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Arslan Butt
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Arslan Butt
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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.
Bitcoin (BTC), the world’s leading cryptocurrency, continued its upward momentum, breaking through significant resistance to close above $64,300.
This rally was catalyzed by Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole conference, where he suggested the possibility of upcoming interest rate cuts and emphasized the necessity of adjusting monetary policy.
The crypto market experienced a notable surge following Powell’s dovish comments, which fueled investor optimism. Bitcoin, which had been battling resistance at the $60,000 level, finally gained the momentum needed to surge nearly 5% in the past 24 hours, crossing the $64,000 threshold.
This bullish trend comes as traders anticipate a more accommodating monetary environment, which historically benefits riskier assets like cryptocurrencies.
Ethereum (ETH) also rode the wave, climbing over 4% to reach $2,700. Meanwhile, other major cryptocurrencies, including Solana, Dogecoin, Cardano, and Avalanche, experienced gains ranging from 4% to 8%. The global crypto market cap has risen over 4% in the last 24 hours, now standing at $2.22 trillion.
Cryptocurrency prices often perform better in a lower interest rate environment, and the rising stablecoin market cap, now at a record high of $165 billion, indicates stronger buying pressure. Historically, the crypto market has posted higher prices when rates are low, as seen during the 2017 bull run.
With the possibility of an interest rate cut on the horizon, the crypto market rally may continue in the coming weeks, driven by increased investor interest in riskier assets like cryptocurrencies.
Bitcoin ETFs See Strong Inflows, Indicating Rising Investor Confidence
In parallel to the crypto rally, spot Bitcoin ETFs have seen significant inflows, signaling increased investor confidence. Over the past week, Bitcoin ETFs have recorded $17.6 billion in total inflows with no outflows, reflecting strong buying interest.
BlackRock’s IBIT leads with $20 billion in inflows, while Grayscale’s GBTC saw $19 billion in outflows.
In contrast, Ether ETFs have struggled, with $459 million in outflows, highlighting a disparity in investor sentiment between the two leading cryptocurrencies.
This strong performance in Bitcoin ETFs is likely contributing to the upward pressure on BTC prices, further reinforcing the bullish sentiment.
Bitcoin Price Outlook: Technical Analysis
Bitcoin’s recent breakout from an ascending triangle pattern around the $61,800 level has propelled it into the $64,000-$65,000 range.
Currently trading near $64,300, technical indicators suggest that the bullish momentum is set to continue. The formation of a bullish engulfing candle and a breakout above the ascending triangle, coupled with a bullish crossover of the 50-day EMA, support this outlook.
The RSI is around 70, indicating strong buying momentum, although it is nearing overbought territory. However, the presence of a Doji candle suggests that bulls may be losing steam, potentially leading to a brief correction.
The outlook for Bitcoin remains bullish as long as it stays above the $63,000 level. Should the price fall below this mark, a deeper pullback toward $62,000 could occur before the uptrend resumes. Investors should monitor these key levels closely, as the market remains sensitive to macroeconomic factors and investor sentiment.
Memegames ($MGMES) Presale: An Exciting New Meme Coin on the Horizon
In just a few days, Meme Games ($MGMES) has raised nearly $380k, reflecting strong investor interest in this new meme coin. Priced at $0.0093 per token, $MGMES is already creating significant buzz in the crypto community.
As meme coins continue to capture the market’s imagination, Meme Games promises to be a standout contender.
Join the Meme Games – Competitive Spirit
Inspired by the Olympics, Meme Games features virtual competitions among top meme coins. Characters like Doge the OG, Pepe the Versatile, Wif the Trendsetter, Brett the Conqueror, and Turbo the Speedster compete in various events, with participants earning $MGMES tokens as rewards.
To join the action, secure your $MGMES tokens now during the ongoing presale. The current price of $0.0093 per token will increase soon, so act quickly to take advantage of this opportunity.
Presale and Future Prospects
Meme Games is set to list on decentralized exchanges (DEX) by September 10. As the listing date approaches, the token price is expected to rise significantly.
The presale offers a great entry point for investors looking to capitalize on this potential growth. With a market cap target of $792,208, the $MGMES presale is well on its way to success.
Don’t miss out on the Meme Games presale. Secure your $MGMES tokens now at $0.009 each before the price increases.
Visit the Meme Games website to participate in the presale and stay updated on the project’s progress by joining their community on X and Telegram. The smart contract has passed a full audit by SolidProof, ensuring the security and reliability of your investment.
