The Bitcoin price climbed 2% in the last 24 hours to trade at $68,784 as of 11:20 p.m. EST on trading volume that dropped 2% to $33 billion.
This comes after the Securities and Exchange Commission (SEC) approved Bitcoin ETFs (exchange-traded funds) for the New York Stock Exchange (NYSE) and Chicago Board Options Exchange (CBOE). The approval is seen as a step in integrating digital assets into traditional finance.
Bitcoin Price Could Continue Soaring
The Bitcoin price chart shows a bullish reversal pattern after a recent period of consolidation. The bulls seem to be capitalizing on the support around $59,800, which formed a double bottom pattern, according to data from GeckoTerminal.
As a result of the rally, BTC now trades above both the 50-day and 200-day Simple Moving Averages (SMAs).
The RSI is at 66.55, approaching the overbought zone (above 70). This suggests that the market has strong bullish momentum, but it is getting closer to overbought conditions. A value above 70 could signal that the asset is overbought, and a correction or consolidation might follow.
The overall outlook for WBTC/USD is bullish in the short to medium term. The double bottom pattern, price above key moving averages, and strong RSI all suggest continued upward momentum.
A sustained bullish momentum could see BTC price soar to the next possible resistance level at $72,000.
BTCUSD Chart Analysis Source: GeckoTerminal.com
However, caution is warranted as the RSI approaches overbought levels, which may lead to short-term pullbacks or consolidation before the next move higher. In a bearish scenario, the 200-day SMA at $63,142 could act as a cushion against downward pressure.
As the bitcoin price bulls aim to sustain the bullish rally, investors looking for new opportunities might want to consider a new meme coin ICO called Flockerz (FLOCK).
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100x after its launch.
Flockerz Heads For $1 Million In Presale
Flockerz, which has raised more than $858k, introduces an innovative decentralized community structure that allows holders to participate in guiding the project’s direction and get rewarded for it via its Vote-to-Earn (V2E) mechanism.
This feature empowers the community and creates a more engaged and dynamic ecosystem.
The underlying framework of Flockerz is anchored in a decentralized autonomous organization (DAO) called Flocktopia, where every holder’s voice matters.
To participate in the voting process, users must buy $FLOCK tokens. When a new suggestion is presented, members of The Flock vote.
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
Apart from V2E rewards, users can earn passively through the platform’s staking mechanism, with a sky-high annual yield of 2,090%.
Investors interested in joining the presale can visit the official Flockerz website to buy FLOCK tokens at the current price of $0.0058161 each using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in less than 3 days to secure the best deal.
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