Bitcoin Price Aims For A Rebound As New Meme Coin, The Meme Games (MGMES), Captures Investors' Attention

The Bitcoin price jumped 2% in the last 24 hours to trade at $57,986 as of 03:49 a.m. EST on trading volume that surged 23% to $34 billion.

The Bitcoin price increased 2% in the last 24 hours to trade at $57,986 as of 03:49 a.m. EST on a trading volume that surged 23% to $34 billion.

The BTC price drop coincides with the release of July’s positive U.S. Consumer Price Index (CPI). The CPI came in at 2.9% below expectations and the lowest rate since 2021. The declining inflation increases the chances of the Federal Reserve cutting interest rates in September.

With the CPI report, various investors continue to anticipate a price rally across digital assets in the coming weeks.

Bitcoin Price Analysis

The Bitcoin price movement from July to the beginning of August formed a rounding top pattern, which allowed the price to drop to as low as $49,000, according to data from GeckoTerminal.

BTC then rebounded to the $62,400 level and has since been trading within the symmetrical triangle.

The BTC price bulls aim for a bullish rally above the triangle, but still trades below both the 50-day and 200-day SMAs, which now act as the immediate resistance levels at $61,674 and $62,457 respectively.

Moreover, the Relative Strength Index (RSI) is currently dropping towards the oversold level, currently at 42, and indication that the asset is now being undervalued.

With the token now undervalued, buyers may start buying the asset. If the buying intensifies, the price of Bitcoin may soar, as the bulls target $68,000.

However, if the bears breach the $57,000 resistance, BTC could plunge back to the $55,000 major support zone.

As this BTC price aims for a bullish rally, the new meme coin, The Meme Games (MGMES), is capturing investors’ attention, having garnered over $365K.

According to Jacob Bury, a popular crypto analyst on YouTube, $MGMES has the potential to surge 10X after its launch.

The Meme Games Presale Blasts Past $365K – Best Crypto To Buy Now?

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