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The Bitcoin price edged up a fraction of a percentage in the last 24 hours to trade at $91,957 as of 02:17 a.m. EST on trading volume that surged 52% to $73.5 billion.
This comes as MicroStrategy disclosed that it had acquired $4.6 billion worth of Bitcoin and revealed plans to raise $1.75 billion to bag more coins. The company now has 331,200 BTC purchased at an average price of $88,627, which means that the firm has over $13.7 billion in unrealized profits.
Bitcoin Price Could Soar To A New High
The Bitcoin price is in a bullish trend, as indicated by the breakout above the neckline of the Inverse Head and Shoulders pattern around $65,000 and the steep upward movement that followed.
The price of Bitcoin now trades well above both the 50-day and 200-day Simple Moving Averages (SMAs), which supports the bullish stance.
Moreover, the Relative Strength Index (RSI) is in the overbought zone, currently at 76 (above 70), suggesting the price has seen significant upward momentum and might experience a short-term pullback or consolidation.
The Moving Average Convergence Divergence (MACD) line (blue, 6193.67) is well above the signal line (orange, 5340.44), indicating strong bullish momentum. The MACD line (blue, 6193.67) is well above the signal line (orange, 5340.44), indicating strong bullish momentum.
According to the BTC/USD chart analysis on the 1-day timeframe, the Bitcoin price is currently on a sustained bullish trend. A continuation of this trend could see the price of Bitcoin soar even higher, as they target $100,000.
Conversely, an overextended RSI indicates that the BTC price is due for a correction. In this scenario, the price of Bitcoin could plunge back to the 50-day SMA at $71,367.
Meanwhile, investors looking for alternatives may want to consider Crypto All-Stars (STARS), an innovative new ICO that has raised over $4.3 million.
According to 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, $STARS has the potential to soar 100X after its launch.
Crypto All-Stars Presale Secures Over $4.3 Million – Best Meme Coin to Buy Now?
C͏rypto All-S͏t͏a͏r͏s is a revolu͏t͏ion͏ar͏y project that b͏ring͏s the M͏emeVault eco͏syste͏m to the cryp͏to wor͏l͏d. This͏ e͏cos͏ystem allows hold͏ers o͏f vari͏ous mem͏e c͏oins, including Pepe, Dogecoin, Shiba Inu, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk to͏ e͏ar͏n rewards throu͏g͏h͏ its native ͏token, ͏$STARS.͏ More meme coins will be added in the coming months.
The uniq͏ue design ͏of th͏e M͏emeVault ͏platform͏ is to unite me͏me coins ͏u͏nder͏ on͏e ͏um͏b͏r͏ella, p͏rovid͏ing enhanced util͏ity an͏d rew͏ards.
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
Moreover, the project’s 8-bit retro aesthetic resonates with a diverse audience of meme coin lovers and serious crypto investors. This unique visual style and engaging community distinguish it in the competitive meme coin landscape.
You can also earn passively through the project’s native staking mechanism, which offers an impressive 402% annual percentage yield (APY).
You can buy the token now for $0.0015806. The price will increase in less than 2 days, so act fast to lock in the best deal.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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