Bitcoin Price Prediction As MicroStrategy Raises $700 Million And Elizabeth Warren Calls For Bumper Fed Rate Cut
The Bitcoin price climbed 1% in the last 24 hours to trade at $58,651 as of 04:14 a.m. EST on trading volume that surged 4% to $28 billion.
This comes after MicroStrategy announced its third debt offering of 2024, aiming to raise $700 million by issuing convertible senior notes due in 2028. The proceeds will be used to pay off $500 million in existing senior secured notes, while the remaining funds can be used to buy more BTC.
Meanwhile, Senator Elizabeth Warren is calling for a steep 0.75% interest cut by the Federal Reserve this week. Three other Democratic senators also urged Fed chair Jerome Powell and fellow policymakers to make aggressive rate cuts to protect the US economy.
Bitcoin Price To Continue Rebounding
The Bitcoin price was in a sustained bullish stance from September 7 to September 13, soaring to the 60,000 resistance zone, according to data from GeckoTerminal .
Even though the bears may have gained some control, the support of around $58,000 offered the bulls a cushion and staging a rebound.
The push above drove the price of Bitcoin above the 50-day Simple Moving Average (SMA), affirming the bullish stance. The 200-day SMA now acts as a resistance that the bulls aim to overcome to push the price up.
Moreover, the Relative Strength Index (RSI) also seems to be rebounding from below the neutral zone to currently trade at 50, which shows that the bulls are currently buying.
If the bullish trend continues, BTC could continue soaring as the bulls target $64,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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