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Bitcoin price has fallen 4% in the last 24 hours negotiable at $53,879 at 6:00 p.m. EST on trading volume that jumped 54% to $48 billion.
The decline follows weaker-than-expected U.S. employment figures. The 142,000 jobs created in August missed economists’ forecasts, although the unemployment rate fell slightly to 4.2 percent.
The report left investors uncertain about the Federal Reserve’s next move, with some expecting a quarter-point rate cut and others a half-point cut later this month.
Traders now await next week’s consumer price index data for further insight.
Bitcoin Price Is Bearish – Is a Rebound Imminent?
Bitcoin price followed a downtrend and eventually broke through the lower boundary of the descending channel pattern, breaking through the $55,300 support area, data from Terminal Gecko.
BTC is still trading below the 50-day and 200-day simple moving averages (SMAs), indicating that Bitcoin price is still in a downtrend.
Additionally, the Relative Strength Index (RSI) is still in the oversold zone, currently at 32, but is showing signs of rebounding. The RSI also shows that BTC is currently undervalued and can be a buy signal for bullish investors looking to secure the asset at the lowest price.
If the bulls manage to reverse the uptrend, Bitcoin price could rebound as it targets $61,248.
However, if the bearish stance continues, BTC price could plunge back to the $50,000 support zone, which provides a cushion against downward pressure.
Meanwhile, some investors are turning to Cryptocurrency Stars ($STARS)a new presale which YouTuber ClayBro, with over 130,000 subscribers, claims potential to skyrocket 29x after launch.
Crypto All-Stars Raises Over $1 Million in ICO, Offers 1,400% APY Staking Rewards
In a struggling cryptocurrency market, Crypto All-Stars ($STARS) has raised over $1 million in its initial coin offering (ICO) in just three weeks since its launch.
This innovative project combines the appeal of meme coins with a revolutionary staking protocol called MemeVault. Its industry-first multi-chain meme coin staking feature sets Crypto All-Stars apart from the rest of the industry.
MemeVault allows users to stake popular tokens like Dogecoin, Shiba Inu, Pepe, Floki, Bonk and others, regardless of their blockchain, all on a single platform.
The roadmap is full of exciting milestones! 📅
Phase 3 introduces “Unlocking The Vault” with the launch of the Meme Vault network. Staking will be at the forefront, as will the expansion of the ecosystem.
– web3telepath (@web3telepath) August 15, 2024
Holders can also bet on STARS itself for a staggering 1,400% annual percentage return..
By holding $STARS, investors can maximize staking rewards while reducing the circulating supply, creating scarcity that could help increase the token’s value.
If you’re considering signing up, the current pre-sale price of $STARS is $0.0014248. With a price increase coming in less than 2 hours, buy soon to get the best deal.
Buy Crypto All-Stars on the official website here using BNB, USDT or a bank card.
Related News
Most Wanted Cryptocurrency Launch – Pepe Unchained
- Level 2 Meme Coin Ecosystem
- Featured in Cointelegraph
- SolidProof and Coinsult audited
- Staking Rewards – pepeunchained.com
- Over $10 Million Raised in ICO – Ending Soon
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