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bitcoin price rose almost 3% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $62,026 at 12:22 a.m. EST on trading volume that rose 15% to $45.6 billion.
The broader market also rose about 2% after the Federal Reserve Bank's Federal Open Market Committee (FOMC) meeting announced a 50-basis-point interest rate cut, the first in more than four years.
bitcoin Price Bullish: Can Bulls Sustain the Trend?
bitcoin price has been on a sustained trend since September 7, rising through a marking phase, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminalbtc resistance around $60,700 allowed bitcoin price to form a complete cup and handle pattern.
btc price has finally broken the resistance and is primed for a continued uptrend.
bitcoin price is now trading above the 50-day and 200-day simple moving averages (SMA), confirming the bullish stance.
Moreover, the Relative Strength Index (RSI) is spiking towards the overbought region of 70, currently at 66, which shows that btc is currently under intense selling pressure.
The moving average convergence divergence (MACD) also shows that the bitcoin price is in a sustained bullish momentum, which is now shooting above the neutral line. The blue MACD line also crosses above the orange signal line, forming a bullish crossover.
<img decoding="async" src="https://technicalterrence.com/wp-content/uploads/2024/09/Bitcoin-Price-Prediction-BTC-Surges-Above-62000-After-Fed-Cuts.png" alt="Graphical analysis of the price of bitcoin Source: GeckoTerminal.com” width=”1255″ height=”508″ srcset=”https://technicalterrence.com/wp-content/uploads/2024/09/Bitcoin-Price-Prediction-BTC-Surges-Above-62000-After-Fed-Cuts.png 1255w, https://insidebitcoins.com/wp-content/uploads/2024/09/Uniswap-V3-_GeckoTerminal.com_WBTC_2024-09-19_07-22-49-300×121.png 300w, https://insidebitcoins.com/wp-content/uploads/2024/09/Uniswap-V3-_GeckoTerminal.com_WBTC_2024-09-19_07-22-49-1024×414.png 1024w, https://insidebitcoins.com/wp-content/uploads/2024/09/Uniswap-V3-_GeckoTerminal.com_WBTC_2024-09-19_07-22-49-768×311.png 768w” sizes=”(max-width: 1255px) 100vw, 1255px”/>
bitcoin Price Prediction
According to bitcoin price analysis, key indicators including RSI and MACD show that bitcoin price is currently on a positive trajectory.
The 50-day simple moving average (SMA) also broke above the 200-day simple moving average (SMA), forming a golden cross at $59,000, further consolidating the bullish outlook.
If this trend continues, the price of bitcoin could skyrocket further as bulls are currently targeting $66,000.
However, if the bears take control of the price at this level, btc could crash, driving the price down through a correction back to the $58,500 support zone.
Meanwhile, with the return of risk sentiment, investors are also buying the new meme coin. crypto Stars (STARS)which has raised more than $1.39 million in pre-sales.
According to ClayBro, a prominent cryptocurrency analyst on YouTube with over 130,000 subscribers, $STARS has the potential to skyrocket 10x after its launch.
crypto All-Stars Presale Raises Over $1.39M: Best Meme Coin To Buy Now?
crypto All-Stars’ pre-sale continues to attract investors and raised over $1.39 million in seed funding.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”11.951612903226″>
Why is everyone excited?
In its initial pre-sale phase, crypto All-Stars raised over $350,000!
This initial success shows that investors see HUGE potential here.
Could this be the next one? twitter.com/search?q=%24PEPE&src=ctag&ref_src=twsrc%5Etfw”>$PEPE?
— web3telepath (@web3telepath) twitter.com/web3telepath/status/1824051738833260654?ref_src=twsrc%5Etfw”>August 15, 2024
crypto-All Stars is a revolutionary new platform that will allow all major meme coins to be staked in one place through its unique MemeVault protocol.
Holders of these top meme coins can stake them on crypto All-Stars and earn passive income in STARS.
The main meme coins that can be used for staking are Pepe, Dogecoin, Shiba Inu, Floki Inu, Brett, Mog Coin, Milady Meme Coin, Turbo, Toshi, Coq Inu, and Bonk. More will be added soon.
In addition to staking other meme coins, investors can also Stake $STARS tokens for an astonishing 1,095% annual percentage yield (APY).
You can buy $STARS tokens for $0.0014477 each right now. But, since the price will increase in less than 90 minutes, you need to act fast to buy the meme coin at the lowest possible price.
Buy $STARS from their official website here using BNB, USDT or a bank card.
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