{"id":564939,"date":"2024-08-15T09:30:07","date_gmt":"2024-08-15T09:30:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=564939"},"modified":"2024-08-15T09:30:02","modified_gmt":"2024-08-15T09:30:02","slug":"bitcoin-price-slips-to-57k-amid-positive-cpi-report-but-experts-say-this-olympic-meme-coin-might-10x","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-slips-to-57k-amid-positive-cpi-report-but-experts-say-this-olympic-meme-coin-might-10x","title":{"rendered":"Bitcoin Price Slips To $57K Amid Positive CPI Report, But Experts Say This Olympic Meme Coin Might 10X"},"content":{"rendered":"

The Bitcoin price jumped 2% in the last 24 hours <\/span>to trade at $57,986<\/span><\/a> as of 03:49 a.m. EST on trading volume that surged 23% to $34 billion.<\/span><\/p>\n

The BTC<\/a> price drop coincides with the release of July’s positive U.S. Consumer Price Index (CPI). The CPI came in at 2.9%, which is below expectations and the lowest rate since 2021. The declining inflation increases the chances of the Federal Reserve cutting interest rates in September.<\/span><\/p>\n

With the CPI report, various investors continue to anticipate a price rally across digital assets in the coming weeks.<\/span><\/p>\n

Bitcoin Price Aims For A Rebound<\/h2>\n

The Bitcoin<\/a> price’s movement from July to the beginning of August formed a rounding top pattern, which allowed the price to drop to as low as $49,000, according to data from GeckoTerminal.<\/span><\/p>\n

BTC then rebounded to the $62,400 level and has since been trading within a symmetrical triangle.<\/span><\/p>\n

The BTC price bulls aim for a bullish rally above the triangle, but still trades below both the 50-day and 200-day SMAs, which now act as the immediate resistance levels at $61,674 and $62,457 respectively.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) is currently dropping towards the oversold level, currently at 42, to indicate that the asset is now undervalued.<\/span><\/p>\n

With the crypto currently undervalued, buyers may start buying the asset. If the buying intensifies, the price of Bitcoin may soar to a target of $68,000.<\/span><\/p>\n

\"Bitcoin
Bitcoin Price Chart Analysis Source: GeckoTerminal.com<\/figcaption><\/figure>\n

However, if the bears breach the $57,000 resistance, BTC could plunge back to the $55,000 major support zone.<\/span><\/p>\n

As the BTC price aims for a bullish rally, the new meme coin,<\/span> The Meme Games ($MGMES)<\/span><\/a>, is capturing investors’ attention, having garnered over $365K.<\/span><\/p>\n

According to Jacob Bury, a popular crypto analyst on YouTube, $MGMES has the potential to surge 10X after its launch.<\/span><\/p>\n