Bitcoin price surges 5% as Fed Chair Jerome Powell signals rate cuts ahead, but traders are leaning toward this ICO with just 2 days left

bitcoin price soared 5% in the last 24 hours eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>to be traded at $64,169 at 9:06 p.m. EST, with trading volume up 55% to $42.8 billion.

The increase came after Federal Reserve Chairman Jerome Powell backed an imminent start to interest rate cuts, saying on Aug. 23 that a further cooling in the labor market would not be welcome and expressing confidence that inflation is within reach of the Fed's 2% target.

“The time has come to tighten policy,” Powell said in a speech at the Kansas City Federal Reserve's annual economic conference in Jackson Hole, Wyoming.

bitcoin price will continue to rise

bitcoin price has finally broken out of the sideways pattern as bulls win the fight against bears to overcome the consolidation phase.

btc has finally broken through the $61,326 resistance zone, according to data from eth/pools/0xcbcdf9626bc03e24f779434178a73a0b4bad62ed”>GeckoTerminal.

btc is now trading above the 50-day and 200-day simple moving averages (SMA), confirming the bullish trend.

Moreover, the Relative Strength Index (RSI) appears to be bouncing off the mid-50 level, and is now crossing above the overbought region of 70, currently at 71. The RSI above the 70 level shows that the asset is currently under intense buying pressure.

The Moving Average Convergence Divergence (MACD) is also bullish as it crosses above the neutral line.

According to bitcoin price analysis, btc is currently in an uptrend as bulls take advantage of the price shift from a consolidation phase. If this trend continues, bitcoin price could continue to rise as bulls are now targeting $69,600.

However, now that the RSI has broken above the 70 mark, the bitcoin price is showing that a price correction could be imminent. If this happens, btc could retrace to the support level of $59,668 (50-day SMA).

Meanwhile, investors are rushing to buy the Play-To-Earn (P2E) meme coin PlayDoge ($PLAY)which closes its pre-sale in just 2 days.

Last chance to buy PlayDoge at pre-sale price

PlayDoge stands out for fusing the popular meme coin concept with nostalgic 90s games inspired by Tamagotchi virtual pets.

Players interact with a 2D Doge pet in a retro-style app and earn $PLAY tokens through activities such as feeding, playing, and adventuring with their virtual pets.

<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”9.5175438596491″>

Don't miss your twitter.com/hashtag/Doge?src=hash&ref_src=twsrc%5Etfw”>#Doge or will die

Feed your Doge, earn rewards, and level up. No mazes, just fun!twitter.com/hashtag/Presale?src=hash&ref_src=twsrc%5Etfw”>#Presale It's already launched! twitter.com/hashtag/PlayDoge?src=hash&ref_src=twsrc%5Etfw”>#PlayDoge twitter.com/hashtag/P2E?src=hash&ref_src=twsrc%5Etfw”>#P2E twitter.com/hashtag/Memecoin?src=hash&ref_src=twsrc%5Etfw”>#Memecoin image.twitter.com/Fp2sFwycpj

— PlayDoge (@PlayDogeGame) twitter.com/PlayDogeGame/status/1796577377746620905?ref_src=twsrc%5Etfw”>May 31, 2024

This combination of engaging gameplay and financial rewards has attracted an increasing number of cryptocurrency enthusiasts.

Beyond the P2E mechanics, PlayDoge also offers a participation function offering token holders an impressive 77% annual percentage yield (APY).

These characteristics led popular YouTube channel 99Bitcoins, with over 706,000 subscribers, to predict that PlayDoge could surge 10x after its launch.

With just two days left until the end of its pre-sale, the project has already raised $6.2 million and each $PLAY token is currently priced at $0.00531.

If you don't want to miss out on this opportunity, purchase PLAY tokens directly from the official PlayDoge website here using BNB, USDT or a bank card.

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