The Bitcoin price edged up 1% in the last 24 hours to trade at $99,215 as of 02:42 a.m. EST on trading volume that surged 12% to $113.7 billion.
This comes after Bitcoin hit a new all-time high of $99,486, with technical indicators showing a possible continuation of the rally to cross the $100,000 mark.
Despite the rally, MicroStrategy Inc shares (MSTR) tumbled 15% to $397 after Citron Research said that it’s betting against the software company because it is overvalued.
Bitcoin Price To Sustain Its Current Upward Trend
The Bitcoin price has been on a sustained uptrend, with higher lows and higher highs resembling the climbing of a mountain. According to data from GeckoTerminal, the support levels around $60,000 and $70,000 have allowed the price of Bitcoin to trend within the rising channel pattern.
BTC now trades well above the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bullish outlook of the price. The 50-day SMA crossed above the 200-day SMA around $65,000, forming a golden cross within this level, which further supports the bullish sentiment.
The Relative Strength Index (RSI) has also crossed above the 70-overbought region, currently at 71, which is an indication that the asset is currently under intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) confirms the bullish stance, as the blue MACD line has now crossed above the orange signal line, which shows a bullish crossover.
If the BTC price sustains this momentum, the bulls could propel the token even further, as they target the next possible resistance zone at $105,000.
BTCUSD Chart Analysis Source: GeckoTerminal
However, the RSI now shows that BTC is oversold and overextended, a signal of an incoming correction. In this scenario, the price of Bitcoin could plunge, with the 50-day and 200-day SMAs acting as the next possible support levels at $91,764 and $77,235, respectively.
As the Bitcoin price soars, investors are also piling into a new meme coin called Crypto All-Stars (STARS), which ClayBro, a popular crypto YouTuber with over 130K subscribers, says could soar 10X after launch.
Crypto All-Stars Presale Ends In 27 Days
Crypto All-Stars has raised over $5 million as investors pile into the innovative project before its presale closes in about 27 days.
Its MemeVault protocol gives investors the chance to stake multiple meme coins on a single platform for the first time.
Dogecoin, Shiba Inu, PepeCoin, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk can all be staked on the platform from launch, and the team has plans to add more meme coin titans in the weeks ahead.
Why Is Everyone Excited?
In its initial presale phase, Crypto All-Stars raised over $350k! 💰
This early success shows that investors see BIG potential here. 🚀
Could this be the next $PEPE? 👀
— web3telepath (@web3telepath) August 15, 2024
You can also earn passively through the project’s native staking mechanism, which offers an impressive 366% annual percentage yield (APY) on staked STARS tokens.
You can buy STARS tokens now for $0.0015997 each from the official website here using BNB, USDT, or a bank card.
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