Bitcoin price drops to $57,000 amid positive CPI report, but experts say this Olympic meme coin could surge 10x

bitcoin price rose 2% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $57,986 at 3:49 a.m. EST on trading volume that increased 23% to $34 billion.

The btc price drop coincides with the release of the positive US Consumer Price Index (CPI) for July. The CPI came in at 2.9%, below expectations and the lowest rate since 2021. Declining inflation increases the chances of the Federal Reserve cutting interest rates in September.

With the CPI report, several investors continue to anticipate a price rally in digital assets in the coming weeks.

bitcoin price is looking for a rebound

bitcoin's price movement from July to early August formed a rounding pattern, which allowed the price to drop to as low as $49,000, according to data from GeckoTerminal.

btc then recovered to the $62,400 level and has since been trading inside a symmetrical triangle.

btc price bulls are targeting a bullish rally above the triangle, but it is still trading below the 50-day and 200-day SMAs, which are now acting as immediate resistance levels at $61,674 and $62,457 respectively.

Furthermore, the Relative Strength Index (RSI) is currently falling towards the oversold level, currently at 42, to indicate that the asset is now undervalued.

Since the cryptocurrency is currently undervalued, buyers may start acquiring the asset. If the buying intensifies, the bitcoin price may skyrocket to a target of $68,000.

However, if the bears break the $57,000 resistance, btc could again drop to the main $55,000 support zone.

As btc price eyes a bullish rally, the new meme coin, Meme games ($MGMES)is attracting the attention of investors, having raised more than $365,000.

According to Jacob Bury, a popular cryptocurrency analyst on YouTube, $MGMES has the potential to increase 10x after its launch.

Meme Games Pre-Sale Surpasses $365,000: The Best Cryptocurrency to Buy Now?

The M͏eme Ga͏mes͏ is an ͏innovative͏ project that combines the excitement of the Olympic Games with the fantastic world of memory coins. It offers cryptocurrency enthusiasts the opportunity to participate in a fun-filled and competitive pre-sale event, where participants can win significant token bonuses.

The concept revolves around popular characters competing for gold, reflecting the spirit of the recently concluded 2024 Olympic Games.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”5.2584269662921″>

This is what happens when twitter.com/search?q=%24TURBO&src=ctag&ref_src=twsrc%5Etfw”>$TURBO had one espresso too many. twitter.com/hashtag/Paris2024?src=hash&ref_src=twsrc%5Etfw”>#Paris2024 twitter.com/hashtag/crypto?src=hash&ref_src=twsrc%5Etfw”>#Cryptocurrencies twitter.com/hashtag/DOGE?src=hash&ref_src=twsrc%5Etfw”>#DOGE twitter.com/hashtag/BRETT?src=hash&ref_src=twsrc%5Etfw”>#BRETT image.twitter.com/TngVhXoMvE

— Meme Games (@MemeGames2024) twitter.com/MemeGames2024/status/1821471455009292450?ref_src=twsrc%5Etfw”>August 8, 2024

In this case, investors support a meme character of their choice, who acts as an athlete competing in the blockchain version of the Olympic Games. Their earnings will earn their backers a 25% bonus.

As a token holder, you can earn money passively through the project's staking mechanism. All you have to do is buy and bet $MGMES for an annual percentage yield (APY) of 563%.

You can buy $MGMES tokens now for $0.00925 each. There will be a price increase in about four days, so buy early to get the best deal.

Buys $MGMES from the official website here using eth, BNB, USDT or a bank card.

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