{"id":565638,"date":"2024-08-17T05:15:13","date_gmt":"2024-08-17T05:15:13","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=565638"},"modified":"2024-08-17T05:10:52","modified_gmt":"2024-08-17T05:10:52","slug":"bitcoin-price-pumps-3-as-franklin-templeton-files-for-crypto-index-etf-and-this-new-ico-might-explode-next","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-pumps-3-as-franklin-templeton-files-for-crypto-index-etf-and-this-new-ico-might-explode-next","title":{"rendered":"Bitcoin Price Pumps 3% As Franklin Templeton Files For Crypto Index ETF, And This New ICO Might Explode Next"},"content":{"rendered":"

The Bitcoin price jumped 3% in the last 24 hours <\/span>to trade at $59,059<\/span><\/a> as of 10:15 p.m. EST, despite trading volume dropping 21% to $27 billion.<\/span><\/p>\n

Asset manager Franklin Templeton is seeking to launch a new ETF (exchange-traded fund) as issuers prepare for the next wave of cryptocurrency exchange-traded funds.<\/span><\/p>\n

The ETF is set to track the performance of the CF Institutional Digital Asset Index, which currently only comprises BTC and ETH.<\/span><\/p>\n

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

The Bitcoin price has invalidated the rounding top pattern formed in late July to early August, as it soared from the $49,000 support to the $62,655 resistance, according to data from <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n

However, the price of Bitcoin has been on a downtrend, trading within a falling channel pattern in the last week.<\/span><\/p>\n

The Relative Strength Index (RSI) indicates that buying pressure is building up below the 50-midline level, currently at 45.<\/span><\/p>\n

If the buying starts at this level, the price of Bitcoin could soar above the channel, breaching the immediate resistance levels at $61,582 and $62,614, as the bulls target $68,000 in the coming days.<\/span><\/p>\n

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

However, the BTC price still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which may prompt a correction below the channel. Moreover, the 50-day crosses below the 200-day SMA, forming a death cross at $62,011.<\/span><\/p>\n

A death cross could prompt the bears to sell more, pushing Bitcoin’s price back to its major support of $53,512.<\/span><\/p>\n

As the Bitcoin price soars, some investors are buying the new meme token, <\/span>Crypto All-Stars (STARS)<\/span><\/a>, which has garnered over $476K as it gains traction in the crypto community.<\/span><\/p>\n

According to Jacob Bury, a prominent crypto YouTuber, $STARS has the potential to soar 10X after its launch.<\/span><\/p>\n