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The Bitcoin price climbed almost 2% in the last 24 hours to trade at $75,910 as of 02:19 a.m. EST on trading volume that dropped 29% to $58.8 billion.
BTC hit a new all-time high (ATH) of $76,943 on Thursday after the Federal Reserve cut interest rates by 25 basis points as expected.
BREAKING: Fed cuts rates by 25 bp as Bitcoin SMASHES ATH… AGAIN 🔥 pic.twitter.com/EUAIq89JHW
— Swan (@Swan) November 7, 2024
The price of Bitcoin has soared after Donald Trump won the US election on Tuesday. Investors are banking on Trump’s promise to enact a more favorable regulatory environment for the crypto industry.
Bitcoin Price Aims For A Continued Rally
The chart shows a clear uptrend in WBTC/USD, especially with the strong bullish move in recent candles. There’s a “cup” pattern marked or the rounding bottom, a classic bullish reversal pattern. After this formation, the price has continued its upward movement, suggesting a breakout from this pattern with potential further upside.
The bulls seem to be using the $68,000 support to push the price of Bitcoin even further, according to data from GeckoTerminal.
BTC trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the continued uptrend.
The Relative Strength Index (RSI) is at 68.35, which is approaching overbought territory (above 70). While this does indicate strong buying pressure, it could also suggest that the asset may be slightly overextended in the short term. A move above 70 would enter overbought conditions, potentially leading to a minor pullback or consolidation.
Moreover, the MACD line (blue) is well above the signal line (orange), with both lines positioned in positive territory. This bullish crossover, with significant spacing between the MACD and signal lines, shows that bullish momentum is strong.
Bitcoin Price Prediction
Given the breakout from the cup pattern, the position above both moving averages, and strong MACD signal, the Bitcoin price has a good chance of continuing its upward trend. In such a scenario, BTC could soar as high as $82,500 in the coming days.
The RSI nearing overbought territory suggests that while momentum is strong, the asset could see a slight pullback or consolidation to cool off. If a pullback occurs, potential support levels could be around the 50-day SMA ($70,972) or 200-day SMA ($67,035).
As the Bitcoin price surges, investors seeking opportunities in the PolitiFi segment of the crypto market are also buying into FreeDum Fighters ($DUM), sending its presale funds soaring past $451k.
According to analyst and YouTuber Jacob Bury, with over 43k subscribers, DUM can potentially surge 10X when it launches.
FreeDum Fighters Heads For $500k – Next Crypto To Explode?
FreeDum Fighters combines humor, politics, and gamification to parody the US presidential election.
The project features fictional candidates MAGATRON and Kamacop 9000, who are locked in a battle for “mechanized supremacy.”
When you buy DUM, you will be asked to vote (stake) for either the passionately patriotic MAGATRON, or the trailblazing feminist Kamacop.
Right now, MAGATRON offers an annual staking yield of 270%, while Kamacop 9000 boasts a stratospheric 719% return. Token holders have voted overwhelmingly in favor of MAGATRON.
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 (@Redlion35) October 17, 2024
The platform offers unique engagement experiences, including weekly debates and airdrops.
If your chosen candidate wins a debate or significant favorable events arise, you will receive airdropped rewards added to your staked balance. Only those who have voted (staked) will qualify for these rewards.
DUM will be available on multiple blockchain platforms, including Ethereum (ETH), Binance Smart Chain (BSC), Base, and Solana (SOL).
Visit the official FreeDum Fighters website to buy $DUM tokens here using ETH, BNB, USDT, USDC, or SOL for $0.00007 apiece.
Buy before a price hike in about 1 day to secure the best deal.
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