Bitcoin Price Surges 5% As Fed Chair Jerome Powell Signals Rate Cuts Ahead, But Traders Pivot To This ICO With Just 2 Days Left

The Bitcoin price soared 5% in the last 24 hours to trade at $64,169 as of 09:06 p.m. EST on trading volume that surged 55% to $42.8 billion.

The pump came after Federal Reserve Chair Jerome Powell endorsed an imminent start to interest cuts, saying on Aug. 23 that further cooling in the job market would be unwelcome and expressing confidence that inflation is within reach of the Fed’s 2% target.

“The time has come for policy to adjust,” Powell said in a speech at the Kansas City Fed’s annual economic conference in Jackson Hole, Wyoming.

Bitcoin Price To Continue Rallying

The Bitcoin price has eventually crossed above the sideways pattern, as the bulls win the struggle with the bears to soar above the consolidation phase.

BTC has eventually overcome the $61,326 resistance zone, according to data from GeckoTerminal .

BTC now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the uptrend.

Moreover, the Relative Strength Index (RSI) seems to be rebounding from the 50-midline level, now crossing above the 70-overbought region, currently at 71. The RSI above the 70 level shows that the asset is currently under intense buying pressure.

The Moving Average Convergence Divergence (MACD) is also bullish, as it crosses above the neutral line.

Bitcoin Price Chart Analysis Source: GeckoTerminal.com

Based on the Bitcoin price analysis, BTC is currently on a bullish trend as the bulls capitalize on the price shifting from a consolidation phase. If this trend continues, the price of Bitcoin could continue rallying, as the bulls now target $69,600.

However, with the RSI now crossing above the 70 mark, the price of Bitcoin shows that there could be a looming price correction. If this happens, BTC could retrace to the $59,668 support level (50-day SMA).

Meanwhile, investors are rushing to buy the Play-To-Earn (P2E) meme coin PlayDoge ($PLAY) , which closes its presale in just 2 days.

Last Chance To Buy PlayDoge At Presale Price

PlayDoge stands out by merging the popular meme coin concept with nostalgic 90s gaming that’s inspired by Tamagotchi virtual pets. 

Players engage with a 2D Doge pet in a retro-style app, earning $PLAY tokens through activities like feeding, playing, and adventuring with their virtual pets. 

This combination of engaging gameplay and financial rewards has attracted a growing number of crypto enthusiasts.

Beyond the P2E mechanics, PlayDoge also offers a staking feature that offers token holders an impressive 77% annual percentage yield (APY). 

These features prompted the popular 99Bitcoins YouTube channel, with more than 706k subscribers, to predict that PlayDoge could surge 10X after its launch.

With just two days left in its presale, the project has already raised $6.2 million, with each $PLAY token currently priced at $0.00531.

If you don’t want to miss out, purchase PLAY tokens directly from the official PlayDoge website here using BNB, USDT, or a bank card.

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