Bitcoin Price Prediction: BTC Tops $60K As Meme Coin Traders Flock To This Crypto Before It’s Too Late
Release: 2024/08/10 11:24 Reading: 267
Bitcoin Price Soars Despite Decreased Trading Volume
Over the last 24 hours, Bitcoin (BTC) has experienced a 1% increase, trading at $60,530 as of 09:55 p.m. EST. This rise in value occurred despite a 28% decline in trading volume to $32 billion.
Positive Market Outlook Strengthens Bitcoin
Yesterday's surge in Bitcoin's price surpassed the $60K mark, aligning with a broader market rally driven by positive labor market data in the U.S. This data alleviated concerns about an imminent recession.
Sustained Rally and Key Indicators Support BTC
According to a Bitcoin price analysis on the 1-hour chart, BTC has maintained a consistent upward trend over the past three days. Bulls leveraged support at $50,000 to push the token higher (data from GeckoTerminal).
BTC currently trades above both the 50-day and 200-day Simple Moving Averages (SMAs), indicating a positive uptrend. Additionally, the Relative Strength Index (RSI) has rebounded above the 50-midline level to 54, signaling active buying pressure from BTC bulls.
Potential for Further Gains
If buying momentum continues, Bitcoin's price could exceed the current resistance at $68,000. The recent crossing of the 50-day SMA above the 200-day SMA has formed a golden cross at $60,000, which may encourage bulls to increase buying positions and drive prices higher.
Support and Resistance Levels
However, if bears regain control and breach the lower boundary of the channel, the price of Bitcoin could retrace to the next support level at $55,000.
New Dogecoin Derivative Gains Traction
As Bitcoin's price rises, investors are exploring a new Dogecoin derivative called PlayDoge (PLAY), which is projected to yield positive returns on investment (ROI). PlayDoge has amassed over $6 million during its ICO.
PlayDoge is a mobile-based play-to-earn (P2E) game that allows users to earn $PLAY tokens by nurturing a virtual Shiba Inu pet. Token holders can also passively earn income by staking $PLAY for an annual percentage yield (APY) of 77%.
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