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The Bitcoin price tumbled 1% in the last 24 hours to trade at $56,141 as of 03:40 a.m. EST on trading volume that dropped 10% to $30 billion.
This comes as the odds of Kamala Harris becoming the next president rose on betting platforms including Polymarket. Harris’ winning odds rose from 46% to tie with Trump at 49% after the debate.
World’s largest prediction market.
Before the debate After the debate pic.twitter.com/p1KjOOFZU1
— i/o (@eyeslasho) September 11, 2024
Moreover, bettors on Polymarket indicate a 94% probability that Harris won the debate. Bitcoin briefly rose above the $58,000 market in the hours leading up to the debate, but dipped to lows of around $56,700 during the debate, and is now trading below $56,300.
Bitcoin Price Aims For A Bullish Trend Reversal
The Bitcoin price dropped from August 29 to September 7, as the bears took control of the price at the $61,100 resistance to drop to the $53,500 support, according to data from GeckoTerminal.
This support allowed the bulls to stage a bullish trend reversal, with the price of Bitcoin soaring through a markup phase to the $57,704 resistance, forming a rounding bottom pattern.
BTC price now trades below both the 50-day and 200-day Simple Moving Averages (SMAs) coinciding with the recent downtrend that saw the price invalidate the rounding bottom pattern.
Moreover, the Relative Strength Index (RSI) shows that the token is currently under some selling pressure, as it falls from the overbought region to the 50-midline level.
If the bearish sentiment continues, the Bitcoin price could plunge, as the $54,000 support acts as a cushion against downward pressure.
However, the RSI shows that the asset may soon become undervalued, opening the probability of a rebound. In such a scenario, the BTC price may soar to the $61,100 resistance.
Meanwhile, investors are buying into the Sponge V2 (SPONGE V2) token, which analysts like Jacob Bury, with over 42K subscribers, say has the potential to soar 100X after launch.
Sponge V2: Potential For 100X Returns
If you missed the Sponge V1 surge in 2023, there is a second chance with Sponge V2 (SPONGE V2), which aims to repeat that same feat and more as it offers a last chance to buy before its launch on major exchanges.
Yeah #Bitcoin is cool.
But $SPONGE is cooler. 🧽💦 pic.twitter.com/175bQlioxD— $SPONGE (@spongeoneth) August 9, 2024
The token’s listing aims at enhancing $SPONGE V2’s accessibility and visibility within the crypto community.
The sequel comes as an upgraded version of Sponge V1, promising more significant rewards and a better ecosystem.
One of Sponge V2’s key features is a staking system, offering an annual percentage yield of 39%. Over 11 billion $SPONGE V2 tokens have been staked so far.
The token’s current price is $0.000031. To participate in the presale, you can buy Sponge V2 tokens on the official website here.
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