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The Bitcoin price dropped slightly over the last 24 hours to trade at $49,619.95 as of 1:55 am EST as investors take profit from the market leader’s rally,
Michael Saylor Says Demand For BTC Outweighs Its Supply
Michael Saylor, the bullish founder and executive chairman of MicroStrategy, said in a CNBC interview that the recent listing of Bitcoin ETFs (exchange-traded funds) is pushing up the crypto’s price. He added that there is currently a massive imbalance in BTC’s supply and nearly a decade of pent-up demand for a retail accessible BTC product.
“There’s ten times as much demand for bitcoin coming into these ETFs as there is supply coming from the natural sellers who are the miners,” said Saylor during the interview with CNBC.
The Bitcoin Price Falls Out Of A Bullish Channel
Daily chart for BTC/USDT (Source: TradingView)
The Bitcoin price fell out of a medium-term bullish price channel in the last 24 hours. If it closes today’s daily candle under the lower boundary of this range, BTC may retest the $47,930 support level in the next couple of days. A drop below this key mark will open up the risk of the Bitcoin price falling to the subsequent support level at $44,430. In an extremely bearish scenario, the crypto market leader could drop to as low as $42,450.
This bearish thesis may be invalidated if the Bitcoin price closes a daily candle above $50,000 in the next 48 hours. BTC could then have the foundation needed to rise to the next major resistance level at 52,115 in the short term.
Sellers May Pull The Bitcoin Price Down More
Technical indicators on BTC’s daily chart are still flagging bullish. However, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) suggest that BTC’s bullish momentum is cooling down.
The MACD line is positioned above the MACD Signal line, which signals that BTC is currently in a short-term bullish cycle. However, the slope of the MACD Histogram is negative. Risk-averse traders may see this as an early sign that BTC’s trend will undergo a bearish reversal.
Buyers also seem to have the upper hand against sellers, as the RSI line is positioned above its Simple Moving Average (SMA) line. This may not be the case for long as the RSI line is also dropping towards the SMA line. A cross between these two technical indicators in the coming days will trigger a major bearish technical flag. It will also be easier for bears to pull the Bitcoin price down than it will be for bulls to boost it in the days after this potential intersection.
While the direction of the Bitcoin price is uncertain in the next 48 hours, Bitcoin Minetrix is breaking barriers with its presale as it surpasses the $10.8 million mark.
Decentralizing BTC Cloud Mining
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— Bitcoinminetrix (@bitcoinminetrix) February 13, 2024
Bitcoin Minetrix is on a mission to make Bitcoin cloud mining cheaper and more secure. Through decentralization, the project lowers the barrier to entry for anyone looking to get started in mining. The platform’s innovative stake-to-mine model also makes it much simpler to start earning BTC through cloud mining.
All new entrants will need to do to tap into the passive income stream on offer with Bitcoin Minetrix is purchase the project’s native token BTCMTX on its official website. Once purchased, the tokens will need to be staked in exchange for “gas” reward tokens. The last step is to burn these gas rewards to claim a share of Bitcoin Minetrix’s cloud mining power.
The Next 10X Opportunity To Hit The Market
The introduction of spot Bitcoin ETFs has unlocked the potential demand for BTC, as Saylor points out. There is also the upcoming halving event in April, which will slash mining rewards in half.
This, coupled with BTC’s already-favorable supply and demand situation, looks set to boost the prices of Bitcoin and Bitcoin derivative projects exponentially. Such factors prompt crypto analyst Jacob Bury to say BTCMTX has the potential to surge 10x in the weeks after its launch, while other experts say 100x is very possible.
BTCMTX can be purchased here.
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