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The Bitcoin Price rose a fraction of a percent in the last 24 hours to trade at $60.373 as of 03:40 a.m. EST on trading volume that rose 7% to $30 billion.
This comes as the US consumer price index (CPI) increased a seasonally adjusted 0.2% in September, putting the annual inflation rate at 2.4%. Both were 0.1 percentage points higher than expected.
Meanwhile, core inflation, excluding food and energy, increased 0.3% on the month, putting the annual rate at 3.3%.
Bitcoin Price Aims For A Bullish Trend Reversal
According to data from GeckoTerminal, the Bitcoin price appears to be in a sideways to slightly bearish phase, as the bulls struggle to keep it above $66,000.
The recent downtrend from the $62,200 support allowed the bears to push Bitcoin’s price below both the 50-day and 200-day Simple Moving Averages (SMAs).
The Relative Strength Index (RSI) is in the lower-middle range, currently at 42, leaning slightly towards oversold territory (below 50 but not yet below 30). This suggests the asset is in a bearish phase but not yet heavily oversold, leaving room for further downside or consolidation before a potential reversal.
The highlighted Fair Value Gap (FVG) box near the $57,500 level represents an inefficiency or gap in price action where the market may revisit to fill orders. The price of Bitcoin recently bounced from this area, suggesting it’s a strong demand zone.
Currently, the Bitcoin price has not yet filled the FVG. In such a scenario, the Bitcoin Price could plunge even further down to the $57,500 support zone.
Meanwhile, if the bulls take control of the price at this level, Bitcoin price could soar over to breach the immediate resistance zone at $61,685 (50-day SMA) as the bulls aim for the next resistance at $66,200.
As the Bitcoin price bulls search for more buying signals, investors are piling into the new meme token Crypto All-Stars (STARS), which has amassed over $2.18 million in its presale
99Bitcoins, an influential crypto channel on YouTube with over $706K subscribers, says $STARS has the potential to soar 100X after its launch.
Crypto All-Stars Presale Heads For $2.5 Million – Best Crypto To Buy Now?
Crypto All-Stars is off to a roaring start in its presale, bringing an average of over $260k each week since it launched about two months ago.
The project is the industry’s first unified meme coin staking platform, enabling investors to earn returns in STARS from tokens like Dogecoin, Shiba Inu and Pepe on a single platform.
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
The other eight meme coins that can be staked on the Crypto All-Stars platform via its innovative MemeVault protocol are Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. More meme coins will be added in the coming months.
You can also earn passively through the project’s native staking mechanism, which offers a stunning 680% annual percentage yield (APY).
You can buy STARS tokens now for $0.0014947. 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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