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The Bitcoin price surged almost 3% in the last 24 hours to trade at $62,026 as of 00:22 a.m. EST on trading volume that surged 15% to $45.6 billion.
The broader market also climbed about 2% after the Federal Reserve Bank’s Federal Open Market Committee (FOMC) meeting announced an interest rate cut of 50 basis points, the first in more than four years.
Bitcoin Price Bullish – Can The Bulls Sustain The Trend?
The Bitcoin price has been on a sustained trend since September 7, soaring through a markup phase, according to data from GeckoTerminal. The BTC resistance around $60,700 allowed the price of Bitcoin to form a complete cup and handle pattern.
BTC price finally breached the resistance and is poised for a continued bullish trend.
The Bitcoin price now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the bullish stance.
Moreover, the Relative Strength Index (RSI) is soaring towards the 70-overbought region, currently at 66, showing that BTC is currently under intense selling pressure.
The Moving Average Convergence Divergence (MACD) also shows that the price of Bitcoin is on a sustained bullish momentum, which now soars past the neutral line. The blue MACD line also crosses above the orange signal line, forming a bullish crossover.
Bitcoin Price Prediction
According to the Bitcoin price analysis, the major indicators, including the RSI and MACD, show that the price of Bitcoin is currently on a positive trajectory.
The 50-day SMA has also crossed above the 200-day SMA, forming a golden cross at $59,000, further cementing the bullish prospects.
If this trend continues, the Bitcoin price could soar even higher, as the bulls currently target $66,000.
However, if the bears take control of the price at this level, BTC could plunge, driving the price down through a correction back to the $58,500 support zone.
Meanwhile, with risk-on sentiment back, investors are also buying the new meme coin Crypto All-Stars (STARS), which has raised over $1.39 million in its presale.
According to ClayBro, a prominent crypto analyst on YouTube with over 130K subscribers, $STARS has the potential to soar 10X after its launch.
The Crypto All-Stars Presale Raises Over $1.39 Million – Best Meme Coin To Buy Now?
The Crypto All-Stars presale continues to draw investors, raising over $1.39 million in early funding.
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
Crypto-All Stars is a revolutionary new platform that will enable top meme coins to be staked in one place through its unique MemeVault protocol.
Holders of these top meme coins can stake them on Crypto All-Stars and earn passive income in STARS.
Top meme coins that can be staked are Pepe, Dogecoin, Shiba Inu, Floki Inu, Brett, Mog Coin, Milady Meme Coin, Turbo, Toshi, Coq Inu, and Bonk. More will be added soon.
In addition to staking other meme coins, investors can also stake $STARS tokens for an astonishing annual percentage yield (APY) of 1,095%.
You can buy $STARS tokens for $0.0014477 each right now. But with a price increase coming in less than 90 minutes, you should act fast to buy the meme coin at the lowest possible price.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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