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The Bitcoin price rose 3% in the last 24 hours to trade at $44,572 as of 00:43 a.m. EST on trading volume that surged 38% to $23 billion.
This comes as crypto analyst Ali Martinez noted that the number of BTC whales that are increasing their asset accumulation has reached a multi-month high of 73.
These individuals own more than 1,000 tokens, totaling around $44 million.
#Bitcoin whales are accumulating more $BTC! Around 73 new whales now hold 1,000 #BTC or more, marking a 3.66% increase in two weeks. pic.twitter.com/VFArJYTQZl
— Ali (@ali_charts) February 7, 2024
This his helped BTC surpass $44,000 for the first time since Jan. 12.
Bitcoin Price Breaks Above The Upper Boundary Of The Ascending Triangle
The Bitcoin price has recently been on an uptrend, as evident with the formation of the markup phase, before the price consolidated around $42,800.
The consolidation phase has resulted in equal highs and higher lows, resulting in the compression of the price. This has led to the formation of the ascending triangle, which has resulted in a breakout above the $43,850 resistance level.
The BTC price is trading above both the 50-day and 200-day simple moving averages, which indicates bullish momentum. The moving average cross is at the $42,870 level, indicating that the price may rise on the upside even further.
Additionally, the BTC fear and greed index is at 66-greed level, which can be an indication of investors feeling confident about BTC’s current rally.
The Relative Strength Index is currently over the 70-overbought region at 73, which indicates intense buying, affirming the current bullish momentum.
Moreover, the Moving Average Convergence Divergence (MACD) line (blue) is positioned above the signal line (orange), signaling an upward trend for the BTC price and also the best time to buy.
The histogram displays green bars on the upside, further strengthening the bullish prospects for the BTC price.
Additionally, the Average Directional Index (ADX) is still below 20 at 18, showing a slightly weak trend. However, the ADX is moving north, which may surpass level 25, indicating that the BTC price is on a rally.
Bitcoin Price Prediction
The current Bitcoin price long-term technical analysis indicates that BTC is on a bullish trend, as confirmed by the price breaking above the ascending triangle pattern.
The RSI is trading above the overbought region of 70, signaling a potential price correction to create more positions for the bulls. In such a scenario, $40,259 acts as the best support zone. This could be a footing to allow the bulls to rally the price to its prior peak at $49,000.
Meanwhile, as the Bitcoin bulls await clearer directional signals, analysts say Bitcoin Minetrix is emerging as a compelling alternative to Bitcoin to buy now with the potential to 10x on launch.
BTCMTX Secures $10.4 Million – Best Alternative To Bitcoin To Buy Now
The Bitcoin Minetrix (BTCMTX) presale has garnered over $10.4 million in early funding as it races towards its $11.2 million target.
The countdown to the end of Stage 24 of #BitcoinMinetrix is on – just 3 days left! ⏳
What sets #ASIC and #GPU mining apart? 💻 pic.twitter.com/zIZa14S4Ss
— Bitcoinminetrix (@bitcoinminetrix) February 7, 2024
Mining Bitcoin has historically been intricate and resource-demanding, necessitating specialized hardware and technical proficiency.
Bitcoin Minetrix represents an innovative project utilizing decentralized cloud mining to democratize crypto mining accessibility. Engaging in the Bitcoin Minetrix presale offers the opportunity to participate in Bitcoin mining irrespective of expertise, all while reaping rewards.
Exploring the different risk factors between #BitcoinMinetrix and Traditional Cloud Mining! ⚖️ #BTCMTX: User-managed, flexible withdrawal and selling.
Traditional: No reimbursements, locked-in contracts.#CryptoComparison #MiningInnovation pic.twitter.com/W2pnuOk8dG
— Bitcoinminetrix (@bitcoinminetrix) February 7, 2024
To join the presale, you can purchase BTCMTX tokens at a rate of $0.0133 per token. But that price will increase in less than two days, making now the best time to buy.
Join BTCMTX, Stake, 10X Returns
Bitcoin Minetrix introduces stake-to-mine, allowing simple staking of BTCMTX tokens for an impressive annual percentage yield (APY) of 64%. Staking BTCMTX also earns you tradable ERC-20 token credits, which are burned in exchange for BTC cloud mining power.
Moreover, participating in buying and staking automatically places you as a contender in the $30,000 minedrop competition. Ten winners will be selected from all the entries, each receiving a $3,000 prize.
🎉 #BitcoinMinetrix $30,000 Minedrop Is Now Live! 🎉
Get ready for your chance to win a share of $30,000 in $BTCMTX!
Follow the steps in the link below for the chance to win one of ten $3,000 $BTCMTX Prizes! 💰
➡️ https://t.co/v1UKskxi4Y pic.twitter.com/nseOBTNO9N— Bitcoinminetrix (@bitcoinminetrix) October 5, 2023
YouTube crypto analyst Jacob Bury says BTCMTX has the potential to 10X after launch.
To take part in the presale, visit the BTCMTX official website and swap your ETH or USDT for BTCMTX. You can also make purchases directly using your bank card.
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