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The Bitcoin price soared 4.5% in the last 24 hours to trade at $49,895 as of 8:25 a.m. EST on a 100% jump in trading volume to $42.25 billion.
The rise in the Bitcoin price comes as spot Bitcoin ETFs (exchange-traded funds) scooped up ten times more Bitcoin than miners could produce on Feb. 12.
Preliminary data shows at least 10,280 Bitcoin (BTC), valued at $493.4 million, flowed into spot Bitcoin ETFs yesterday, with BlackRock’s iShares receiving a majority of $374.7 million. Fidelity’s Wise Origin Bitcoin Fund followed with $151.9 million in inflows, while Ark 21Shares Bitcoin ETF saw $40 million.
🚀 #Bitcoin ETFs are on a feeding frenzy! In the last two trading days, spot BTC ETFs devoured 10X more Bitcoin than miners produced.
📈Preliminary data shows a whopping $493.4 million net inflow, with BlackRock's IBIT leading at $374.7 million. 🏦https://t.co/VNJSOB9k4K
— SWFT Blockchain (@SwftCoin) February 13, 2024
At the same time, blockchain.com data shows Bitcoin miners produced 1,059 BTC valued at $51 million, representing 10% of the BTC acquired by spot ETFs.
There were though outflows of $95 million from Grayscale and $20.8 million from the Invesco Galaxy ETF, somewhat offsetting the net inflows of nearly half a billion dollars.
Bitcoin Price Poised For a Bull Rally Above the Bullish Pennant
The Bitcoin price has crossed above the bullish pennant pattern’s upper boundary, signalling a continuation of the bullish trend. The price has touched the $50k mark as bulls seem poised to drive the price higher.
BTC/USDT Analysis by Tradingview
The Bitcoin price has been on an uptrend since October 2023, with the bulls using the $25,200 support level as a launchpad to catapult prices higher. The resistance level at $49,000 led to a consolidation stage, forming a bullish pennant pattern.
Bitcoin Price Could See Short-Term Gains To $60,000
Traders have taken advantage of the bullish pennant pattern to push the price above the pennant.
If the momentum sustains, this would be the best opportunity for the bulls to drive the price still higher, covering distance X, the same distance measured on the pennant as shown on the chart.
However, this rally may be short-term as traders expected the price to come down to the point of the break-out once the price covers the distance X up.
The price holding above the 50-day and 200-day simple moving averages (SMAs) affirms the anticipated bull rally.
The Relative Strength Index (RSI) is trending upwards at 73, above the 70 overbought zone, indicating a rebound on the 50 midline level. If the momentum continues, it will push the RSI further into the overbought zone.
BTCMTX Presale Surpasses $10.7 Million, Stake-To-Mine, Earn Rewards
The bullish outlook for Bitcoin is also attracting investors to the BTCMTX presale, which has surged past $10.7 million as it races towards its $11.5 million target.
@MarathonDH faces hurdles as a power outage hits a major #Bitcoin mining site at Applied Digital's Ellendale facility, impacting 7.8 EH/s of hash rate.💡🔌🛠️
How can the industry mitigate risks posed by infrastructure disruptions like this?#BitcoinMinetrix has also raised over… pic.twitter.com/FisfOLTjck
— Bitcoinminetrix (@bitcoinminetrix) February 12, 2024
BTCMTX is a decentralized platform for tokenized cloud mining, opening up Bitcoin mining to everyday investors. BTCMTX users enjoy simplified cloud mining services via its stake-to-mine feature and earn rewards in the staking pool that pays an annual yield of 62% by staking their BTCMTX tokens.
The functionality of the platform also protects against potential scams that have plagued other cloud mining platforms.
https://Twitter.com/bitcoinminetSTM/status/1756262851067416588?s=20
Get BTCMTX Tokens Now For Potential 10X ROI, Win Rewards In Minedrop Airdop
BTCMTX tokens also grant access to a $30,000 minedrop airdrop competition, offering 10 people the chance to win up to $3,000 each.
Crypto analyst Jacob Bury has expressed confidence in BTCMTX, predicting a potential 10X return on investment for early backers on launch.
Investors have less than 24 hours to buy BTCMTX tokens at $0.0134 per token before the price increases in the next stage. So act fast if you are interested to secure the best price. To buy BTCMTX tokens and join the presale, you only need a digital wallet like MetaMask.
Tokens can be bought on the BTCMTX website by swapping ETH or USDT for BTCMTX tokens. You can also buy directly using a bank card.
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