The Bitcoin price soared 4% in the last 24 hours to trade at $60,628 as of 08:23 p.m. EST even as trading volume tumbled 1% to $32.6 billion.
This comes as MicroStrategy Inc. purchased 18,300 Bitcoin for approximately $1.11 billion, the largest acquisition of the digital asset by the crypto hedge-fund firm in more than three years.
The firm now holds around 244,800 Bitcoin, valued at around $14 billion. This is around 1% of all the BTC ever issued.
Bitcoin Price Aims For A Continued Bullish Rally
The Bitcoin price has recently capitalized on the cup and handle pattern to push the price up, according to data from GeckoTerminal . .
The price of Bitcoin has now crossed above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the upward trend.
Moreover, the Relative Strength Index (RSI) is now trading above the 70-overbought region, currently at 74, indicating that the asset is currently under intense buying pressure.
The Bitcoin price bullish stance is also affirmed by the Moving Average Convergence Divergence (MACD) moving up above the zero line. The blue MACD line also crosses above the orange signal line, representing a bullish crossover.
If the current bullish momentum continues, the price of Bitcoin could soar. The bulls are now targeting $64,000 in the coming days.
Meanwhile, the RSI now shows that the asset is overvalued, which is a selling signal for investors. In this scenario, the Bitcoin price encounters some bearish movements at this level, BTC could plunge back to the $56,414 support level (50-day SMA).
BTCUSD Chart Analysis Source: GeckoTerminal.com
As the Bitcoin price soars, investors are rushing to buy a new PEPE upgrade called Pepe Unchained (PEPU) .
According to 99Bitcoins, a prominent crypto channel on YouTube with over 706K subscribers, PEPU could soar 100X after its launch.
Pepe Unchained Raises Over $13 Million– Best Crypto To Buy Now?
Pepe Unchained is emerging as the top token presale of 2024 after recently reaching the $13.1 million milestone in funds raised. The new Ethereum Layer 2 project sports its own block explorer and even its own DEX.
As its name suggests, Pepe Unchained aims to free Pepe from his his old, clunky Layer-1 server room. That’s why the project will run on its own proprietary Ethereum Layer 2 blockchain.
Token holders can also earn passively through the platform’s staking system , which offers an annual percentage yield (APY) of 156%.
You can buy $PEPU tokens for $0.0096897 each right now. With a price hike coming in a fraction more than a day, buy soon to lock in the best deal.
To join the presale, buy $PEPU from the official website here using ETH, USDT, or a bank card.
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