{"id":574075,"date":"2024-09-07T08:05:56","date_gmt":"2024-09-07T08:05:56","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=574075"},"modified":"2024-09-07T08:05:56","modified_gmt":"2024-09-07T08:05:56","slug":"bitcoin-price-plunges-4-amid-weak-us-jobs-data-but-this-new-ico-races-past-1-million-in-just-3-weeks","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-plunges-4-amid-weak-us-jobs-data-but-this-new-ico-races-past-1-million-in-just-3-weeks","title":{"rendered":"Bitcoin Price Plunges 4% Amid Weak US Jobs Data, But This New ICO Races Past $1 Million In Just 3 Weeks"},"content":{"rendered":"

The Bitcoin price plunged 4% in the last 24 hours <\/span>to trade at $53,879<\/span><\/a> as of 6:00 p.m. EST on trading volume that soared 54% to $48 billion.<\/span><\/p>\n

This drop follows weaker-than-expected US jobs data. The 142,000 jobs added in August missed economists’ forecasts, though the unemployment rate ticked down to 4.2%.<\/span><\/p>\n

The report has left investors uncertain about the Federal Reserve’s next move, with some expecting a quarter-point rate cut and others a half-point cut later this month. <\/span><\/p>\n

Traders now await next week’s Consumer Price Index data for further insights.<\/span><\/p>\n

Bitcoin Price Bearish – Is A Rebound Imminent?<\/h2>\n

The Bitcoin price has been on a downtrend and has finally crossed below the lower boundary of the falling channel pattern, breaching the $55,300 support zone, according to data from <\/span>GeckoTerminal<\/span><\/a>.<\/span><\/p>\n

BTC still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which is an indication that the price of Bitcoin is still on a bearish trend.<\/span><\/p>\n

Moreover, the Relative Strength Index (RSI) still trades within the oversold region, currently at 32, but shows signs of a rebound. The RSI also shows that BTC is currently undervalued and may be a buying signal for optimistic investors who wish to secure the asset at the lowest price.<\/span><\/p>\n

If the bulls successfully stage a bullish trend reversal, the Bitcoin price could rebound, as they target $61,248.<\/span><\/p>\n

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

However, if the bearish stance continues, BTC price could plunge back to the $50,000 support zone, which is a cushion against downward pressure. <\/span><\/p>\n

Meanwhile, some investors are turning to <\/span>Crypto All-Stars ($STARS)<\/span><\/a>, a new presale that <\/span>YouTuber ClayBro, with over <\/span>130K subscribers, says has the potential to soar <\/span>29x after its launch.<\/span><\/p>\n