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bitcoin price rose 2.5% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $57,964 at 3:32 a.m. EST on trading volume that increased 20% to $37 billion.
This comes after the release of US inflation data, which indicated optimism about a soft landing for the economy and reinforced bets on a 25 basis point rate cut by the Federal Reserve this month.
The latest Consumer Price Index (CPI) was in line with economists' expectations, while core inflation data came in above expectations.
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The first core CPI above expectations in five months.
The last time it happened, twitter.com/search?q=%24BTC&src=ctag&ref_src=twsrc%5Etfw”>$btc Had a big drop from 70k+ to 60k.
I'm not sure how it will affect the market this time. With these core CPI data, there is a high probability that the Fed will only cut 25 basis points on September 18.
The Federal Reserve is currently fighting two wars:… photo.twitter.com/0urAkaa8mL
– Ape Trader Degen (@Degen__Ape__) twitter.com/Degen__Ape__/status/1833849258359001518?ref_src=twsrc%5Etfw”>September 11, 2024
bitcoin price is heading for a bullish rally
bitcoin price remains on the rise have continued to push the price higher, forming a complete cup and handle pattern. The top of the pattern at $58,400 remains a challenge that the bulls must overcome to push bitcoin price above, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal.
bitcoin price is now trading above the 50-day simple moving average (SMA), which is a confirmation that the asset is in a short-term bullish rally, with the 200-day SMA at $59,088 acting as the second resistance zone.
Moreover, the Relative Strength Index (RSI) is bouncing off the mid-50 level, rising to 62 and approaching the overbought region of 70, an indication that buying pressure is building up at this level.
The Moving Average Convergence Divergence (MACD) also shows the likelihood of a continued uptrend as the MACD now crosses above the neutral zone. The blue MACD line also crosses above the orange signal line, forming a bullish crossover.
bitcoin Price Prediction
According to bitcoin price analysis, btc is set for a continuation of the uptrend, which could see the bulls propel the price to the next target of $62,000.
However, if the bears take control of the price at this level, btc could drop to the main support zone around $54,000.
Meanwhile, investors are rushing to buy into the newly launched ICO. Memebet Casino (MEMEBET Token)which has exceeded $207,000 raised in 48 hours after to whale bought for 50,000 dollars value in tokens on September 11th.
Cryptonews, a popular YouTube channel with over 10,000 subscribers, says the $MEMEBET token could skyrocket 100-fold after its launch.
Memebet Casino Raises Over $156,000: Next Cryptocurrency to Explode?
Imagine placing bets with meme coins that have the power to multiply your winnings beyond your wildest expectations. With the $MEMEBET token, that dream could become a reality.
Memebet Casino is the first web and Telegram casino where users can bet with meme coins.
Coming soon, Memebet Casino (MEMEBET token) is looking to revolutionize the decentralized crypto casino space by utilizing $MEMEBET tokens and popular meme coins.
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Bet on $MEMEBET
Home of degenerate gamers and high IQ apes.
Presale, Casino and Airdrop.
Join the pre-sale! https://t.co/cY4p8PqXzg image.twitter.com/gkIJbgOXyK
-MemeBet (@Memebetcasino) twitter.com/Memebetcasino/status/1833495667919962329?ref_src=twsrc%5Etfw”>September 10, 2024
The project is aimed at the “degen” community and offers a wide range of casino games, high-stakes betting, and a sportsbook where users can bet using popular meme coins including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE).
By purchasing the MEMEBET token, players can unlock massive P2E airdrops, special degenerate rewards, and exclusive VIP benefits.
Additionally, if you bet using the $MEMEBET token, you can earn additional rewards through the platform. play to win system.
The more you stake with the MEMEBET token, the higher your rewards will be. Early adopters can also benefit from an airdrop campaign by purchasing tokens during the pre-sale and using them once the casino is live.
To join the pre-sale, you can Buy $MEMEBET token on the official website here for $0.025 Using USDT, eth or a bank card. There will be a price increase in less than a day, buy early to get the best deal.
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