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The Bitcoin price jumped 3% in the last 24 hours to trade at $60,716 as of 04:02 a.m. EST on trading volume that skyrocketed 46% to $29 billion.
This comes as Zach Pandl, managing director of research at fund management giant Grayscale Investments, said that Bitcoin will skyrocket in future regardless of the outcome of the upcoming US election.
Bitcoin Price Is Set For A Rebound
The Bitcoin price has been on a downtrend since it hit its all-time high of $73,737 in March, trading within a falling channel pattern, data from GeckoTerminal shows.
With the price of Bitcoin having retested the $70,000 resistance, the BTC bulls are aiming to propel the price to the resistance and soar higher.
The Relative Strength Index (RSI) seems to be rebounding from the neutral zone and surging towards the overbought region, currently at 50. This is an indication that buyers are buying and also preparing to buy more as the RSI moves in equilibrium.
If the buyers enter into more positions at this level, BTC could soar above the falling channel, as they target $75,000 in the long term.
However, the price of Bitcoin still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), a signal that the bears could take control.
In such a scenario, if BTC breaches the $57,328 current support, it could fall to the next major support at $54,174.
Traders interested in diversifying with other cryptos might want to consider the new ICO Crypto All-Stars (STARS), which prominent YouTuber Jacob Bury says has 10X potential after launch.
Crypto All-Stars Presale Secures Over $572K in Just One Week – A Must-Buy Meme Coin?
Crypto All-Stars is making waves in the crypto community, having raised over $572k in its first week of presale. This innovative project is reviving the meme coin sector by introducing a unique utility: passive income generation through unified staking.
The standout feature of Crypto All-Stars is its MemeVault protocol, which allows holders of popular meme coins like Dogecoin ($DOGE) and Pepe ($PEPE) to stake their tokens together.
This means that investors can earn rewards in the native $STARS token, simplifying the staking process for multiple meme coins.
The project has been audited by Coinsult and SolidProof, adding a layer of security. 🔒
Plus, the developer is publicly known – a rarity in the crypto world, boosting credibility.
— web3telepath (@web3telepath) August 15, 2024
The platform supports an array of meme tokens, including Shiba Inu ($SHIB), Floki ($FLOKI), and Bonk ($BONK), with plans to add more coins soon. This unified staking mechanism not only streamlines the process but also enhances the potential for passive income.
Currently, investors can take advantage of a stratospheric annual percentage yield (APY) of around 2,684% by staking their acquired coins.
With the presale price of $STARS at just $0.0013966, now is the ideal time to secure your investment. The price will increase in less than 3 days so interested investors should buy soon to secure the best deal.
You can purchase $STARS directly from the project’s official website here using ETH, BNB, or credit cards.
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