets Crypto All-Stars apart from the rest of the field.
MemeVault allows users to stake popular tokens like Dogecoin, Shiba Inu, Pepe, Floki, Bonk, and others, regardless of their blockchain, all in one platform.
The roadmap is packed with exciting milestones! 📅
Phase 3 introduces “Unlocking The Vault” with the launch of the Meme Vault Network. Staking will be at the forefront, along with ecosystem expansion.
— web3telepath (@web3telepath) August 15, 2024
Holders can also stake STARS itself for a staggering 1,400% Annual Percentage Yield..
By holding $STARS, investors can maximize staking rewards while reducing the circulating supply, creating scarcity that could help drive up the token’s value.
If you’re considering joining, the current presale price of $STARS is $0.0014248. With a price hike coming in less than 2 hours, buy soon to lock in the best deal.
Buy Crypto All-Stars on the official website here using BNB, USDT, or a bank card.
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