Bitcoin (BTC) Forms a Bullish Harami with the New Month Candlesticks – Is the Spike Near?

Why Trust Tech Report

Tech Report is one of the oldest hardware, news, and tech review sites on the internet. We write helpful technology guides, unbiased product reviews, and report on the latest tech and crypto news. We maintain editorial independence and consider content quality and factual accuracy to be non-negotiable.

Bitcoin BTC’s price performance in the last month portrayed the asset’s volatility. It started at the $65,000 level, hit a steep low at $49,380 (August 5), and made impressive recoveries.

In the chart above, BTC is forming a bullish Harami candlestick pattern with its two-day candles. This hints at bullish price actions in the coming days to weeks.

However, with in-depth analysis, we’ll determine whether the asset can break the $65,000 resistance or dip even below $43,000.

Bitcoin BTC’s Resilient Trend

At the beginning of last month (August 1, 2024), the asset opened at $64,625 and closed at $65,357. By August 2, it had closed at $61,415, lower than the previous record, and since then, BTC has revolved around the $61,000 level.

The coin hit new closing price records of $64,094 and 64,333 on August 23 and 25, respectively. However, on August 26, it plunged to $62,880 and continued downward until August 31, when it closed at $58,969.

Today, September 2, Bitcoin is pushing stronger to the upside and could take a new closing price above the $58,000 zone. In the last 24 hours, it has boasted a trading volume of over 70.72%, which has hit over $29 billion.

Metaplanet Expands Bitcoin Strategy in Japan, Catalyzing a Positive Trend for BTC

Pleased to announce our collaboration with SBI Group company @sbivc_official for Bitcoin trading and custody

Japanese: https://t.co/BhsdwnU2Qk

English: https://t.co/2OUiTbMfna https://t.co/swCyOX34bP

— Simon Gerovich (@gerovich) September 2, 2024

Metaplanet Inc., a popular company known for its elite Bitcoin acquisition strategy, has partnered with SBI VC Trade, a Japanese crypto exchange.

This collaboration, announced on September 2, marks an essential development in Metaplanet’s mission to enhance its Bitcoin holdings and corporate financial strategy.

SBI VC Trade is a subsidiary of the popular SBI Group, so this collaboration signals Metaplanet’s intent to deepen its involvement in the Japanese crypto market.

The partnership is designed to leverage the exchange’s robust Bitcoin trading, storage, and management capabilities. Also, it offers Metaplanet access to a compliant custody service, enhancing tax efficiency and enabling Bitcoin as collateral for financing.

Furthermore, it aligns with Metaplanet’s broader goal of becoming a modern financial services provider while maintaining its aggressive Bitcoin accumulation strategy. 

Could This Be Driving Bitcoin BTC’s Surge Today?

The timing of this partnership coincides with Bitcoin’s upward movement in the market today. While various factors could influence this price action, the strategic alliance between Metaplanet and SBI VC Trade might be a key driver. 

The partnership underscores the increasing institutional interest in Bitcoin and highlights Japan’s growing adoption of Web3 technologies and cryptocurrencies.

With Metaplanet securing a 1-billion-yen loan earlier this year to expand its Bitcoin holdings and now partnering with a major player like SBI VC Trade, the company is poised to solidify its market position further. This, in turn, could be boosting investor confidence, contributing to Bitcoin’s price increase.

BTC Forms Bullish Harami Candle Stick Pattern – Is The Bull Run Here Already?

In the chart above, Bitcoin (BTC) trades between the middle and lower Bollinger bands, suggesting bullish activity. Since the Bollinger bands serve as dynamic support and resistance, BTC will likely bounce once it hits the lower Bollinger band in the coming days. 

Its 2-day candlestick pattern is a bullish harami pattern which hints at more positive price actions. Thus, BTC could hit $59000 soon.

Also, the relative strength index (RSI) indicator is inclined from the neutral region. If more upward pressure occurs, the RSI could reach the overbought zone (above 70).

BTC to Bounce on Horizontal Support Before Pumping

In the chart above, Bitcoin’s support levels are $56,170 and $49,350. Considering how support levels impact price action, BTC might bounce on the $56,170 support before kickstarting a rally.

However, traders should carry out their research and manage their risks adequately to be on the safe side. While BTC’s next move remains uncertain, investors could consider Base Dawgz, a newcomer to the digital currency world.

Base Dawgz ($DAWGZ) – Is This a New Gem in the Memecoin Space?

The newbie memecoin, Base Dawgz, is already making waves in the crypto community, capturing attention with its innovative scheme. 

It recently concluded its presale, with over $3.26 million raised in the short term. $DAWGZ is setting itself apart through a unique multi-chain strategy that ensures versatility, security, and opportunity for its holders.

What is Base Dawgz?

Base Dawgz is not just another meme coin; it’s a project built to offer more than the usual. With a multi-chain strategy, $DAWGZ operates across five major networks: Base, Ethereum, Solana, Avalanche, and BNB Chain. 

This approach is supported by the Portal Bridge and Wormhole protocols, enabling seamless movement of $DAWGZ tokens between chains. As such, there’s no need to wrap or convert to Stablecoins.

Notably, the presale offered a chance for early investors to acquire $DAWGZ at a favorable rate, positioning them to benefit from the token’s potential growth once it hits the market.

Although it has concluded, enthusiasts still have two days before the official listing to get involved. DAWGZ multi-chain strategy is a standout feature, offering holders unparalleled flexibility and reducing the risks associated with relying on a single network. 

Linking multiple crypto ecosystems opens a broader range of DeFi opportunities. The “Be Social for Airdrop” community engagement campaign has also significantly boosted interest. 

Users can link their X (formerly Twitter) accounts, create content about Base Dawgz, and earn points that can be exchanged for $DAWGZ.  This gamified approach rewards users and fosters a vibrant and active community.

Additionally, the “Report for Duty” missions encourage users to spread the word about Base Dawgz, compete for weekly prizes, and further enhance community involvement. 

With solid community backing and a thoroughly audited smart contract by Solid Proof, Base Dawgz has built a strong foundation for its launch.

The Potential for Long-Term Growth

Base Dawgz’s multi-chain strategy and strong community focus could drive long-term growth and adoption. By minimizing exposure to single-network vulnerabilities and tapping into various DeFi ecosystems, $DAWGZ offers versatility that many memecoins lack.

As the project develops, its innovative features could make $DAWGZ a valuable asset in any portfolio. For those looking to participate in a memecoin with real potential, Base Dawgz presents an intriguing opportunity.