Bitcoin Price Prediction: BTC Rises 2.5% as US Inflation Fuels Rate Cut Bets and This New ICO Explodes at Launch

Bitcoin price rose 2.5% in the last 24 hours traded at USD 57,964 As of 3:32 a.m. EST, trading volume increased 20% to $37 billion.

US inflation data had already been released, signalling optimism about a soft landing for the economy and reinforcing speculation that the US Federal Reserve will cut interest rates by 25 basis points this month.

The latest consumer price index (CPI) was in line with economists' expectations, while core inflation data exceeded expectations.

The first core CPI above expectations in 5 months.
The last time it happened, $BTC had a major drop from over 70,000 to 60,000.
I'm not sure what impact it will have on the market this time. Given this key CPI data, there's a good chance the Fed will only cut 25 basis points on September 18th.

The FED is currently fighting two wars: … pic.twitter.com/0urAkaa8mL

— Degen Ape Dealer (@Degen__Ape__) 11 September 2024

Bitcoin price on track for a bullish rally

Bitcoin price bulls have pushed the price further higher, forming a complete cup-and-handle pattern. The top of the pattern at $58,400 remains a challenge that bulls must overcome to push Bitcoin’s price higher, according to data from Gecko Terminal.

Bitcoin price is currently trading above the 50-day SMA (Simple Moving Average), confirming that the asset is in a short-term uptrend, with the 200-day SMA at $59,088 acting as the second resistance zone.

Additionally, the Relative Strength Index (RSI) is recovering from the midline of 50, rising to 62 and approaching the overbought region of 70, indicating that buying pressure is building at this level.

The Moving Average Convergence Divergence (MACD) also shows the probability of a continued uptrend, with the MACD now crossing the neutral zone. The blue MACD line also crosses the orange signal line, forming a bullish crossover.

Bitcoin price prediction

According to the Bitcoin price analysis, BTC is poised for a continuation of the uptrend, which could see the bulls push the price to the next target of $62,000.

However, if the bears take control of the price at this level, BTC could drop to the key support zone at around $54,000.

Meanwhile, investors are rushing to buy the newly launched ICO Memebet Casino (MEMEBET token)which exceeded the $207,000 mark within 48 hours after A Whale bought $50,000 Value of tokens on September 11th.

Cryptonews, a popular YouTube channel with over 10,000 subscribers, says the $MEMEBET token could increase in value by 100x after its launch.

Memebet Casino Raises Over $156,000 – Will the Next Cryptocurrency Explode?

Imagine being able to bet with meme coins that could multiply your winnings beyond your wildest expectations. With the $MEMEBET token, this dream could become a reality.

Memebet Casino is the first web and Telegram casino where users can bet with Meme coins.

The soon-to-launch Memebet Casino (MEMEBET token) aims to revolutionize the decentralized crypto casino space by utilizing $MEMEBET tokens and popular meme coins.

Everything on $MEMEBET

Home of degenerate gamblers and highly intelligent monkeys.

Presale, Casino & Airdrop.

Take part in the presale! 👇 pic.twitter.com/gkIJbgOXyK

— MemeBet (@Memebetcasino) 10 September 2024

The project targets the “Degen” community and offers a wide range of casino games, high stakes betting and a sportsbook where users can bet with popular meme coins such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE).

By purchasing MEMEBET tokens, players can unlock massive P2E airdrops, special epee rewards, and exclusive VIP benefits.

In addition, if you bet with $MEMEBET tokens, you can earn additional rewards through the platform Play to earn money.

The more you bet with the MEMEBET token, the higher your winnings. Early adopters can also benefit from an airdrop campaign by purchasing tokens during the presale and using them once the casino is live.

To participate in the presale, you can Buy $MEMEBET token on the official website here for $0.025 with USDT, ETH or a bank card. Since the price increase will happen in less than a day, buy quickly to secure the best deal.

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