Bitcoin’s 14% Decline Amid Economic Concerns
In recent days, Bitcoin has experienced a significant 14% decline, dropping from $70,135 to $60,465. This downturn is partly due to worsening global economic conditions and fears of a recession, highlighted by recent disappointing job data.
According to CoinGlass, $1 billion worth of Bitcoin has been liquidated recently. The Sahm Rule Recession Indicator has exceeded the recession threshold, though Peter Berezi from BCA Research suggests this might not be a technical signal due to rounding issues. Conversely, the Joshi Rule has confirmed a recession signal, as its reading surpasses the critical level. Investors are now evaluating whether to buy Bitcoin at its current lower price.
Impact of Federal Reserve Policies and Middle Eastern Tensions on Bitcoin
The delay in Federal Reserve rate cuts and rising Middle Eastern tensions have added pressure on Bitcoin prices. Recent Israeli military actions in the West Bank and the U.S. deploying additional military assets in the region have escalated geopolitical risks. The Federal Reserve’s decision to postpone interest rate cuts has further raised concerns about an economic downturn.
These factors are eroding investor confidence in Bitcoin, contributing to the cryptocurrency’s current market struggles.
Bitcoin Price Prediction
Currently, Bitcoin (BTC/USD) is trading at $60,580, within a downward channel on the 4-hour chart. The pivot point is around $60,000, which is providing immediate support. Resistance levels are positioned at $62,110, $63,460, and $64,570, while additional support can be found at $59,900, $58,300, and $55,050.
The Relative Strength Index (RSI) is at 36, indicating bearish momentum, and the 50-day exponential moving average (EMA) stands at $64,560, representing strong resistance. The downward channel suggests ongoing selling pressure, but Bitcoin is currently receiving support near $60,000. If this support level holds, a rebound may be possible. However, a drop below $60,000 could lead to further declines.
Memegames ($MGMES) Presale: An Exciting New Meme Coin
Within just three days of its launch, Meme Games ($MGMES) has raised approximately $315,000, reflecting strong investor interest. The token is priced at $0.00915, generating considerable excitement among meme coin enthusiasts.
Inspired by the Olympics, Meme Games features virtual competitions among top meme coins. Characters like Doge, Pepe, Wif, Brett, and Turbo compete in various events, with participants earning $MGMES tokens as rewards.
The presale for Meme Games is ongoing, and the token price is expected to rise before the official listing on decentralized exchanges (DEX) by September 10. This presents an opportunity for investors to secure $MGMES tokens at the current price of $0.00915 before the price increases. The presale is progressing well, with a market cap target of $792,208.
For those interested in participating, visit the Meme Games website and join their community on X and Telegram. The project’s smart contract has passed a full audit by SolidProof, ensuring the security and reliability of your investment.
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