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The price of bitcoin has plummeted 3.1% in the last 24 hours bitcoin“>trading at $69,957 at 7:20 a.m. EST, with trading volume up 54% to $53 billion.
The btc price drop comes as former President Donald Trump expressed his support for the cryptocurrency industry and wished Bitcoiners a happy 16th anniversary.
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I would like to wish our great Bitcoiners a happy 16th anniversary of the Satoshi White Paper. We will end Kamala's war on cryptocurrencies and bitcoin WILL be MADE IN THE USA! VOTE TRUMP! twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin twitter.com/hashtag/FreeRossDayOne?src=hash&ref_src=twsrc%5Etfw”>#FreeRossDayOne
– Donald J. Trump (@realDonaldTrump) twitter.com/realDonaldTrump/status/1852033244729860397?ref_src=twsrc%5Etfw”>October 31, 2024
Trump's message, shared on x, included a promise to end what he described as “Kamala's war on cryptocurrency” and expressed his goal of supporting the growth of bitcoin in the United States.
bitcoin Price Indicates More Advantages Ahead
bitcoin (BTCUSDT) price action over the one-day period reveals several technical indicators that suggest a bullish outlook. From July to early September, an inverted head and shoulders pattern, generally considered a bullish reversal pattern, was visible.
The completion of this pattern, marked by the left shoulder, head and right shoulder, triggered a strong upward move after btc broke above the neckline, indicating a change from a previous downtrend to an uptrend.
Additionally, the chart shows a golden crossover of the 50-day moving average above the 200-day moving average. This crossover is traditionally considered a bullish signal as it indicates a change in upward momentum. The Golden Cross likely confirmed the uptrend initiated by the inverted head and shoulders breakout, strengthening the case for further gains.
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/11/Bitcoin-Price-Analysis-as-Donald-Trump-Wishes-Bitcoin-a-Happy.png" alt="bitcoin price” width=”1281″ height=”544″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/11/Bitcoin-Price-Analysis-as-Donald-Trump-Wishes-Bitcoin-a-Happy.png 1281w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-01_15-20-20-300×127.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-01_15-20-20-1024×435.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/11/BTCUSDT_2024-11-01_15-20-20-768×326.png 768w” sizes=”(max-width: 1281px) 100vw, 1281px”/>
BTCUSDT Analysis Source: Tradingview
The support level around the breakout area is just above the 200-day moving average. This level has served as a base for btc, helping sustain its upward move and preventing a deeper pullback. If btc corrects lower, this support could act as a solid floor, offering stability for a possible rebound.
The dotted line indicates a projected uptrend, with a price target near $80,000. If the trend continues as expected, this target indicates a bullish price trajectory.
Additionally, the Relative Strength Index (RSI) is currently hovering around 60.77, which puts bitcoin price in bullish territory without being overbought. This RSI level implies that btc still has room to advance before reaching an overbought zone, aligning with the possibility of further gains.
bitcoin Price Could Soar Higher Despite Brief Pullback
Currently, btc is trading around $70,233.22, slightly below a recent high. This indicates a period of consolidation or a minor pullback after a strong rally. If btc maintains this range without falling below the identified support level, this consolidation could provide support for the next bullish leg.
Overall, btc appears poised for continued upward momentum, with a possible target of around $80,000 if bullish factors persist.
If support fails, a deeper correction could ensue, while an RSI approaching overbought territory could signal a temporary pullback.
Flockerz Surpasses $1.2 Million: The Next Cryptocurrency to Explode?
As bitcoin dumps, then vOte-to-earn (V2E) meme coin Flockerz (FLOCK) continues to rise in pre-sale and just passed $1.2 million in funds raised.
According to analyst and YouTuber crypto Zeus, with over 79,000 subscribers, $FLOCK “could be huge.”
Flockerz aims to bring true decentralization to the world of meme coins by incentivizing token holders to participate in their development.
That means that project investors will be rewarded with FLOCK tokens simply for voting on key project decisions. This approach is designed to address the common problem of voter apathy in meme coin governance.
At the heart of the project is Flocktopia, a decentralized autonomous organization (DAO) where the voice of every stakeholder matters.
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There is no need to demonstrate when the flock always rises together.
Up we go, stronger side by side! pic.twitter.com/VMgTLufYFu
—Flockerz (@FlockerzToken) twitter.com/FlockerzToken/status/1852021708212887743?ref_src=twsrc%5Etfw”>October 31, 2024
Still, right now one of the main attractions of the token is its extraordinary staking yield, which amounts to an astronomical 1,397%.
Each $FLOCK token costs $0.0059098 to purchase and can be purchased using $eth, $USDT, $BNB or a credit card. shop quickly to secure the best deal before the price increases in less than 42 hours.
Buy FLOCK tokens on the official website here.
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