The Bitcoin price jumped 3% in the last 24 hours to trade at $59,059 as of 10:15 p.m. EST, despite trading volume dropping 21% to $27 billion.
The recent rise in the BTC price comes as asset manager Franklin Templeton seeks to launch a new ETF (exchange-traded fund).
This ETF is set to track the performance of the CF Institutional Digital Asset Index, which currently only comprises BTC and ETH.
Bitcoin Price Aims For A Rally
The Bitcoin price has invalidated the rounding top pattern formed in late July to early August, as it soared from the $49,000 support to the $62,655 resistance, according to data from GeckoTerminal .
However, the price of Bitcoin has been on a downtrend, trading within a falling channel pattern in the last week.
The Relative Strength Index (RSI) also indicates that buying pressure is building up below the 50-midline level, currently at 45.
If the buying starts at this level, the price of Bitcoin could soar above the channel, breaching the immediate resistance levels at $61,582 and $62,614, as the bulls target $68,000 in the coming days.
Bitcoin Price Chart Analysis Source: GeckoTerminal.com
However, the BTC price still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), which may prompt a correction below the channel. Moreover, the 50-day has crossed below the 200-day SMA, forming a death cross at $62,011.
A death cross could prompt the bears to sell more, pushing Bitcoin’s price back to its major support of $53,512.
As the Bitcoin price soars, some investors are buying the new meme token, Crypto All-Stars ($STARS) , which has garnered over $476K as it gains traction in the crypto community.
According to Jacob Bury, a prominent crypto YouTuber, $STARS has the potential to soar 10X after its launch.
Crypto All-Stars Amasses Over $476K – Best Meme Coin To Buy Now?
C͏rypto A͏ll-Sta͏rs is ͏maki͏ng wa͏ves ͏a͏s the world’s first Mem͏eVault Ecosystem,͏ uniting top͏ meme c͏oins u͏nder one roof. It ͏offers a revolutionar͏y s͏taking platform where users can sta͏ke th͏eir ͏toke͏ns a͏nd ea͏r͏n.͏ It also ai͏ms t͏o͏ cre͏at͏e a unified and incentivized ͏e͏cosyst͏em͏ for ͏ent͏husiasts.
At the ͏hea͏rt͏ o͏f C͏rypt͏o All-St͏a͏rs is the Me͏meVault, a g͏rou͏ndb͏reaking͏ sta͏king platform͏ for mem͏e coin ͏holders. Users can stake their assets ͏and earn $͏ST͏ARS tok͏e͏ns͏, fostering ͏a c͏oll͏a͏borative ͏environme͏n͏t.
The meme coins on Crypto All-Stars include Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin. More meme coins will be added in the coming months.
You can also buy and stake $STARS for an annual percentage yield (APY) of 3,296%.
The crypto is selling for $0.0013855. However, with a price increase coming in about 4 hours, you should act fast to get the meme coin at the best possible price.
Purchase $STARS from its official website here using BNB, USDT, or a bank card.
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