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Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Bitcoin is consolidating below a critical resistance level at $58,500, where a potential triple-top pattern is emerging. As inflation cools and expectations of a Federal Reserve rate cut grow, market sentiment is shifting toward optimism.
Alongside positive developments like Marathon’s CEO calling Bitcoin the “perfect asset” and the UK’s new bill clarifying cryptocurrency laws, investors are increasingly viewing Bitcoin as a long-term store of value, supporting its current price levels.
Lower Inflation Spurs Crypto Optimism as Fed Rate Cut Looks Likely
The latest U.S. inflation data suggests the Federal Reserve may reduce interest rates, benefiting cryptocurrencies like Bitcoin and Ethereum.
August’s annual inflation increase slowed to 2.5%, the lowest since March 2021, down from 2.9% in July. This trend aligns with the Fed’s 2% target, increasing the likelihood of a dovish policy shift.
A potential rate cut of up to 50 basis points is supported by falling inflation, declining gas prices, and weaker job reports. Investors expect this will boost riskier assets, including cryptocurrencies.
Key Points:
- Inflation: 2.5% (down from 2.9%)
- Fed may cut rates by up to 50 basis points
This has already led to a slight rise in Bitcoin prices, as a weaker U.S. dollar improves market sentiment, increasing long-term crypto prospects.
Marathon CEO Calls Bitcoin the Perfect Asset, Predicts Long-Term Gains
Fred Thiel, CEO of Marathon Digital Holdings, believes Bitcoin (BTC) is a “perfect asset class,” comparing it to the US dollar and art like Banksy’s work. With a capped supply of 21 million units, Bitcoin aligns with the “hard money” narrative, according to Thiel.
He predicts that its use as a store of value will grow among nations, businesses, and financial institutions.
Marathon Digital, a major Bitcoin holder with 20,000 BTC, stands to benefit from increasing interest in the cryptocurrency. Thiel also suggested that Bitcoin could become a reserve asset, potentially driving long-term price increases.
Key Insights:
- Bitcoin supply: 21 million units
- Marathon holds 20,000 BTC
Thiel’s bullish view has contributed to positive market sentiment, fueling minor price gains as investors anticipate broader institutional adoption of Bitcoin.
UK Introduces Bill to Clarify Legal Status of Cryptocurrencies and NFTs
The UK has introduced a bill to Parliament aimed at clarifying the legal status of cryptocurrencies, NFTs, and tokenized assets. The bill seeks to protect cryptocurrency owners from fraud and scams, officially recognizing these digital assets as personal property.
It also introduces a new property category, “thing,” for digital assets, alongside “things in possession” and “things in action.”
This legislation will provide clearer guidelines for resolving ownership disputes in situations like divorces or major life events. Justice Minister Heidi Alexander emphasized the importance of enhancing legal rights in relation to cryptocurrencies.
Key Highlights:
- Digital assets recognized as personal property
- New property category: “thing”
Investor confidence has risen following the bill’s introduction, contributing to a minor increase in Bitcoin prices as the market welcomes this regulatory clarity.
Daily Technical Outlook: Bitcoin (BTC/USD) – September 12
Bitcoin is consolidating just below a key resistance at $58,500, where a potential triple-top pattern is forming. A break above this level could trigger a strong buying trend, with immediate resistance at $59,815 and the next resistance levels at $60,985 and $62,100.
Key Insights:
• Bitcoin faces a critical resistance at $58,500, with a potential triple-top pattern forming.
• A break above $58,500 could drive the price toward $59,815 and higher.
• Immediate support lies at $57,227, with the 50 EMA at $56,623 offering dynamic support.
However, failure to breach $58,500 may lead to a correction, with immediate support at $57,227, followed by $56,623 and $55,728.
The 50 EMA at $56,623 is providing near-term support, while the RSI at 61.60 suggests momentum is still favoring the bulls, but caution is warranted. A breakout above $58,500 would likely signal further upside, but a rejection at this level could prompt short-term selling.
Conclusion: Bitcoin faces a critical test at $58,500. A breakout would likely trigger a fresh rally, while failure could lead to short-term downside pressure.
Bitcoin Adoption Grows as Crypto All-Stars Nears $1M in Presale
Bitcoin’s growing adoption continues to fuel interest in innovative platforms like Crypto All-Stars, which is nearing the $1.2M mark in its presale.
With only one day left, the platform has raised $1,210,382 out of a $1,432,036 target. The current rate stands at 1 $STARS = $0.0014362, offering investors a limited-time opportunity before the price increases.
Crypto All-Stars merges Bitcoin’s market influence with meme coin staking, providing unique options for both Bitcoin and meme coin holders.
Since its launch, the platform has rapidly gained traction, raising $730,000 within its first week. Investors looking to diversify can purchase $STARS using ETH, USDT, BNB, or even a card.
Visit the Crypto All-Stars website to join the presale before it ends. Stay updated via X (Twitter) and Telegram for future developments.
- Presale Raised: $1.21M out of $1.43M target
- 1 $STARS = $0.0014362
- Time Remaining: 1 day before the price increase
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
