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The Bitcoin price rose 2% in the last 24 hours to trade at $63,542 as of 03:16 a.m. EST on trading volume that surged 69% to $20.7 billion.
This comes as investment adviser Metaplanet, known as Japan’s MicroStrategy, said it bought another $6.7 million worth of BTC, pushing its holdings to 639.5 BTC, worth approximately $40.6 million.
*Metaplanet purchases additional 108.78 $BTC* pic.twitter.com/Pz2AHupm1T
— Metaplanet Inc. (@Metaplanet_JP) October 7, 2024
In May, the company adopted BTC as a reserve asset to hedge against the volatility of Japan’s native currency.
It now has the second-largest Bitcoin stash among Asia-listed companies, behind Meitu with 941 BTC.
Bitcoin Price Could Continue Soaring
According to the 1-day chart, the Bitcoin price shows that BTC has been trading between $56,000 and $72,000, according to data from GeckoTerminal. A recent downtrend below the $56,000 support caused the price of Bitcoin to form an inverse head and shoulders pattern.
The bulls aim to use this pattern to propel the price of Bitcoin even further above as it approaches the immediate resistance on the 200-day Simple Moving Average (SMA) at $63,569. BTC price now being above the 50-day SMA encourages this trend.
Moreover, the Relative Strength Index (RSI) seems to be soaring above the 50-midline level, currently at 55, which supports the overall bullish outlook.
If the current trend continues, the bulls could capitalize on the inverse head and shoulders pattern to keep pushing the price of Bitcoin. In this scenario, the bulls are currently targeting the $72,000 resistance.
However, if the bears take control of the price at this level, the price of BTC could plunge back to the $56,000 support zone.
Meanwhile, investors might want to consider diversifying into a new meme coin casino project called Memebet Casino (MEMEBET Token), which has hurtled past $384k in its presale.
YouTube channel Cryptonews, with over 10k subscribers, says that $MEMEBET Token could soar 100x after it launches.
Memebet Casino Heads For $500k
The Memebet Token will bring closer together two of the hottest themes in crypto: meme coins and GambleFi. It offers an industry first by allowing players to use meme coins to wager at an online casino.
Not the casino we deserve but the casino we need 🎰 #MemeBet #Presale & #Airdrop coming soon! 🚀 #Memecoins, #Crypto gaming and more! 🎮🏆 $COIN $DOG $PEPE #SOL #RNDR pic.twitter.com/oR2xja6JFK
— MemeBet (@Memebetcasino) May 23, 2024
The project caters to the “degen” community, offering high-stakes gameplay, a global sportsbook that covers major leagues like the EPL and NBA, and a diverse selection of crypto-native games.
When its Telegram crypto casino opens, meme coin holders will be able to bet with tokens that include Dogecoin ($DOGE), Shiba Inu ($SHIB), Bonk ($BONK), Floki ($FLOKI), and Pepe ($PEPE), with more meme coins set to be added.
Users can deposit these assets to wager on casino games, slots, and sports on the Memebet Casino platform.
Bro's asking the right questions 🧐#MemeBet #Presale & #Airdrop soon ⏰
The number one place for #Crypto gaming and more! 💥 🎰$FTM $BTC #SOL #Bonk #WIF #Doge #BOME #Altseason pic.twitter.com/NLds73vdTX
— MemeBet (@Memebetcasino) May 19, 2024
And holders who bet with $MEMEBET Token can increase rewards through the platform’s play-to-earn system.
To join the presale, buy $MEMEBET Token on the official website here for $0.0257 using USDT, ETH, or a bank card.
With a price increase scheduled in less than 4 days, don’t wait too long to secure the best deal.
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