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The Bitcoin price climbed 2.5% in the last 24 hours to trade at $57,964 as of 03:32 a.m. EST on trading volume that jumped 20% to $37 billion.
This comes after the release of the US inflation data, which signals optimism for a soft landing in the economy and bolstered bets on a 25 basis point Federal Reserve rate cut this month.
The latest Consumer Price Index (CPI) aligned with economists’ expectations, while the Core Inflation data exceeded expectations.
The first higher than expectation for Core CPI in 5 months.
Last time it happened, $BTC had a big dip from 70k+ to 60k.
Not sure how will it impact the market this time. With this core CPI data, high chance FED will only cut 25bps on Sep 18.Currently FED is fighting the 2 wars:… pic.twitter.com/0urAkaa8mL
— Degen Ape Trader (@Degen__Ape__) September 11, 2024
Bitcoin Price Bound For A Bullish Rally
Bitcoin price bulls have continued to push the price, forming a complete cup-and-handle pattern. The top of the pattern at $58,400 remains a challenge that the bulls need to overcome to push the price of Bitcoin above, according to data from GeckoTerminal.
Bitcoin price now trades above the 50-day Simple Moving Average (SMA), which is a confirmation that the asset is on a short-term bullish rally, with the 200-day SMA at $59,088 acting as the second resistance zone.
Moreover, the Relative Strength Index (RSI) is rebounding from the 50-midline level, soaring to 62 and closing in on the 70-overbought region, an indication that buying pressure is building up at this level.
The Moving Average Convergence Divergence (MACD) also shows the likelihood of a continued uptrend, with the MACD now crossing above the neutral zone. The blue MACD line also crosses above the orange signal line, forming a bullish crossover.
Bitcoin Price Prediction
According to the Bitcoin price analysis, BTC is bound for a bullish trend continuation, which could see the bulls push the price to the next target of $62,000.
However, if the bears take charge of the price at this level, BTC could drop down to the major support zone at around $54,000.
Meanwhile, investors are rushing to buy the newly launched ICO Memebet Casino (MEMEBET Token), which has blasted past $207k raised in 48 hours after a whale bought $50,000 worth of tokens on Sept. 11.
Cryptonews, a popular YouTube channel with over 10K subscribers, says that $MEMEBET Token could soar 100X after its launch.
Memebet Casino Raises Over $156K – Next Crypto To Explode?
Imagine making bets with meme coins that have the power to multiply your returns beyond your wildest expectations. With $MEMEBET Token, that dream could become a reality.
Memebet Casino is the first web and Telegram casino where users can wager with meme coins.
Launching soon, Memebet Casino (MEMEBET token) seeks to revolutionize the decentralized crypto casino space by utilizing $MEMEBET tokens and popular meme coins.
All in on $MEMEBET
The home of degenerate gamblers & high IQ apes.
Presale, Casino & Airdrop.
Join the presale! 👇 https://t.co/cY4p8PqXzg pic.twitter.com/gkIJbgOXyK
— MemeBet (@Memebetcasino) September 10, 2024
The project targets the “degen” community, offering a wide range of casino games, high-stakes betting, and a sportsbook where users can wager using popular meme coins that include Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
By purchasing MEMEBET Token, players can unlock massive P2E airdrops, special degen rewards, and exclusive VIP benefits.
Moreover, if you wager using $MEMEBET Token, you can earn additional rewards through the platform’s play-to-earn system.
The more you bet with the MEMEBET Token, the bigger your rewards. Early adopters can also benefit from an airdrop campaign by purchasing tokens during the presale and using them once the casino is live.
To join the presale, you can buy $MEMEBET Token on the official website here for $0.025 using USDT, ETH, or a bank card. With a price hike coming in less than a day, buy soon to lock in the best deal.
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